Photo by Viviana Rishe on Unsplash

Senate Bill 534, introduced by Senator Steven Bradford, was passed by California’s Senate Insurance Committee and will require insurance companies to report on the diversity of their governing boards and their level of contracting with companies owned by veterans, people of color, women and members of the LGBT community. Its passage was supported by testimonies from The Greening Institute, the members of the Insurance Diversity Task Force and the California Department of Insurance (CDI).

According to data from the CDI, only 12% of governing board seats on major insurance companies were held by people of color, with only 14 out of almost 2,400 governing board seats held by self-identified LGBT people. Thirty-five percent of companies reported no person of color on their boards and 13% had no women on their boards.