This bill expands existing law to include LGBT-owned and veteran-owned businesses on the list of diverse product and service suppliers for insurers, codifies the governing board diversity survey, and extends the supplier diversity survey to January 1, 2025. Current law does not capture LGBT-owned and veteran-owned businesses on the supplier diversity survey. SB 488 adds both categories to make this successful initiative more inclusive of California’s diverse businesses and further increase awareness about the importance of diversity in the insurance industry.
Status: Died in committee, September 1
Author: Sen. Steven Bradford (D-Gardena)