Insurance Commissioner Dave Jones Announces Insurance Diversity Task Force
California Insurance Commissioner Dave Jones announced the formation of an Insurance Diversity Task Force to consider and make recommendations about diversity in the insurance industry, including the diversity of corporate governing boards and procurement from diverse businesses.
"Insurance is a $125 billion industry in California," said Insurance Commissioner Dave Jones. "I am hopeful this task force will help us identify, measure and increase what the insurance industry procures from California's minority- and service-disabled veteran-owned businesses."
According to the Small Business Administration and the Center for Women's Business Research, diverse business enterprises constitute one of the fastest-growing segments in the U.S. economy, with minority-owned businesses generating an estimated $1 trillion in annual revenue. MBEs also employ nearly 6 million workers, while women-owned businesses employ about 19 million people and generate $2.5 trillion in annual sales. Further, with more than 25 million veterans in the country, 1 in 7 small businesses are veteran-owned.
"Expanding small businesses - especially diverse and disabled veteran-owned businesses - will help turn our economy around,'' added Commissioner Jones. "The goal of this task force is to make it easier for the insurer community to contract with these talented enterprises."
Task force members will identify and promote insurance companies that are doing a good job on diversity issues, examine the diversity of insurance company governing boards, identify actions the Department of Insurance can take to encourage insurance companies to utilize diverse suppliers, and make recommendations for changes to the law. Commissioner Jones recently requested voluntary supplier diversity data from the top 200 insurance companies. Assembly Bill 53, authored by Assembly Insurance Committee Chairman Jose Solorio, would require top insurance companies to report their diversity efforts.