AB 53 Summary

• Requires admitted insurers with California premiums of $100 million or more to submit a report by July 1, 2013 detailing their minority, women, and disabled veteran-owned business procurement efforts.

• Reports must include the insurer's supplier diversity policy statement, outreach and communications strategies to minority and women-owned businesses, and procurement data broken down by category.

• Insurers that fail to file the required report by July 1, 2013 are subject to civil penalties up to $5,000, or up to $10,000 if the failure is found to be willful.

• Requires the Insurance Commissioner to establish a public website link by July 31, 2013 providing access to all submitted insurer reports on minority, women, and disabled veteran-owned business procurement.

• Beginning July 1, 2015, eligible insurers must biennially update and resubmit their supplier diversity reports; the entire article expires January 1, 2019 unless extended by statute.