CA SB534

Requires admitted insurers with California premiums of $100 million or more to report biennially (starting July 1, 2020) on their minority, women, LGBT, veteran, and disabled veteran-owned business procurement efforts, including supplier diversity policies and outreach strategies.

Mandates the same insurers to report on governing board demographic makeup and diversity goals biennially, with participation in demographic surveys voluntary for board members and data reported in aggregate form only.

Establishes an Insurance Diversity Task Force of 13-15 members to advise the Department of Insurance on methods to increase procurement with diverse suppliers and increase diversity on insurance company governing boards.

Imposes civil penalties up to $5,000 (or $10,000 if willful) on insurers failing to submit required reports by the deadline, with a possible 30-day extension available.

Requires the Insurance Commissioner to publish all reported information on the department's website by November 1 of each reporting year, with board demographic data kept confidential and published only in aggregate form.