CA SB655

Lowers the premium threshold for insurers required to report diversity information from $100,000,000 to $75,000,000, effective July 1, 2020, with biennial reporting thereafter.

Requires insurers meeting the threshold to report supplier diversity efforts regarding minority, women, LGBT, veteran, and disabled veteran-owned business procurement, including policy statements and outreach strategies.

Requires insurers to report board demographic makeup and provide either a board diversity policy statement or measurable goals to include at least one diverse board member, with "diverse" defined to include women, nonbinary individuals, and members of specified racial, ethnic, and LGBTQ+ communities.

Defines "diverse investment managers" as investment management organizations in or actively investing in California composed of at least 51% women, veterans, minorities, or LGBTQ+ persons, and encourages insurers to consider these managers for investments.

Requires the Insurance Commissioner to publish aggregated board diversity and procurement information on the department's website by November 1 of each reporting year, while maintaining individual respondent confidentiality.