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The nation’s state insurance commissioner said they are forming a special committee to address issues of race in insurance including the level of diversity in the industry and insurance product design and pricing practices that disadvantage minorities.
“It is the duty of the insurance sector to address racial inequality while promoting diversity in the insurance sector,” said Farmer. “We welcome the public commitments of industry leaders to address these issues and I am excited by the strong and personal commitment of my fellow commissioners to take action on these important subjects. If not us, who? If not now, when?”
In addition to the formation of the committee, the NAIC will hold a special session on Race and Insurance during its Summer National Meeting. Information obtained from discussions and topics addressed during the session will support the committee with its near and long-term objectives.
The National Association of Insurance Commissioners (NAIC) said its special committee, Race & Insurance, ill be co-chaired by Ray Farmer, NAIC president and South Carolina insurance commissioner, and David Altmaier, NAIC president-elect and Florida’s commissioner.
Commissioners Dean Cameron of Idaho and Chlora Lindley-Myers of Missouri will serve as co-vice chairs for the committee.
“Our regulatory system and insurance in general is a reflection of the society it aims to protect, and while state insurance regulators have worked to eliminate overt discrimination and racism, we all have been increasingly aware that unconscious bias can be just as damaging to society,” said NAIC CEO Mike Consedine.
The committee is charged with making recommendations by year-end on steps the insurance regulators and the insurance industry can take to increase diversity and inclusion, address practices that potentially disadvantage minorities, and ensure ongoing engagement of the NAIC on these issues through charges to existing committees, task forces and working groups.
NAIC membership encompasses the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories.