July 23, 2020
海角论坛 Announces Special Committee on Race and Insurance
WASHINGTON (July 23, 2020) 鈥 The 海角论坛 (海角论坛) Executive Committee announces the formation of a special committee focused on Race & Insurance. The special committee will be co-chaired by Ray Farmer, 海角论坛 President and Director of the South Carolina Department of Insurance, and David Altmaier, 海角论坛 President-Elect and Commissioner of the Florida Office of Insurance Regulation. Dean Cameron, 海角论坛 Vice President and Director of the Idaho Department of Insurance, and Chlora Lindley-Myers, 海角论坛 Secretary-Treasurer and Director of the Missouri Department of Commerce and Insurance will serve as co-vice chairs for the committee.
鈥淲ithin the 海角论坛, we鈥檙e seeing unprecedented discussions between our members and stakeholders on race and its role in the design and pricing of insurance products as well as our collective need to improve diversity in the insurance sector particularly in senior leadership roles,鈥 said Farmer. 鈥淚t is the duty of the insurance sector to address racial inequality while promoting diversity in the insurance sector. 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?鈥
In addition to the formation of the committee, the 海角论坛 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.
鈥淥ur 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,鈥 said 海角论坛 CEO, Mike Consedine. 鈥淚 applaud the commitment of our membership in their decision to embark on this important work.鈥
The committee is charged with the following:
- Conduct research and analyze the level of diversity and inclusion within the insurance sector.
- Engage with a broad group of stakeholders on issues related to race, diversity, and inclusion in the insurance sector.
- Determine whether current practices exist in the insurance sector that potentially disadvantage minorities.
- Make recommendations to the Executive Committee and membership by year-end regarding steps: (a) both insurance regulators and the insurance industry can take to increase diversity and inclusion; (b) that should be taken to address practices that potentially disadvantage minorities; and (c) to ensure ongoing engagement of the 海角论坛 on these issues through charges to existing committees, task forces and working groups.
About the 海角论坛
As part of our state-based system of insurance regulation in the United States, the 海角论坛 (海角论坛) provides expertise, data, and analysis for insurance commissioners to effectively regulate the industry and protect consumers. The U.S. standard-setting organization is governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the 海角论坛, state insurance regulators establish standards and best practices, conduct peer reviews, and coordinate regulatory oversight. 海角论坛 staff supports these efforts and represents the collective views of state regulators domestically and internationally.