On March 16, 2021, the New York State Department of Financial Services (the “DFS”) issued Insurance Circular Letter No. 5 (2021) (“Circular Letter”), which stresses the importance of diverse perspectives to the continued health and wellness of the insurance industry. In the Circular Letter, the DFS also announces its decision to collect and publish data from New York domestic and foreign insurers (i.e., New York-domiciled insurance companies as well as insurance companies domiciled in another U.S. state that are licensed in New York) with more than $100 million in annual New York premiums relating to the diversity of their corporate boards and management. The Circular Letter highlights a series of studies tending to show in the view of the DFS that Diversity, Equity and Inclusion (“DEI”) yields, among other business advantages, increased profitability, better risk management and lower employee turnover.