New York Department of Financial Services Issues Insurance Circular Letter on Diversity and Corporate Governance: DFS Announces New Actions to Promote Diversity, Equity and Inclusion in the Insurance Industry

Sullivan & Cromwell LLP - April 1, 2021
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On March 16, 2021, the New York State Department of Financial Services issued Insurance Circular Letter No. 5 (2021), 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 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 yields, among other business advantages, increased profitability, better risk management, and lower employee turnover.

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