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District of Columbia Participating in Multistate Survey Effort to Promote Supplier and Board Diversity

Monday, May 2, 2016

The District of Columbia Department of Insurance, Securities and Banking is participating in a new multistate initiative, the Multistate Insurance Diversity Survey (MIDS).

The MIDS Initiative was established by insurance commissioners across six states – California, District of Columbia, Minnesota, New York, Oregon and Washington – in an effort to focus on diversity issues within the nation’s $1.78 trillion insurance industry. Specifically, these efforts are meant to encourage increased procurement from the nation’s diverse suppliers and greater diversity on insurer governing boards.  

All insurance companies with written national premiums of $300 million or more, and licensed in one of the six partner states, are asked to complete and submit the 2016 Multistate Insurance Diversity Survey.  

“As insurance regulators, we work to ensure that the insurance market is safe, sound and competitive but it’s also important that the industry reflects the diversity of its policyholders and the communities it serves,” said Commissioner Stephen C. Taylor, District of Columbia Department of Insurance, Securities and Banking. “This survey is an important effort to ensure diversity in those who support the insurance industry in Washington, DC and across the country.”

The survey questions are focused on two diversity issues: supplier diversity and governing board diversity. The survey questions seek information about each company’s supplier diversity program, outreach efforts, and procurement data with diverse suppliers, and are intended to facilitate supplier relationships between insurers and the nation’s diverse businesses.  

The survey will be released via the MIDS Portal on June 1, 2016. The MIDS Portal is the online survey tool through which your company will complete and submit the survey. The deadline for the surveys is September 1, 2016. Please note that each company has the option of submitting either an individual company report or a group report. A group report may include some or all of its companies that met the threshold to report. The reports will be accessible to the public via the MIDS Portal on December 1, 2016.  

If you have any questions about MIDS, contact DISB’s Insurance Bureau by calling (202) 727-8000 or by visiting this link.

Related

Press Release: New national effort to survey supplier diversity in the insurance industry, (California Department of Insurance, May 2, 2016)