Diversity Information Disclosure (Insurance Companies and Insurance Holding Companies) Regulations

Publicly distributing insurance companies and insurance holding companies are directly affected and must begin collecting and publicly reporting diversity data across their boards and senior management teams, including major subsidiaries. Companies will need to document whether they have diversity policies, board renewal mechanisms, and representation targets for each designated group — and if not, explain why. The reporting requirements include standardized forms showing actual headcounts and percentages for each designated group, which means insurers will need new internal tracking and disclosure processes. No specific compliance cost estimates or number of affected businesses were provided in the RIAS, as the regulation directs readers to the parallel Trust and Loan Companies Regulations RIAS for that analysis.