California 2021-2022 Regular Session Status: Enacted

SB 655 — Insurers: diversity.

Last action — Chaptered by Secretary of State. Chapter 390, Statutes of 2021.

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. ✓
    Passed Senate
  4. ✓
    Passed Assembly
  5. ✓
    To Executive
  6. 6
    Enacted

This bill has been enacted into law. Introduced February 19, 2021. Enacted.

Prognosis

Likely to advance 70% · moderate confidence

Where this bill stands today.

Odds of enactment

High

How often bills like it became law.

  • Enacted

    Current position in the legislative process.

  • 1 sponsor

    1 primary, 0 co-sponsors signed on.

  • Cleared a recorded vote

    Passed 6 recorded votes so far.

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

Summary

Existing law establishes the California Organized Investment Network within the Department of Insurance to, among other things, pursue active measures to encourage insurers to make investments in California's underserved and low-to-moderate-income communities. Existing law encourages insurers to be supportive of investments that promote social, economic, and environmental benefits. This bill would additionally encourage insurers to consider making investments with diverse investment managers to the extent possible. The bill would define "diverse investment managers" for this purpose to mean investment management organizations located in, or actively making and holding investments in, California whose investment managers are composed of at least 51% women, veterans, minorities, or lesbian, gay, bisexual, transgender, or queer persons, or a combination of persons in those groups. Existing law requires each admitted insurer with premiums written equal to or in excess of $100,000,000 to provide information to the Insurance Commissioner every 2 years on its minority, women, LGBT, veteran, and disabled veteran-owned business procurement efforts, as well as its governing board and board diversity efforts, during the previous 2 years. Existing law requires the commissioner, by November 1 of the reporting year, to establish and maintain a link on the department's internet website that provides public access to the information submitted. This bill would require an admitted insurer with premiums written equal to or in excess of $75,000,000 to provide the above-described procurement and board diversity information to the Insurance Commissioner every 2 years. The bill would also require an insurer to provide to the commissioner a board diversity policy statement or a measurable goal or goals to include at least one diverse board member on its board of directors. The bill would require the commissioner to publish the board diversity information and the board diversity policy statement or measurable goal or goals on its internet website in the aggregate.

Bill Text

Action History

  1. Chaptered by Secretary of State. Chapter 390, Statutes of 2021.

  2. Approved by the Governor.

  3. Enrolled and presented to the Governor at 1 p.m.

  4. In Senate. Ordered to engrossing and enrolling.

  5. Read third time. Passed. (Ayes 71. Noes 0. Page 2515.) Ordered to the Senate.

  6. Read second time. Ordered to third reading.

  7. From committee: Do pass. (Ayes 14. Noes 0.) (July 7).

  8. From committee: Do pass and re-refer to Com. on APPR. (Ayes 14. Noes 0.) (June 24). Re-referred to Com. on APPR.

  9. Referred to Com. on INS.

  10. In Assembly. Read first time. Held at Desk.

  11. Read third time. Passed. (Ayes 40. Noes 0. Page 1228.) Ordered to the Assembly.

  12. Read second time. Ordered to third reading.

  13. From committee: Be ordered to second reading pursuant to Senate Rule 28.8.

  14. Set for hearing May 17.

  15. From committee: Do pass and re-refer to Com. on APPR. (Ayes 11. Noes 0. Page 1019.) (May 4). Re-referred to Com. on APPR.

  16. Joint Rule 61 suspended.

  17. From committee with author's amendments. Read second time and amended. Re-referred to Com. on JUD.

  18. Set for hearing May 4.

  19. From committee: Do pass and re-refer to Com. on JUD. (Ayes 11. Noes 0. Page 634.) (March 25). Re-referred to Com. on JUD.

  20. Set for hearing March 25.

  21. Referred to Coms. on INS. and JUD.

  22. Joint Rule 55 suspended. (Ayes 32. Noes 4. Page 272.)

  23. (Ayes 32. Noes 4.)

  24. Art. IV. Sec. 8(a) of the Constitution dispensed with.

  25. Read first time.

  26. From printer. May be acted upon on or after March 24.

  27. Introduced. To Com. on RLS. for assignment. To print.

Sponsors

  • Bradford · Primary

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 121 not signed on

Sponsors (1)

  • Bradford

Co-sponsors (0)

None.

Not signed on (121)

121 members have not signed on to this bill.

Show all 121 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

SB 655 Bradford Senate Third Reading By Daly

Passed 71 Yea · 0 Nay · 8 Other
Party YeaNayPresentNot Voting
Democratic 24002
Unaffiliated 41003
Republican 6003
Total 71008
% of votes cast 90%0%0%10%
How each member voted (79)
Member Party Vote
Bloom — Yea
Friedman — Yea
Voepel — Yea
Cooley — Yea
Mathis — Yea
Bigelow — Yea
Chiu — Yea
Rendon — Yea
Mullin — Yea
Holden — Yea
Villapudua — Yea
Salas — Yea
Jones-Sawyer — Yea
Santiago — Yea
Maienschein — Yea
Rodriguez — Yea
Quirk — Yea
Mayes — Yea
Nazarian — Yea
Wood — Yea
Ting — Yea
Low — Yea
Frazier — Yea
Levine — Yea
O'Donnell — Yea
Waldron — Yea
Daly — Yea
Medina — Yea
Gray — Yea
Burke — Yea
Cunningham — Yea
Cooper — Yea
Chau — Yea
Smith — Not Voting
Kiley — Not Voting
McCarty — Not Voting
Cristina Garcia — Yea
Eduardo Garcia — Yea
Jim Patterson — Yea
Lorena Gonzalez — Yea
Luz Rivas — Yea
Mark Stone — Yea
Vince Fong — Yea
Wendy Carrillo — Yea
Aguiar-Curry, Cecilia M. Democratic Yea
Arambula, Joaquin Democratic Yea
Bauer-Kahan, Rebecca Democratic Yea
Bennett, Steve Democratic Not Voting
Berman, Marc Democratic Yea
Boerner, Tasha Democratic Yea
Bryan, Isaac G. Democratic Yea
Calderon, Lisa Democratic Yea
Cervantes, Sabrina Democratic Yea
Gabriel, Jesse Democratic Yea
Gipson, Mike A. Democratic Yea
Grayson, Timothy S. Democratic Yea
Irwin, Jacqui Democratic Yea
Kalra, Ash Democratic Yea
Lee, Alex Democratic Yea
Muratsuchi, Al Democratic Yea
Nguyen, Stephanie Democratic Not Voting
Petrie-Norris, Cottie Democratic Yea
Quirk-Silva, Sharon Democratic Yea
Ramos, James C. Democratic Yea
Reyes, Eloise Gómez Democratic Yea
Rivas, Robert Democratic Yea
Rubio, Blanca E. Democratic Yea
Ward, Christopher M. Democratic Yea
Weber Pierson, M.D., Akilah Democratic Yea
Wicks, Buffy Democratic Yea
Chen, Phillip Republican Not Voting
Choi, Steven S. Republican Yea
Dahle, Megan Republican Yea
Davies, Laurie Republican Yea
Flora, Heath Republican Not Voting
Gallagher, James Republican Not Voting
Lackey, Tom Republican Yea
Seyarto, Kelly Republican Yea
Valladares, Suzette Martinez Republican Yea

Official roll call →

Do pass.

Passed 14 Yea · 0 Nay · 2 Other
Party YeaNayPresentNot Voting
Unaffiliated 8001
Democratic 4001
Republican 2000
Total 14002
% of votes cast 88%0%0%13%
How each member voted (16)
Member Party Vote
Levine — Yea
Mullin — Yea
Quirk — Yea
Bigelow — Yea
Chau — Yea
Eduardo Garcia — Not Voting
Lorena Gonzalez — Yea
Vince Fong — Yea
Wendy Carrillo — Yea
Bryan, Isaac G. Democratic Yea
Calderon, Lisa Democratic Yea
Gabriel, Jesse Democratic Not Voting
Rivas, Robert Democratic Yea
Weber Pierson, M.D., Akilah Democratic Yea
Dahle, Megan Republican Yea
Davies, Laurie Republican Yea

Official roll call →

Do pass and be re-referred to the Committee on [Appropriations]

Passed 14 Yea · 0 Nay
Party YeaNayPresentNot Voting
Republican 1000
Democratic 4000
Unaffiliated 9000
Total 14000
% of votes cast 100%0%0%0%
How each member voted (14)
Member Party Vote
Wood — Yea
Cooper — Yea
Mayes — Yea
Voepel — Yea
Cooley — Yea
Daly — Yea
Bigelow — Yea
Frazier — Yea
Rodriguez — Yea
Berman, Marc Democratic Yea
Calderon, Lisa Democratic Yea
Gipson, Mike A. Democratic Yea
Grayson, Timothy S. Democratic Yea
Chen, Phillip Republican Yea

Official roll call →

3rd Reading

Passed 40 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 23000
Democratic 13000
Republican 4000
Total 40000
% of votes cast 100%0%0%0%
How each member voted (40)
Member Party Vote
Kamlager — Yea
Bradford — Yea
Dodd — Yea
Bates — Yea
Leyva — Yea
Hueso — Yea
Pan — Yea
Skinner — Yea
Wieckowski — Yea
Melendez — Yea
Newman — Yea
Min — Yea
Borgeas — Yea
Wilk — Yea
Hertzberg — Yea
Roth — Yea
Gonzalez — Yea
Glazer — Yea
Eggman — Yea
Nielsen — Yea
Atkins — Yea
Rubio — Yea
Portantino — Yea
Allen, Benjamin Democratic Yea
Archuleta, Bob Democratic Yea
Becker, Josh Democratic Yea
Caballero, Anna M. Democratic Yea
Cortese, Dave Democratic Yea
Durazo, Maria Elena Democratic Yea
Hurtado, Melissa Democratic Yea
Laird, John Democratic Yea
Limón, Monique Democratic Yea
McGuire, Mike Democratic Yea
Stern, Henry I. Democratic Yea
Umberg, Thomas J. Democratic Yea
Wiener, Scott D. Democratic Yea
Dahle, Megan Republican Yea
Grove, Shannon Republican Yea
Jones, Brian W. Republican Yea
Ochoa Bogh, Rosilicie Republican Yea

Official roll call →

Do pass, but first be re-referred to the Committee on [Appropriations]

Passed 11 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 4000
Democratic 6000
Republican 1000
Total 11000
% of votes cast 100%0%0%0%
How each member voted (11)
Member Party Vote
Borgeas — Yea
Gonzalez — Yea
Hertzberg — Yea
Wieckowski — Yea
Caballero, Anna M. Democratic Yea
Durazo, Maria Elena Democratic Yea
Laird, John Democratic Yea
Stern, Henry I. Democratic Yea
Umberg, Thomas J. Democratic Yea
Wiener, Scott D. Democratic Yea
Jones, Brian W. Republican Yea

Official roll call →

Do pass, but first be re-referred to the Committee on [Judiciary]

Passed 11 Yea · 0 Nay · 1 Other
Party YeaNayPresentNot Voting
Democratic 2000
Unaffiliated 8001
Republican 1000
Total 11001
% of votes cast 92%0%0%8%
How each member voted (12)
Member Party Vote
Portantino — Yea
Hueso — Yea
Roth — Yea
Glazer — Yea
Borgeas — Yea
Rubio — Yea
Bates — Yea
Dodd — Yea
Melendez — Not Voting
Archuleta, Bob Democratic Yea
Hurtado, Melissa Democratic Yea
Jones, Brian W. Republican Yea

Official roll call →

Subjects

finance civil-rights labor
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Frequently asked questions

What does SB 655 do?
Existing law establishes the California Organized Investment Network within the Department of Insurance to, among other things, pursue active measures to encourage insurers to make investments in California's underserved and low-to-moderate-income communities. Existing law encourages insurers to be supportive of investments that promote social, economic, and environmental benefits. This bill would additionally encourage insurers to consider making investments with diverse investment managers to the extent possible. The bill would define "diverse investment managers" for this purpose to mean investment management organizations located in, or actively making and holding investments in, California whose investment managers are composed of at least 51% women, veterans, minorities, or lesbian, gay, bisexual, transgender, or queer persons, or a combination of persons in those groups. Existing law requires each admitted insurer with premiums written equal to or in excess of $100,000,000 to provide information to the Insurance Commissioner every 2 years on its minority, women, LGBT, veteran, and disabled veteran-owned business procurement efforts, as well as its governing board and board diversity efforts, during the previous 2 years. Existing law requires the commissioner, by November 1 of the reporting year, to establish and maintain a link on the department's internet website that provides public access to the information submitted. This bill would require an admitted insurer with premiums written equal to or in excess of $75,000,000 to provide the above-described procurement and board diversity information to the Insurance Commissioner every 2 years. The bill would also require an insurer to provide to the commissioner a board diversity policy statement or a measurable goal or goals to include at least one diverse board member on its board of directors. The bill would require the commissioner to publish the board diversity information and the board diversity policy statement or measurable goal or goals on its internet website in the aggregate.
Who sponsors SB 655?
SB 655 is sponsored by Bradford.
What is the current status of SB 655?
This bill has been enacted into law. Introduced February 19, 2021. Enacted.
Where can I track SB 655?
Track SB 655 free on One Click Politics — get push/email alerts when it moves.

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