Alaska Requires Board Diversity Disclosures for Insurers
Summary
Passed in December 2019, Alaska Administrative Code title 3, § 21790 requires insurers/insurance groups' annual disclosures to describe how they identify, nominate, and elect members to their boards of directors and their boards' committees. Insurers must include a discussion on whether a board diversity policy is in place and, if so, how it functions. The law also provides more specific components for the required corporate disclosures, including the insurers' process for (i) evaluating an officer's background and experience, (ii) performance evaluations and compensation, and (iii) determination of required oversight to critical risk areas. The law became effective on its date of passage, December 26, 2019.
Impacted Sectors
Additional Information
- 3 Alaska Admin. Code S. 21790 (3 AAC 21.790(c)(4)(D))
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