Insurance Diversity Digest - Asian American and Pacific Islander Heritage Month

WELCOME

ASIAN AMERICAN AND PACIFIC ISLANDER HERITAGE MONTH

What AAPI Heritage Month Is and How to Celebrate It

SPOTLIGHT ON DIVERSITY

SB 655 Update - Senate Judiciary Committee
California Partners Project - Claim Your Seat: Women of Color on California's Public Company Boards

CDI CALIFORNIA ORGANIZED INVESTMENT NETWORK

UPCOMING CDI MEETINGS & TASK FORCE MEETINGS

DIVERSITY EVENTS CALENDAR

Diversity Proponent

In the midst of celebrating Asian American and Pacific Islander (AAPI) Heritage Month, we realize that there is a palpable heaviness in our hearts. Our communities are reeling from a global pandemic that continues to magnify disparities, widening income inequality, and deep-seated biases towards historically underrepresented communities. The heinous cycle of violence that reverberates across our AAPI communities – from Atlanta to the most recent incident at the Sikh Satsang in Indianapolis – requires many of us to bear the pain from the senseless loss of lives. These heartaches are valid and real – but they should not define us as we are much more than the sum of our circumstances. Our humanity is what binds us and our resilience is what propels us forward.

We hope that the challenges of this year empowers you to show up and speak up for those whose voices have been silenced. AAPI Heritage Month is an opportunity to celebrate and reflect on the history and tremendous contributions of our diverse AAPI communities. For generations, people within the AAPI community have and continue to enrich the tapestry of our nation's history, starting with Chinese immigrants who built the first Transcontinental Railroad to the everyday heros/heroines who educate our children, deliver our food, care for our most vulnerable, and work to expand opportunity and access across all sectors of our society. Keeping in mind that May is also Mental Health Awareness Month, it's equally important to set aside time for self care, and remember to check in on your friends, colleagues, families, and neighbors.

Our careers center around insurance diversity, but our passions encompass all matters related to justice, equity, and inclusion because we believe that there is infinite value when we are able to bring our full, authentic selves to work each and every day.

And to our friends who observed Ramadan, we know this year's celebrations are dimmed by separation, loss, distance, and humanitarian crises. We want you to know -- we see you, we feel your pain, and we wholeheartedly wish you 'Eid Mubarak!'

In Solidarity,

The Insurance Diversity Initiative Team

WE HONOR THE ASIAN AMERICAN AND PACIFIC ISLANDER COMMUNITIES

Honor Resilience, Uplift Voices

Our team celebrates the rich heritage, cultures, experiences, contributions and resilience of our Asian, Asian-American and Pacific Islander-identified (AAPI) communities, particularly this year-- where we have been shaken by the violence towards our fellow neighbors.

With each month that honors a specific community's contribution to the United States (and the world over), we share ways in which you can celebrate and honor that community. Celebrations are best done together, and we know many of our readers have young readers home with them. So here are some ways to honor AAPI community this month with your family.

Stories are a powerful medium to bring people, ideas, and nations together. They have the power to heal, humanize, and harmonize. The San Diego Public Library has curated book lists (for all age groups) to uplift and amplify the voices of the AAPI community.

What AAPI Heritage Month Is and How To Celebrate It

Originally Published: May 7, 2021

May 1st marked the beginning of Asian American and Pacific Islander (AAPI) Heritage Month — a time to acknowledge the accomplishments and contributions of the AAPI communities to the United States and beyond.

Last Friday, the White House released a proclamation on the annually observed occasion. While the acknowledgement of Asian Americans and their contributions has always been important, experts say that the unprecedented rise in anti-Asian hate over the past year makes the observance of AAPI Heritage Month more vital now than ever.

President Biden made that sentiment clear in the recently released White House statement, saying: “In the midst of a difficult year of pain and fear, we reflect on the tradition of leadership, resilience, and courage shown by [Asian American and Native Hawaiian/Pacific Islander] communities, and recommit to the struggle for AANHPI equity.”

The history of AAPI Heritage Month

More than 100 years before the first AAPI Heritage Week was declared, the month of May became a significant time for the AAPI community in the United States. On May 7, 1843, the first Japanese immigrant arrived in the country, and a few decades later on May 10, 1869, the transcontinental railroad, which was worked on by roughly 20,000 Chinese immigrants, was completed.

It wasn’t until 1979, when President Jimmy Carter signed a presidential proclamation, that AAPI Heritage Week was first celebrated. Then, Congress passed an amendment in 1992 which called on the people of the U.S. to observe an entire AAPI Heritage Month with “appropriate ceremonies, programs and activities.”

Now, May is used as a time by those of Asian and Pacific Islander heritage to amplify their voices and their concerns, as well as share their cultural pride. A rather broad term, Asian and Pacific Islander traditionally refers to those who have origins in the East, Southeast, the Indian subcontinent of Asia, as well as the Pacific islands of Melanesia, Micronesia and Polynesia.

“Asian Americans, and Native Hawaiians, and Pacific Islanders make our Nation more vibrant through diversity of cultures, languages, and religions,” said the White House statement. “There is no single story of the AANHPI experience, but rather a diversity of contributions that enrich America’s culture and society and strengthen the United States’ role as a global leader. The American story as we know it would be impossible without the strength, contributions, and legacies of AANHPIs who have helped build and unite this country in each successive generation.”

Learn more about AAPI Heritage Month and how to celebrate it by reading the full article.

SPOTLIGHT ON DIVERSITY

Senate Bill 655 (Bradford) was heard (and passed through!) the Senate Judiciary Hearing on May 4, 2021. The next step is for the bill to be heard at the Senate Appropriations Committee hearing on May 17, 2021.

SB 655 builds upon the progress of our Department's diversity initiatives, and makes greater strides in the state of diversity, equity, and inclusion in California's $340 billion insurance industry by:

Codifying reporting requirements for underrepresented groups on insurance company boards, including disclosures on an insurance company's board diversity policy statement or its measurable goals;
Lowering the existing California premium reporting threshold value of insurance companies’ reporting on its board and supplier diversity data; and
Establishing a definition for the term “diverse investment manager” as a means for insurance companies to target their social-impact

SUPPORT SB 655

Please continue to share your support of SB 655 on your social media networks with the hashtag #SupportSB655

NEXT STEPS

Once the bill passes through the Senate Appropriations Committee, it will proceed to the Senate floor before it makes its way to the Assembly. At that time, we would be so appreciative of you sending letters on behalf of SB 655. Template letters, addresses and timelines will be provided in the very near future.

Let's help ensure the voices of our diverse communities are represented. To learn more, check out the SB 655 Fact Sheet from Senator Bradford's office and track the progress of SB 655 at: www.tinyurl.com/sb655!

CALIFORNIA PARTNERS PROJECT

CLAIM YOUR SEAT: WOMEN OF COLOR ON CALIFORNIA PUBLIC BOARDS REPORT

Originally Published: May 2021

In partnership with Equilar and the Latino Corporate Directors Association, California Partners Project tracked and analyzed the progress California’s public companies are making in diversifying their boards, a significant marker for environmental, social and governance best practices, as well as an indicator of future financial success. While California companies are making great strides in adding women to their boards, the numbers are not nearly so positive for women of color, particularly Latinas.

The report profiles some of the women of color recently added to California boards, and shares key strategies from our fall 2020 focus groups on recruiting directors from outside existing networks.

The analysis finds that for companies to comply with state law, at least 536 public company board seats need to be filled by women before the end of the year. Now is the moment for board-qualified and interested women to find the board that needs their skills and perspective.

Read the entire report.

CALIFORNIA ORGANIZED INVESTMENT NETWORK (COIN) NEWSLETTER

The California Organized Investment Network (COIN) at the California Department of Insurance has as its mission to guide insurers on making financially safe and sound investments that yield environmental benefits throughout California and/or social benefits within the State's underserved communities. COIN managers provide adequate risk adjusted rates of return on their investments, while also helping vulnerable, under-capitalized communities across California recover from the disproportionate impacts of the COVID-19 pandemic.

In July of 2020, Commissioner Lara launched the ‘Invest in our Diverse Communities’ Initiative to identify diverse woman-, veteran-, LGBTQ+-, Latinx, Asian Pacific Islander, Black, and Native American-owned investment managers who can guide investments made by insurance companies into capital ready socially responsible affordable housing and environmental projects across California.

To learn more about COIN and the 'Invest in our Diverse Communities Initiative', read the latest COIN Newsletter.

UPCOMING CDI & DIVERSITY TASK FORCE MEETINGS

This section of the newsletter contains all of the information regarding upcoming Commissioner Virtual Townhalls and Insurance Diversity Task Force meetings. All meetings are open to the public.