To: All New York Domestic and Foreign Insurance Companies Re: Diversity and Corporate Governance As Superintendent of the New York State Department of Financial Services (DFS), I have consistently stressed the critical importance of diverse perspectives to problem-solving. Research shows that diverse teams perform better, innovate more, and are more effective at managing risks….DFS expects New York-regulated insurers to make the diversity of their leadership a business priority and a key element of their corporate governance…. DFS has evaluated different regulatory approaches to promote DEI in the insurance industry, including the imposition of quotas and the collection and disclosure of diversity data….Based on our research and outreach, we have determined that the best way for DFS to support the insurance industry's DEI efforts is by collecting and publishing data relating to the diversity of corporate boards and management. Data collection is essential to identify areas for improvement, set goals and measure progress toward those goals...making that information public will allow companies to assess where they stand compared to their peers and, we hope, raise the bar for the entire industry. Transparency is a powerful catalyst for change….