Richmond Municipal Code Ch. 2.29 The Slavery Era Insurance Ordinance

The purpose of this section is to promote full and accurate disclosure to the public about any slavery policies sold by any companies, financial institutions, and insurance agencies doing business with the City of Richmond.

Each contracting insurance/financial institution with which the City enters into a contract, whether subject to competitive bid or not, must complete an affidavit verifying that the contractor has searched through any and all records of the company or any predecessor company regarding records of slaveholders' insurance policies during the slavery era. The names of any slave or slaveholder described in those records must be disclosed in the affidavit. The City Attorney in consultation with procurement managers shall make this information available to the public and provide an initial report to City Council. Failure to comply with this section shall deem the contract voidable on behalf of the City Council.

Any financial institution or investment manager managing City pension funds or other investment funds must disclose in quarterly financial reports to the Director of Finance and the City Attorney's Office any investments in international financial instruments that benefited from slavery. The City Council prohibits, by social investment policy, such investments and reserves the absolute right to divest from such investments with the cost of divestment being borne by the contracting institution.

(Source: Ordinance No. 14-05 N.S.)