The Chartered Insurance Institute (CCI) is set to ask Chartered firms to show the material impact of their diversity and inclusion policies.
The professional body from July last year introduced a requirement for firms to have diversity policies, as part of ensuring their positive social impact and contribution to the wider profession.
Last summer the CII outlined some of the ways businesses could establish inclusive cultures that promoted respect and equality.
More than 900 firms that sought to retain their Chartered status in 2020 confirmed they will have a diversity and inclusion policy in place by the end of this year.
The CII has confirmed that from 2021 it will request examples of the impact the approaches are having on Chartered firms when they wish to renew their status.
CII professional standards director Melissa Collett said: "It is vital the requirements for corporate Chartered status ensure the profession remains modern, relevant and diverse. Corporate Chartered status requirements are continually reviewed to ensure relevance and are overseen by the CII's Professional Standards Committee, which is chaired by an independent legal practitioner and includes representatives from across the profession as well as consumer groups.
"We believe that by actively listening to the feedback from stakeholders, we can continue to build public trust in a more diverse, inclusive and united profession."
Follows prior FCA intervention
Divorce lawyers will be busy
New FCA chief executive appeared before MPs
'How would you cope if your partner contracted an illness?'
Watchdog warns consumers
Enhanced register goes live on Monday