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Member, Beacon International Group, Ltd.
SACRAMENTO, Calif.—California Insurance Commissioner Steve Poizner on Monday said he will probe California’s domestic insurers to ensure they comply with a state law prohibiting companies based in the state from investing in Iran.
“State law prohibits California insurance companies from investing in countries designated as state sponsors of terrorism,” Mr. Poizner said in a statement. “I have directed California insurers to divest of Iranian government holdings and ordered a survey of these insurance companies to ensure compliance with the law.”
Additionally, the commissioner said he is requiring all insurance companies that do business in California to disclose what, if any, indirect investments they have in Iran.
“Specifically, I will require each insurer to report all investments they have with companies that do business with the defense, nuclear, petroleum, natural gas or banking sectors of the Iranian economy as of March 31, 2009,” the commissioner said. “To protect California consumers, the California Department of Insurance will also closely evaluate any indirect investments by California-based insurers in Iran to make sure that they are safe and sound.”