Industry News
February 16, 2010
Poizner Announces Compliance with Terror Financing Probe
California Insurance Commissioner Steve Poizner announced that all insurance companies licensed in California have responded to his request to provide data on their investments with companies doing business with Iran’s nuclear, energy and defense sectors. California Department of Insurance (CDI) asserts insurers hold more than $6 billion in investments in companies doing business with the Iranian energy, nuclear and defense sectors.
Poizner anticipates requesting insurance companies to notify CDI in writing whether they will comply with a divestment request. Insurers will be given 90 days to eliminate indirect holdings in Iran from their portfolios. For companies that do not voluntarily agree to divest, CDI will make public a list of these companies and provide the name and value of their Iran-related investments.
