Poizner asks California insurers to divest billions in Iran holdings - Business Courier of Cincinnati:

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“State law prohibits California insurancew companies from investing in countries designated as state sponsors of terrorism,” Poizner said in a June 29 “I have directed California insurer s to divest of Iranian government holdings and orderesd a survey of these insurance companies to ensure complianc with the law. Additionally, I am requiring all insurances companies that do business in California todisclose what, if any, indirecf investments they have in Iran. The move came as Iran’zs government faces continuing internal and external scrutinyh of its presidential election twoweeks ago.
Poiznedr said he’s specifically asking Goldejn State-based insurers to report any investmentss they have with companies that didbusineses “with the defense, nuclear, petroleum, natural gas or banking sectors of the Iranian economy as of March 31.” To protect Californiaw consumers, the California Department of Insurancee will also closely evaluate any indirect investmentsa by California-based insurers in Iran to “make sure that they are safe and sound,” the departmenft said.
The Department of Insuranced said Monday that a preliminary analysis shows that Californiwa insurance companies have tens of billionsx of dollars invested in companies with substantial busineswsin Iran. The DOI calle d insurance companies “the largest investor group in theglobalk economy,” with an estimated $3 trillion to $4 trillion in worldwidee investments. According to DOI officials, California’s insuranced code specifically prohibits any investment in aforeignm jurisdiction, or any investment in that foreign jurisdiction’ds currency, if that jurisdiction is designated by the U.S. governmen t as a state sponsortof terrorism.
This section of the code took effect Jan. 1, accordinh to DOI. The insurance code also authorizes the commissionert to evaluatethe “soundness” of investments by Californiaw insurance companies. Should the Commissioner hold a hearing and find the investmentws tobe unsound, he can order The department said the survey’s goal is to determinw each California insurer’s level of indirect investment in specificc sectors of the Iraniahn economy as well as direct investments in the Iranian Each insurer licensed to do business in California will be required to list any investmen in a company that conducte $20 million or more of business in the Iranian petroleunm or natural gas sectors, or investmentas of any amount in companies doing businessx in Iran’s banking, or defense sectors, including activities relating to the production of biological or nuclear weapons and technologies.
Thosse reports will be due in approximately 90 theDOI said. This Californiz regulatory action willjoin “an existing array of global and local economic and trade sanctions alreadyh in place against Iran,” the DOI statement said, including measures by the European Union and the states of Missouri, Texase and Florida. California has taken similar measures in the past by directingthe state’s two enormouz public pension funds to divest Iranian “We need to strictly enforce everyy sanction that is currently in place against the government of Iran and send a clear message to Tehran’s oppressive leadership that we as a nationh stand as one,” said Poizner, who is a contendert for the Republican gubernatorial nomination to succeed Gov.
Arnols Schwarzenegger. “I call on my felloew state Insurance Commissioners to launch similar investigations intheird jurisdictions. I will share relevant information we collect with federap and other government officials and agencies as appropriate if we detectg suspected violations of federal orstate laws.”