California insurance commissioner chases indirect investments in Iran

Filed under: Law, Petroleo Brasileiro (PBR)

Insurance companies have $12 billion in indirect investments related to Iran, according to California Insurance Commissioner Steve Poizner -- and he wants them to stop. He's pushing insurers in his state to divest, and the perspective is gaining popularity: his counterpart in Florida thinks the policy should go national.

Kevin McCarty, commissioner in Florida, said to National Underwriter, "I have consulted with other state insurance commissioners to evaluate the practicality of developing a national initiative similar to the undertaking by the California Department of Insurance." He's already contacted the National Association of Insurance Commissioners' Securities Valuation Office to figure out "the feasibility of leveraging national resources to review the financial statements of national insurers to determine their exposure to companies with operations in Iran."

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California insurance commissioner chases indirect investments in Iran originally appeared on BloggingStocks on Fri, 04 Dec 2009 13:00:00 EST. Please see our terms for use of feeds.

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