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CA Department of Insurance

Iran Related Investments

The purpose of this Website is to provide the public with information relating to the Commissioner's publication of information concerning investments in companies doing business with the Iran energy, nuclear and military sectors.

 

Discontinuation of Department's Iran Divestment Program

From 2010 through 2018, the Department of Insurance conducted an independent review, publication and request that insurers divest from investment holdings of Department-identified businesses that the Department found to be directly engaged in the Iranian nuclear, military or energy sectors of Iran.

This Department divestment program created overlapping and somewhat redundant reporting complications for domestic insurers, who are also subject to a statutory Iran investment reporting requirement. (See Ins. Code Section 1241.2 and section below entitled: “Link to Domestic Insurer Disclosure of Iran-Related Investments”.) Consequently, effective January 6, 2019, the Department will discontinue its Iran divestment program.

As discussed below, however, and in accordance with Insurance Code section 1241.2, domestic insurers remain responsible for reporting Iran-related investments that are identified on the Department of General Services ("DGS") list pursuant to Public Contract Code Section 2203(b).

 

Link to Domestic Insurer Disclosure of Iran-Related Investments

Notwithstanding the discontinuation of the Department’s Iran divestment initiative, California law places certain requirements on domestic insurers vis-à-vis domestic insurers’ Iran-related investments. A description of domestic insurers’ obligations pursuant to California Insurance Code Section 1241.2 can be found at the following link: Disclosure of Iran-Related Investments.

 

Contact Information

For questions regarding this webpage, please contact:

Bryant Henley, Assistant Chief Counsel

California Department of Insurance
Legal Branch
300 Capitol Mall, Suite 1700
Sacramento, CA 95814

 

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