Insurance Commissioner Dave Jones and Insurers Reach Agreement on Iran Investments
News: 2012 Press Release
California Insurance Commissioner Dave Jones today announced the settlement of litigation concerning efforts to curtail insurer investments in companies doing business in Iran.
The terms of the settlement permit the Commissioner to maintain a public list of businesses involved in volatile sectors of the Iranian economy. As their financial statements already contain this information, insurers will no longer be required to file quarterly reports regarding their Iran-related investment activities nor will such investments be disallowed for purposes of determining financial solvency of the insurers. Under the terms of the settlement, the Commissioner retains the power to independently review and publicize the names of insurers with investments in Iran-related businesses.
"The resolution of this litigation is an important step forward for our efforts to make sure that the public, insurers, and investors are aware of companies doing business in the nuclear, military and energy sectors of
In November of 2010,
As a result of the settlement of this litigation, the Commissioner will withdraw the lawsuit against OAL.The Insurer Trade Associations have agreed to withdraw their legal challenge to the Commissioner's efforts to publicize insurer investments in companies engaged with
Since the Department of Insurance began publicizing information about insurance companies investing in companies doing business in
The California Department of Insurance, established in 1868, is the largest consumer protection agency in California. Insurers collect $288 billion in premiums annually in California. Since 2011 the California Department of Insurance received more than 1,000,000 calls from consumers and helped recover over $394 million in claims and premiums. Please visit the Department of Insurance web site at www.insurance.ca.gov. Non-media inquiries should be directed to the Consumer Hotline at 800.927.HELP or 213.897.8921. Telecommunications Devices for the Deaf (TDD), please dial 800.482.4833.