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News: 2012 Press Release

For Release: June 26, 2012
Media Calls Only: 916-492-3566
Insurance Commissioner Dave Jones Announces Another Company Severs Ties with Iran and Is Removed from List of Companies Posing Substantial Investment Risk

Insurance Commissioner Dave Jones announced today that WorleyParsons, an Australian company that provides professional services to the oil and gas industries,has been removed from the Commissioner's List of foreign businesses posing substantial investment risk due to their involvement with Iran's energy, military or nuclear sectors. Forty foreign companies remain on the list. Following discussions with the California Department of Insurance (CDI), WorleyParsons' CEO notified the Department in April that the WorleyParsons group of companies no longer holds any oil, natural gas or liquefied natural gas contracts in Iran.

"WorleyParsons' move to terminate its business relationships with the Iranian oil and natural gas sector was no small task and I applaud the company's decision. Today's announcement is also important because it shows that the California Department of Insurance's Iran Investment Risk initiative is playing a critical role in decreasing the level of investment in Iran by foreign companies," Commissioner Jones said. "We remain concerned about the risk posed to investments in companies doing business in Iran. We maintain our list of companies doing business in Iran so that insurers can use this information to avoid investing in these companies."

Since CDI first published a list of companies doing business with the Iranian energy, military and nuclear sectors in 2010, eleven companies have altered course and pulled back from engagements in Iran. The United States government, European Union, United Nations, and a number of state legislatures, including New York's and California's, have taken steps to prohibit investments companies doing business in Iran.

"Insurance companies in California that invest in businesses supporting Iran's energy and military sectors are exposed to potentially volatile reductions in the value of their investments due to the Iranian Government's actions," Commissioner Jones said. "Reducing foreign business activity in Iran reduces global investor risk."

For an updated list of companies doing business with the Iranian Petroleum/Natural Gas, Nuclear, and Defense Sectors, please visit CDI's Web site at www.insurance.ca.gov.

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The California Department of Insurance, established in 1868, is the largest consumer protection agency in California, regulating the $123 billion insurance marketplace. In 2013 the California Department of Insurance received more than 170,000 calls from consumers and helped recover over $63 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.

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