California Insurance Commissioner Want to Know How Much Money Insurers have invested in Iran
Posted Jun 30 2009 4:17pm
This could be interesting to see what comes to table from the inquisition as such are considered illegal, and then again what if none are reported and nobody comes to the table? If something is found this could be a new move for transparency it seems. BD
Reporting from Sacramento -- State Insurance Commissioner Steve Poizner thrust California further into foreign policy areas usually left to Washington by ordering insurance companies to tell him whether they've invested money in Iran, a nation identified by the U.S. government as a sponsor of state terrorism. Poizner, a Republican seeking his party's nomination for governor next year, said Monday that he had issued a "data call" to 250 insurers headquartered in the state and 1,500 others that are licensed to sell policies in California.
At a Los Angeles news conference, Poizner said he had authority under a state law that took effect Jan. 1 to require California-based insurers to report any investment they have in the government of Iran or in the defense, nuclear, petroleum, natural gas or banking areas of Iran's economy. Such investments are illegal under state and federal statutes, he said.