SACRAMENTO, Calif. (AP) — Insurance companies in California will have 90 days to report all Iran-related investments.
Insurance Commissioner Steve Poizner says he’s trying to ensure compliance with a state law that prohibits investment in Iran’s government or companies associated with it.
Poizner says a loophole in the law, enacted in January, may have allowed California companies to continue investing tens of billions of dollars indirectly in Iran.
He says his review could help determine whether insurance companies are helping finance a terrorist threat against the United States or its allies.
A spokesman for Poizner says he believes California is the first state to investigate insurance companies’ investments in Iran.
Business
June 29, 2009
Calif. to seek Iran investment info from insurers
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