California Insurance Commissioner Steve Poizner announced on July 1, 2010 that insurers in his state had sold about 20% of the assets the industry holds in the 50 companies that the California Department of Insurance ("CDI") has identified as doing business with Iran's nuclear, energy and defense sectors. The sell-off took place in the first quarter of 2010. According to Commissioner Poizner: "In the weeks before my order to disqualify risky Iran-related investments from their books took effect, insurance companies sold hundreds of millions of dollars of investments in companies that prop up the oppressive Iranian government. This proves that insurance companies can do the right thing and make safe and profitable investments without having to resort to investing in companies that actively do business in rouge elements of the Iranian economy."
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California insurers divest $400 million in Iran-related assets
- Edwards Wildman Palmer LLP
- Brian Green, Victoria Anderson, Jeanne Kohler and M Machua Millett
- July 28 2010
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