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Posts Tagged ‘Iran

California?s Insurance Commissioner said next month he will take regulatory steps against insurers with investments in firms with Iranian connections that could lower their capital and surplus levels.

The move by Commissioner Steve Poizner, which could possibly hurt company financial-strength ratings, came as surprise to an insurers group, which stressed that no insurers have broken any state or federal laws and none have any direct Read the rest of this entry »

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SACRAMENTO, Calif.—California Insurance Commissioner Steve Poizner on Monday said he will probe California’s domestic insurers to ensure they comply with a state law prohibiting companies based in the state from investing in Iran.

“State law prohibits California insurance companies from investing in countries designated as state sponsors of terrorism,” Mr. Poizner said in a statement. “I have directed California insurers to divest Read the rest of this entry »