State Insurance Commissioner Urges Insurance Companies To Stop Investing In Iran

Share |
(Sacramento, CA)
Wednesday, December 2, 2009
The state insurance commissioner wants California insurance companies to pull their investments out of Iran. 

He says the money is benefitting the country’s military and nuclear program.
Capital Public Radio's Steve Shadley reports...
Insurance Commissioner Steve Poizner, who’s a republican candidate for governor, says California insurance companies have 12-billion dollars worth of investments in Iran. 

Poizner says the firms must divest of the stock because Iran is a terrorist threat to the United States...

“What’s happening here is insurance money is being funneled through third party companies, primarily in South America, Russia, China and Europe who then turn around and invest in important economic sectors in Iran that have to do with national security issues in this country...”
He’s asked all of the state’s 13-hundred insurance companies to disclose their financial deals with Iran. 

But, 200 have refused. 

Poizner says he has the authority to force firms to divest if they don’t do so on their own.