Calif. Assembly OKs Bill To Curb Insurers' Iran Investments

Law360, San Diego (May 25, 2012, 10:37 PM EDT) -- The California Assembly on Friday approved legislation aiming to deter insurers from making investments in businesses with financial ties to Iran's energy sector, but the insurance industry claims the measure runs afoul of the U.S. Constitution because it conflicts with federal foreign policy.

In a 60-5 vote, the Assembly waved through A.B. 2160, proposed by Assemblymen Bob Blumenfield, D-San Fernando Valley, and Mike Feuer, D-Los Angeles, that would allow the California Insurance Commissioner to treat a state-based insurer's investment in a company connected to the energy...
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