California to seek Iran investment info from insurers

June 29, 2009 19:11


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Insurance companies in California are being given 90 days to report all Iran-related investments. Insurance Commissioner Steve Poizner announced on Monday that he was aiming to ensure compliance with a state law that prohibits investment in Iran's government or companies associated with it. Poizner said that a loophole in the law, enacted in January, may have allowed California companies to continue investing tens of billions of dollars indirectly in Iran. His review, he said, could help determine whether insurance companies are helping finance a terrorist threat against the United States or its allies.

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