CA AB2160

Requires domestic insurers to treat investments in companies on the California Department of General Services Iran sanctions list as nonadmitted assets on their financial statements.

Mandates insurers provide an annual list to the Department of Insurance identifying all investments held in companies included on the Department of General Services sanctions list, including issuer names and security types.

Deems an insurer's use of the Department of General Services list for investment review as automatic compliance with these reporting requirements.

Exempts insurers from these requirements if they sell or transfer all investments in sanctioned companies, or if Iran is removed from the federal list of state sponsors of terrorism and the President certifies Iran has ceased nuclear weapons development efforts.

Establishes legislative findings that investments in companies with business operations in Iran may materially harm insurance company share value and conflict with U.S. sanctions policy.