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CA AB705

Bill

Official Source

Status

Introduced

2/17/2011

Primary Sponsor

Robert Blumenfield

Click for details

Origin

State Assembly

2011-2012 Session

AI Summary

  • Prohibits domestic insurers from acquiring any direct or indirect investment in Iran
  • Requires admitted foreign insurers to disallow and treat any direct or indirect investments in Iran as nonadmitted assets on financial statements filed with the Insurance Commissioner
  • Defines "direct investment" as investments in the Iranian government or entities domiciled, headquartered, or located in Iranian territory under Iranian control or sovereignty
  • Defines "indirect investment" as investments in persons identified on the Department of General Services' list developed pursuant to Public Contract Code Section 2203
  • Establishes that these restrictions further the commissioner's authority to ensure insurer investments are financially sound and not subject to risk based on ties to Iran

Legislative Description

Insurance: risk retention.

Last Action

Died pursuant to Art. IV, Sec. 10(c) of the Constitution. From committee: Filed with the Chief Clerk pursuant to Joint Rule 56.

2/1/2012

Committee Referrals

Insurance3/7/2011

Full Bill Text

No bill text available