Calif. insurance companies report $12 billion invested in Iran; commissioner seeks divestment

Calif. insurers say $12 billion invested in Iran

SACRAMENTO, Calif. — Insurance companies that do business in California say they have $12 billion in indirect investments in Iran’s defense, nuclear, energy and banking industries.

Those results came in a review ordered by state Insurance Commissioner Steve Poizner, who wants to make sure money paid by California policyholders is not flowing to a U.S.-listed state sponsor of terrorism.

Poizner is pushing the companies to sell their investments within 120 days.

He tells The Associated Press that he will subpoena executives from other companies that didn’t provide the investment information to his office.

Poizner, who is seeking the Republican nomination for governor, says he’ll urge other states’ insurance regulators to do the same. He plans to outline his findings and next steps on Wednesday in Los Angeles.