Bloomberg: California’s insurance regulator sued to stop insurers from investing in Iran, challenging a finding by an administrative law office that a rule blocking companies from doing business with Iran was “underground regulation.”
By Karen Gullo
Nov. 9 (Bloomberg) — California’s insurance regulator sued to stop insurers from investing in Iran, challenging a finding by an administrative law office that a rule blocking companies from doing business with Iran was “underground regulation.”
California Insurance Commissioner Steve Poizner says any insurance company licensed in California shouldn’t be doing business “in any way, with the Iranian regime,” according to a statement today on the department’s website. The suit contests the California Office of Administrative Law’s determination that Poizner’s rule barring Iran investments was improper.
The case is Poizner v. American Council of Life Insurers, California Superior Court (Los Angeles).
