September 28, 2012 – Los Angeles – AJC applauds California for enacting the first law in the nation that will deprive Iran of an important source of capital derived from insurance industry indirect investments.
California Governor Edmund “Jerry” Brown, Jr. signed the State Assembly bill this week. The law, known as Assembly Bill 2160, was authored by Los Angeles area Assembly members Bob Blumenfield and Mike Feuer, and followed AJC-supported legislation that also prohibits California from investing retirement funds or contracting for goods and services with companies that do business with Iran. AJC was one of the original supporters of AB 2160 and traveled to California’s state Capital, Sacramento, to advocate for its passage.
“The urgency of the Iranian nuclear threat compels action,” said AJC Los Angeles President Clifford P. Goldstein. “AJC supported AB 2160 because it sends a strong message to California insurance companies that there is a steep penalty if they insist on investing in Iran's energy sector."
AB 2160 requires a domestic insurer to treat any indirect investment in the Iranian energy sector as a non-admitted asset on the financial statements of that insurer in filings with the California Insurance Commissioner.
AJC is leading efforts across the country to support state-level sanctions legislation against Iran. California is the ninth state to have passed some form of Iran sanctions legislation supported by AJC this year.