Iran-Related Investment Bill Clear's California State Assembly

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The California Assembly this morning passed a bill that would require the Insurance Commissioner to treat a domestic insurer's investment in a company that does business in Iran as a non-admitted asset. 

The 80-member Assembly passed AB 2160 with a 57-4 vote. 

The bill received support from Democrats and a few Republican members of the Assembly. Republican Assembly Member Jeff Miller, who voted against AB 2160 when the bill was considered by the Assembly Insurance Committee, voted for the bill on the Assembly floor.  

AB 2160 will now be assigned to a Senate committee which will hold a hearing on the bill. 

For a more detailed overview on the issue, please see our previous blog posts here.

 

Published In: Elections & Politics Updates, Finance & Banking Updates, Insurance Updates, International Trade Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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