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.