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Calif. examines insurers' investments in Iran

Calif. examines insurers' investments in Iran

California Insurance Commissioner Steve Poizner has ordered all insurance companies doing business in the state to report investments that might benefit Iran.
Poizner said Monday that he wants to ensure that money paid by policyholders is not flowing to a U.S.-listed state sponsor of terrorism.
He also wants to make sure that California-based insurance companies are complying with a state law that took effect this year. That law prohibits the companies from investing directly in Iran's government or companies associated with it.
Poizner has given companies 90 days to produce the information.
It will include investments in Iran's petroleum, natural gas, banking, nuclear or defense industries. Insurance industry representatives say Poizner is interfering with U.S. foreign policy.