California Insurance Code

§ 1241.2

INS § 1241.2 Effective Jan 1, 2013Div. 1 · Part 2 · Ch. 2 · Art. 6

Statute text

(a)The Legislature finds and declares all of the following:

(1)The federal Securities and Exchange Commission has determined that business activities in foreign states sponsoring terrorism, such as Iran, that are subject to sanctions by the United States may materially harm the share value of foreign companies. Shares in these foreign companies may be held in the portfolio of insurance companies issuing policies to California consumers.

(2)Publicly traded companies in the United States are substantially restricted in doing business in or with foreign states, such as Iran, that the United States Department of State has identified as sponsoring terrorism.

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Legislative history

Added by Stats. 2012, Ch. 479, Sec. 1. (AB 2160) Effective January 1, 2013. Conditionally inoperative as provided in subd. (f).