SACRAMENTO, Calif. (AP) — State Insurance Commissioner Dave Jones says just eight of the 1,300 insurance companies doing business in California have holdings in Iran's energy, military and nuclear industries.
The state Department of Insurance has sought to encourage the companies to divest from Iran, which is on the U.S. State Department's list of designated terrorist-sponsoring states.
Jones reiterated that stance in a news conference Wednesday. He does not have the legal authority to require the companies to divest from Iranian companies, but said he believes the investments are a financial risk.
The number of insurance companies with holdings in Iran has fallen from 50 in 2009, when the department began publicly naming them to try to persuade them to drop their holdings.
The eight remaining companies are listed on the department's website, www.insurance.ca.gov .
©2013 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.