On August 22, 2012, the California Assembly gave final legislative approval to Assembly Bill 2160. This bill would require the California insurance commissioner to treat a domestic insurer’s investment in a company that has business operations in Iran as a non-admitted asset.
The Assembly’s 64-2 vote to concur in Senate amendments to the bill resulted in final passage of the measure. The Senate has passed the measure on August 20, 2012. AB 2160 is now being sent to Governor Jerry Brown. The governor has until September 30, 2012, to act on the bill.
Our latest blog on AB 2160 was discussed here.