California Commissioner Lara Goes After Businesses Doing Business in Russia

California Insurance Commissioner Ricardo Lara and Georgia Insurance and Safety Fire Commissioner John King are pushing insurance companies to take any investments they have in Russia out of that country.

“California stands with the world community in rejecting Russia’s invasion of Ukraine and its assault on freedom and equality,” Lara said. “As the nation’s largest insurance market and the fourth largest insurance market in the world, we must not tolerate California consumers’ insurance premiums funding an authoritarian regime that invades a sovereign government, terrorizes its population, and is an enemy of free expression, speech, assembly, press, and equality for LGBTQ+ people, women, and ethnic and religious minorities.”

Lara — joined by leaders in the California House and Senate — said insurance companies need to send a definite message of solidarity for the people of Ukraine.

The investments Lara and King are targeting are $2 billion in bonds and indirect investments in other Russian industries. Lara says he’s going to push the insurance industry, and use every bit of leverage he has, to make sure insurers working in California are in line with the global community and holding Russia accountable.

“If insurance companies do not voluntarily act now to dispose of direct investments in Russia, I will explore all options to compel them to follow through,” Lara said.

King agrees.

“Vladimir Putin’s illegal and unprovoked invasion of Ukraine has rightfully led to condemnation from free nations across the globe,” King said. “I served alongside many brave Ukrainians in Iraq and Afghanistan and my heart is with them now as we continue to witness the horrors they face every day. Today’s action is meant to ensure that no Georgia company is subsidizing, even indirectly, Putin’s war.”

Source link: California Department of Insurance — https://bit.ly/3wJ7jTT 

Source link: Insurance Business America — https://bit.ly/3iJCt55