California threatens to sue insurers keeping investments in Russia
Insurance commissioner insist he will use ‘all remedies available under California law’ to push insurers to hold Russia accountable
California’s insurance commissioner, Ricardo Lara, has urged insurers doing business in the state to review their financial holdings and divest any direct investments in Russian assets or property that could support the Russian invasion of Ukraine.
Insurers failing to do so may face legal action, as Lara said he “will use all remedies available under California law” to push the industry to hold Russia accountable for the invasion.
“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 nation, terrorises its population and is the enemy of free expression, speech, assembly, press and equality for LGBTQ+ people, women and ethnic and religious minorities,” Lara said.
Insurers operating in the state invest a substantial portion of the $370bn in premiums collected from consumers annually, Lara added.
The chairs of the California Senate and Assembly insurance committees joined Lara in calling for insurer divestments from Russia.