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California Insurance Commissioner Steve Poizner has announced he is filing a lawsuit challenging a California Office of Administrative Law (OAL) determination, issued last month that his efforts to stop insurers from investing in Iran constituted an "underground regulation."

The commissioner's lawsuit contests the OAL analysis of this procedural issue and seeks to clarify his authority to address the issue of insurer support of Iran and the solvency of insurer investment portfolios. Attorney General Jerry Brown is representing the commissioner in the lawsuit.

"I intend to ensure that any insurance company licensed in California is not ...............
Read more: http://www.insurancejournal.com/news/west/2010/11/10/114749.htm#ixzz14uqIoKYk

Posted 3:07 PM  View Comments

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