Last week, The Jewish Federation and its Community Engagement Initiative were proud to support State Insurance Commissioner Dave Jones as he provided an update on the Department of Insurance’s Iran Divestment Program. The Federation, along with representatives from several other Jewish organizations, applauded his efforts to protect California insurance companies from investing their rate-payers’ funds in risky investments.
Instituted several years ago, the program’s goal is to wipe out the financial risk for California insurance companies associated with investing in the energy, military, and nuclear sectors of Iran, the current government of which is identified by the United States and many other countries as a worldwide sponsor of terrorism.
Upon taking office in January 2011, Commissioner Jones directed the Department to continue its efforts to call on insurers to divest in companies doing business with the energy, military and nuclear sectors of the Iranian economy. These investments are considered risky due to the volatility of Iran’s leadership, its focus on nuclear energy, and the accompanying international sanctions. Intensified efforts by Jones’s office in the last few months have greatly reduced the number of insurers tied to these sectors. In fact, Jones announced that of the 1,300 insurers licensed to do business in California, only eight continue to decline to divest from holdings in the above-mentioned Iranian sectors.
When the program began, the total amount of investments by these insurers was approximately $6 billion. After the Department of Insurance encouraged them to divest from Iran-related holdings, the total has dropped to just under $200 million today—a 97% reduction.
Part of our Federation’s mission is to assure the continuity of the Jewish people and support a secure State of Israel, both of which could be directly affected by providing support to terrorist-sponsoring nations such as Iran. Therefore, we encourage you to make an informed decision about your insurance options by visiting the CDI Website, which offers a list of those companies still investing in the energy, military and nuclear sectors of Iran.
The Jewish Federation’s Community Engagement Initiative mobilizes the Los Angeles Jewish community to pursue an inclusive society that reflects the best American and Jewish values, a strong Jewish future, and a safe and vibrant Israel.
For more information about the Federation’s Community Engagement Initiative or this program and other efforts like it, please contact Debbie Dyner Harris at (323) 761-8158 or DDynerHarris@JewishLA.org.
