California, Insurance Notice on Ukraine Solidarity and Russia Divestment

The first state to made such a requirement, California Insurance Commissioner Ricardo Lara has issued a notice to all insurance companies doing business in the state of California to take immediate steps to identify and divest from any direct financial investments in either Russian property or assets that could support Russia in its military invasion of Ukraine.

The notice, titled Notice on Ukraine Solidarity and Russia Divestment, is directed to all admitted and non-admitted insurance companies, all licensed producers, and any other interested parties. Commissioner Lara was quoted as saying “California stands with the world community in rejecting Russia’s invasion of Ukraine and its assault on freedom and equality.” . “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. Insurance companies must send a loud and clear message of solidarity with the people of Ukraine and the global community by withdrawing any financial support for the Russian regime.” Commissioner Lara was joined in the call to take immediate action by the legislative leaders of the California Senate and Assembly Insurance Committees.