CA Insurance Commissioner Rejects Petition To Have Insurers Disclose Fossil Fuel Business

 Thursday, April 25, 2019

 Insurance Business

California insurance commissioner Ricardo Lara recently rejected a petition from over 60 public interest groups to have insurance companies operating in the state to disclose their fossil fuel business. The petition in question requests that insurers reveal all their investments in “fossil fuel-related entities.” It also asks for details if the insurers invested in polluting companies, or if the insurers underwrote or insured any projects that are decidedly not environmental. In his decision statement, Lara explained he turned down the petition because it “only targets a single element of the much broader challenge of climate risk”. He added that he is pursuing a more comprehensive climate strategy — one that includes incentivizing climate-smart investments.
Legislation & Regulation