The Georgia insurance coverage commissioner has joined his California counterpart in calling on insurers to divest their Russian enterprise pursuits within the midst of the bloody Russian invasion of Ukraine.
“The truth that the premiums paid by residents and entities in Georgia to insurers might be used as capital assist by the Russian regime is shameful,” Georgia Commissioner John King wrote in an editorial in Now Habersham, a information outlet within the state. “Subsequently, insurance coverage corporations who do enterprise in Georgia ought to start the method of eliminating any monetary assist, through investments or enterprise operations, for the Russian regime.”
He known as on insurers to evaluate their monetary holdings within the former Soviet nation and divest property, and even supplied to help within the course of.
“Ought to corporations be involved about how this may have an effect on their statutory and regulatory monetary obligations, my workplace stands prepared to help these corporations” in making divestments in ways in which gained’t violate rules or hurt shoppers, stated King, who was appointed commissioner in 2019 and faces a major vote in Could.
King’s name got here a couple of days after California Insurance coverage Commissioner Ricardo Lara issued a notice to insurance companies in that state to evaluate their holdings and take steps to divest their property and property in Russia. Legislative leaders joined Lara in calling on insurance coverage corporations to take speedy motion.
Insurance coverage corporations have to date not responded to the commissioners’ requests. A spokesman for Chubb, one of many largest worldwide insurers, stated Friday that firm officers had no remark.
High photograph: A residential constructing in Kyiv, Ukraine, March 18, that was broken by missile strikes. (AP Picture/Rodrigo Abd)
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