California Assemblyman Marc Levine (D-Marin County) on Tuesday introduced a bill to require insurance companies operating in California to disclose investments in fossil fuel-related entities as well as the fossil fuel-related companies and projects being underwritten.
Assembly Bill 1694 expands upon the disclosures requested by former Insurance Commissioner Dave Jones in 2016 to cover all underwriting of, and investment in, fossil fuel-related projects by all of the 1,500 insurance companies that do business in California.
“We can be aggressive in the face of the climate crisis if we show courage,” Levine said in a statement. “Insurance companies want to raise rates due to climate risk, yet are investing and underwriting the fossil fuel industry – the very industry that exacerbates climate change. If we are serious about fighting the climate crisis, we need transparency from the insurance industry created by AB 1694.”
The American Property Casualty Insurers Association has been reached out to for comment.
AB 1694 is set to be considered by the State Assembly this Spring.
Related:
- Report Urges Urgent Action from Financial Regulators to Address Climate Change
- California Insurance Commissioner Rejects Petition to Require Fossil Fuel Underwriting Disclosure
- Climate Activists Petition for Carriers in California to Reveal Fossil Fuel Insureds
Topics California Carriers Energy Oil Gas
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