09/24/2021

State AG, others blast California insurance regulator’s call to divest from coal

Oklahoma Attorney General Mike Hunter and fellow Republican attorneys general in 11 other states want to stop an effort by a California regulator to get insurance companies operating in that state to divest from coal and disclose their fossil fuel investments.

Hunter and the attorneys general — as well as one governor — sent a letterMonday to California Insurance Commissioner Dave Jones accusing him of trying to “publicly shame those who invest in American energy.” The letter threatens legal action if Jones doesn’t revise his policies.

“If you continue to call for divestment and require discriminatory disclosures of fossil fuel investments, we will be forced to consider the legal avenues of relief available to protect our insurance carriers, energy producers and consumers,” the letter said.

Jones unveiled his Climate Risk Carbon Initiative in January 2016. The commissioner wants insurance companies operating in California to voluntarily divest from coal investments. Companies writing more than $100 million in premiums in the state are required to disclose their investments in fossil fuels.

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