AUSTIN – On June 20, Attorney General Ken Paxton joined 12 states in calling on California Insurance Commissioner David Jones to cease and desist from requiring insurance companies to publicly disclose investments in fossil fuels and urging companies to sign a “pledge” to divest from the coal industry.
Commissioner Jones is also requiring insurance companies to disclose investments in oil, gas and coal. The financial disclosures and decisions on whether to sign the “pledge” are then made public on the California Insurance Department’s website.
“The threats made by the California Insurance Commissioner will hurt families, businesses and insurance carriers across the nation,” Paxton said.
“These requirements are misguided, unrelated to insurance regulation, and are clearly politically driven. We will not stand by while negligent, politically motivated requirements harm the livelihood of thousands of U.S. citizens.”
Along with Paxton, the attorneys general of Alabama, Arkansas, Indiana, Louisiana, Missouri, Montana, North Dakota, Oklahoma, Utah, West Virginia, and Wyoming and the governor of Kentucky, signed the letter.