Bill Seeks to Require Insurers to Disclose Fossil Fuel Investments
On January 25th, Assemblymember Marc Levine (D-Marin County) announced that he will introduce AB 1694 to require, by January 1,2024 and annually thereafter, insurance companies operating in California to disclose investments in fossil fuel-related entities and the fossil fuel-related companies and projects it underwrites or otherwise insures. The bill would further require the Department of Insurance to publish that information on its internet website on or before April 1, 2024, and on or before each April 1st thereafter.
“We can be aggressive in the face of the climate crisis if we show courage,” Assemblymember Marc Levine said in a press release. “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 bill could be heard this Spring. Stay tuned…