Georgia Insurance Commissioner Urges Insurers to Divest Their Russian Assets

The Georgia insurance commissioner has joined his California counterpart in calling on insurers to divest their Russian business interests in the midst of the bloody Russian invasion of Ukraine.

“The fact that the premiums paid by citizens and entities in Georgia to insurers could be used as capital support by the Russian regime is shameful,” Georgia Commissioner John King wrote in an editorial in Now Habersham, a news outlet in the state. “Therefore, insurance companies who do business in Georgia should begin the process of eliminating any financial support, via investments or business operations, for the Russian regime.”

He called on insurers to review their financial holdings in the former Soviet country and divest assets, and even offered to assist in the process.

“Should companies be concerned about how this will affect their statutory and regulatory financial obligations, my office stands ready to assist those companies” in making divestments in ways that won’t violate regulations or harm consumers, said King, who was appointed commissioner in 2019 and faces a primary vote in May.

King’s call came a few days after California Insurance Commissioner Ricardo Lara issued a notice to insurance companies in that state to review their holdings and take steps to divest their assets and property in Russia. Legislative leaders joined Lara in calling on insurance companies to take immediate action.

Insurance companies have so far not responded to the commissioners’ requests. A spokesman for Chubb, one of the largest international insurers, said Friday that company officials had no comment.

Top photo: A residential building in Kyiv, Ukraine, March 18, that was damaged by missile strikes. (AP Photo/Rodrigo Abd)

Topics Carriers Georgia Russia