Assembly Speaker Sheldon Silver announced today the introduction of a bill to build on the Iran Divestment Act of 2012 at a Capitol news conference. Silver said the legislation prohibits New York insurance carriers from investing in companies that do business with Iran, a nation that sponsors terrorism around the world.

Joining me are a number of Assembly Majority leaders whose strong opposition to Iran's tyrannical regime, helped to make possible the Iran Divestment Act of 2012, including Majority Leader Joe Morelle and Assemblyman Chuck Lavine, who is President of the New York Chapter of the National Association of Jewish Legislators.

The Iran Divestment Act requires the Office of General Services to maintain a public list of individuals and companies engaged in investment activities in Iran, which are targeted by federal law. May I say that the Office of General Services under the leadership of Commissioner Destito and her OGS team have done a thorough and responsible job of preparing that list of companies.

To refresh your memories, individuals or companies are deemed to be engaged in such investment activities if they provide goods or services - or credit used for goods or services - of $20 million or more in the Iranian energy sector.

Today, I have introduced legislation - Assembly Bill A.6855 - that would build on this precedent. My bill would prohibit domestic insurers from including as an "admitted asset" their investments in any company on the OGS list.

Admitted assets are included among the reserves that insurance companies use in order to be able to write a certain amount of policies.

While I hope this legislation further encourages divestment in Iran, it would protect New York policyholders by making certain that the investments of our domestic insurers are financially sound.

Investments in a nation as volatile as Iran, a nation that is developing nuclear weapons it has threatened to use against Israel and the West;

A nation that brutally oppresses its own people;

A nation that sponsors terrorism worldwide;

Should never be considered a sound investment.