The California Insurance Department rejects an argument by insurance groups that its rules concerning investments with Iran-linked companies are illegal, a representative for the agency said.

Five insurance trade groups last week filed a petition asking for an official review as to whether Insurance Commissioner Steve Poizner created "illegal underground regulations" concerning Iranian investments.

The trade groups involved are the Association of California Insurance Companies, the Personal Insurance Federation of California, the American Insurance Association, the American Council of Life Insurers, and the Association of California Life and Health Insurance Companies.

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