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In this April 2007 file photo, a shovel prepares to dump a load of coal into a 320-ton truck at the Black Thunder Mine in Wright, Wyo. (AP Photo/Matthew Brown, File)

(Bloomberg) — California Insurance Commissioner Dave Jones is urging insurers to voluntarily divest from thermal coal, citing the risks of climate change and the danger of losses on assets backing policyholder obligations.

Jones, who oversees the sixth-largest insurance marketplace in the world, is the first U.S. state regulator of the industry to call for the divestment of such assets, the California Department of Insurance said Monday in a statement. The commissioner is also requiring insurers to annually disclose their carbon-based investments, including holdings in oil, gas and coal.

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