States Back House Holocaust Insurance Act

The National Association of Insurance Commissioners (NAIC) is supporting a measure to provide an ongoing mechanism for dealing with Holocaust insurance claims.

The U.S. House Financial Services Committee has reported out of committee H.R. 1746, the Holocaust Insurance Accountability Act of 2008.

The Holocaust Insurance Accountability Act of 2008 would, require insurance companies to respond to inquiries related to the existence of a policy within 90 days or be subject to a monetary penalty. It would also request that the New York State Holocaust Claims Processing Office monitor company responses and report insurer compliance to Congress; and and create a federal cause of action for any claim arising out of or related to a covered policy against any insurer.

State insurance regulators and the NAIC have been involved in resolving Holocaust era insurance claims, initially through the International Commission on Holocaust Era Insurance Claims (ICHEIC) and, more recently, through a partnership with the New York State Holocaust Claims Processing Office.

Source: NAIC
www.naic.org