New York State
New York, August 5, 1998
SUPT. LEVIN ANNOUNCES Nov. 5 DEADLINE FOR INSURERS TO COMPLY WITH NEW HOLOCAUST VICTIMS INSURANCE LAW
Superintendent of Insurance Neil D. Levin today announced a timetable for insurance companies to comply with the new Holocaust Victims Insurance Law, directing all insurers to file a plan by November 5, 1998 outlining the procedures they have in place for obtaining the necessary information. Companies are required under the new law to investigate and resolve such claims and to provide the Department with specific claims data and other relevant information by January 30, 1999 and annually thereafter for the next 10 years.
"This timetable brings us a step closer in bringing justice to Holocaust victims and their families and an even bigger step toward holding the insurance companies accountable for all overdue claims of survivors and their heirs," said Superintendent Levin, who also serves as the Vice Chair for the National Association of Insurance Commissioners International Holocaust Task Force of the National Association of Insurance Commissioners.
"More importantly, the faster we get this much-needed information, the faster we can start to achieve a measure of justice for people who have been waiting over 50 years."
The new Holocaust Victims Insurance Law, which Governor Pataki signed July 8, 1998, requires all insurance companies licensed in New York State to supply Supt. Levin with essential information. Highlights of the requirements include:
- The approximate number and total value of all unpaid insurance policies that have been issued to Holocaust victims;
- Any attempts that have been made by the insurer over the years to locate beneficiaries of policies issued from 1920 to 1945 that might pertain to a Holocaust victim; and
- The number of claims filed by Holocaust victims and whether or not payment was made on each of those claims.
The Department sent a Circular Letter to all insurers July 23, 1998 explaining the requirements under the new law and setting guidelines for compliance. To further clarify the new law, the Department will issue a regulation later this year providing companies with filing instructions for the reports.