New York State
Insurance Department


New York, September 10, 1998

GENERALI JOINS THE HISTORIC INTERNATIONAL COMMISSION
Sixth Insurer Agrees To Resolve Outstanding Claims of Holocaust Victims

Superintendent Neil D. Levin today announced that Generali has joined the five other major European insurers, state insurance regulators and the World Jewish Restitution Organization in signing the Memorandum of Understanding (MOU).

The MOU, which has already been signed by Zurich, Allianz, Axa, Basler Leben, and Winterthur, established the historic International Commission that is charged with expeditiously resolving all unpaid claims. Superintendent Levin will serve on the new Commission.

Superintendent Levin and National Association of Insurance Commissioners (NAIC) President Glenn Pomeroy received a letter from Generali, Italy’s largest insurer, yesterday informing them that the MOU had been signed.

"I am pleased that Generali has agreed to fully cooperate with our efforts and has officially joined our International Commission and has committed to participate in our process," said Superintendent Levin. "Every day brings us further along on the path to justice for Holocaust survivors and their heirs, which means we are getting closer to seeing moral and material restitution."

Last week, as Vice Chair of the NAIC’s International Holocaust Commission Task Force, Superintendent Levin participated in a U.S. State Department Conference in Prague in an effort to encourage the Eastern European governments and companies to join the International Commission.

The MOU is the culmination of negotiations among the NAIC’s International Holocaust Commission task force, the World Jewish Restitution Organization, and the European insurance companies. It is also the result of the April 8 Memorandum of Intent (MOI), which established the framework for the recovery of insurance assets by an independent International Commission. The April 8 MOI was signed at the offices of Superintendent Levin by Allianz, Axa, Generali, and Zurich.

As outlined in the MOU, the International Commission will be comprised of 12 representatives and an appointed chairperson. Commissioner Pomeroy recently named Superintendent Levin, California Commissioner Chuck Quackenbush, and Florida Commissioner Bill Nelson to serve on the new Commission. Pomeroy also announced that he has named Pennsylvania Insurance Commissioner Diane Koken as one alternate on the commission -- position for the NAIC President or his designee, reserving the other alternate Missouri Insurance Director Jay Angoff.

Once the remaining members have been named, the Commission will work to resolve all claims issues within two years.

By signing the MOU, Generali has joined the other insurers by agreeing to do the following:

 


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