New York State
Insurance Department


ISSUED: 9/23/99

FOR IMMEDIATE RELEASE

 
MEDIA ADVISORY:
LEVIN REPORTS THAT TWO INSURERS ARE OFFERING PAYMENTS TO HOLOCAUST SURVIVORS AND THEIR HEIRS
Payments are the First Offers on the Fast Track Process

      Superintendent of Insurance Neil D. Levin today reported that two insurance companies have announced that they are offering to pay insurance claims as part of the fast track process to Holocaust survivors and their heirs. The announcement was made at the International Holocaust Commission meeting in London and marks the first payment offers of fast track claims under the Commission’s new valuation formula.

        "I am pleased to report that for the first time in 50 years, there is a historic cooperative effort to pay claims," said Levin, one of three state insurance regulators on the Commission and Co-Chair of the Claims Resolution Working Group. "These offers are being made thanks to Chairman Eagleburger’s leadership of the Commission and his decisions on the valuation formulas. The first offers will also pave the way for all payments once the claims resolution process officially begins."

        Generali announced that they are making offers on 70 policies and are evaluating the remaining claims that are part of the fast track process. Axa announced that they are making offers on two policies. The fast track process is being used for claims that have been proven to be valid. In addition, all of the payments will be made according to Chairman Eagleburger’s valuation formula, which will allow survivors to obtain "real value" on their policies.

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