NAIC Supports Holocaust Insurance Act

The National Association of Insurance Commissioners (NAIC) commends the U.S. House Financial Services Committee for reporting out of committee H.R. 1746, the Holocaust Insurance Accountability Act of 2008.

In particular, the NAIC thanks Committee Chairman Barney Frank (D-Mass.) and Ranking Member Spencer Bachus (R-Ala.) for their leadership in shepherding this legislation through the committee. The legislation is a measured approach to providing an ongoing mechanism to address policyholder concerns and recognizes the states' primary authority for regulating insurance.

The Holocaust Insurance Accountability Act of 2008 would, among other things: (1) require companies to respond to inquiries related to the existence of a policy within 90 days or be subject to a monetary penalty; (2) request that the New York State Holocaust Claims Processing Office monitor company responses and report insurer compliance to Congress; and (3) create a federal cause of action for any claim arising out of or related to a covered policy against any insurer.

The legislation recognizes the important role and efforts of state insurance regulators and the NAIC in resolving Holocaust era insurance claims, initially through the International Commission on Holocaust Era Insurance Claims (ICHEIC) and, more recently, through an ongoing partnership with the New York State Holocaust Claims Processing Office.

Click HERE to view the legacy document, “Finding Claimants and Paying Them: The Creation and Workings of the International Commission on Holocaust Era Insurance Claims.”