I
105TH CONGRESS
2D SESSION
H. R. 3143
To prohibit foreign insurance companies from doing business in the United
States unless they disclose any financial dealings they had with individ-
uals who survived or died in the Holocaust, to prohibit an insured
depository institution from transacting any business with or on behalf
of any such foreign insurance company, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
FEBRUARY 3, 1998
Mr. FOLEY (for himself, Mr. YATES, Mr. WEXLER, Mr. SHERMAN, Mrs.
KELLY, Mr. FILNER, Mr. LAZIO of New York, Mr. FROST, Ms. FURSE,
and Mr. HORN) introduced the following bill; which was referred to the
Committee on Commerce, and in addition to the Committee on Banking
and Financial Services, for a period to be subsequently determined by the
Speaker, in each case for consideration of such provisions as fall within
the jurisdiction of the committee concerned
A BILL
To prohibit foreign insurance companies from doing business
in the United States unless they disclose any financial
dealings they had with individuals who survived or died
in the Holocaust, to prohibit an insured depository insti-
tution from transacting any business with or on behalf
of any such foreign insurance company, and for other
purposes.
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ‘‘Comprehensive Holo-
caust Accountability in Insurance Measure’’.
TITLE I—PROVISIONS APPLICA-
BLE WITH RESPECT TO CER-
TAIN 
FOREIGN 
INSURANCE
COMPANIES
SEC. 101. PROHIBITION.
(a) IN GENERAL.—Any foreign insurance company
listed in subsection (b) may not conduct any form of busi-
ness in the United States, including participating, directly
or indirectly, in any aspect of the payment system within
the jurisdiction of the United States (including any clear-
ing or electronic fund transfer system) or conducting any
business with a United States bank, unless the company
discloses to the Attorney General, in accordance with sub-
section (c), the name of any individual with which the
company had any financial dealing and which is on the
list of Jewish Holocaust Survivors maintained by the
United States Holocaust Memorial Museum in Washing-
ton, D.C., or the list of individuals who died in the Holo-
caust maintained by the Yad Veshem of Jerusalem in its
Hall of Names.
(b) INSURANCE COMPANIES.—The foreign insurance
companies referred to in subsection (a) are as follows:
(1) Assicurazioni Generali S.p.A.
(2) Union Des Assurances de Paris.
(3) Victoria Lebenversicherungs AG.
(4) Winterthur Lebensversicherungs Gesell-
schaft.
(5) Allianz Lebensversicherungs AG.
(6) Wiener Allianz Versicherungs AG.
(7) Riunione Adriatica di Sicurta.
(8) Vereinte Lebensversicherungs AG.
(9) Basler Lebens-Versicherungs Gesellschaft.
(10) Deutscher Ring Lebensversicherungs AG.
(11) Nordstern Lebensversicherungs AG.
(12) Gerling Konzern Lebensversicherungs AG.
(13) Manheimer Lebensversicherung AG.
(14) Der Anker.
(15) Allgemeine Versicherungs AG.
(16) Zuerich Lebensversicherungs Gesellschaft.
(17) Any other foreign insurance company
which was in a position to have financial dealings
with any individual who was subject to the Holo-
caust.
(c) ATTORNEY GENERAL.—The Attorney General
shall designate an office in the Department of Justice to
which disclosures shall be made in accordance with sub-
section (a). Such office shall take such action as may be
appropriate to make the disclosures available to the public.
TITLE II—PROVISIONS APPLICA-
BLE 
TO 
UNITED 
STATES
BANKING INSTITUTIONS
SEC. 201. LIMITATION ON INSURED DEPOSITORY INSTITU-
TIONS.
(a) IN GENERAL.—Section 18 of the Federal Deposit
Insurance Act (12 U.S.C. 1828) is amended by adding at
the end the following new subsection:
‘‘(t) PROHIBITION ON TRANSACTIONS WITH CER-
TAIN INSURANCE COMPANIES OR THEIR AFFILIATES.—
‘‘(1) IN GENERAL.—No insured depository in-
stitution may accept any deposit from, maintain any
deposit on behalf of, offer or provide payment serv-
ices to or on behalf of, participate directly or indi-
rectly in any aspect of the payment system (includ-
ing any clearing or electronic fund transfer system)
for or on behalf of, hold any credit balance for,
make any loan or other extension of credit to or for
the benefit of, or engage in any other financial activ-
ity or transaction with or on behalf of any foreign
insurance company listed in section 101(b) (includ-
ing any company the Attorney General determines is
described in paragraph (17) of such section) or any
affiliate of such company during the period begin-
ning 15 days after the enactment of the Comprehen-
sive Holocaust Accountability in Insurance Measure
and ending on the date on which the Attorney Gen-
eral provides notice through publication in the Fed-
eral Register that such company has complied with
the disclosure requirements contained in section
101(a) of such Act.
‘‘(2) LIMITED EXCEPTION FOR AFFILIATES.—
‘‘(A) IN GENERAL.—If an insured deposi-
tory institution is itself an affiliate of a foreign
insurance company described in paragraph (1),
paragraph (1) shall not apply so as to pro-
hibit—
‘‘(i) the payment of dividends on any
shares of stock in such insured depository
institution which are held by the foreign
insurance company or any affiliate of such
company; or
‘‘(ii) the investment of additional cap-
ital in such insured depository institution
by the foreign insurance company or affili-
ate.
‘‘(B) REGULATIONS.—Any payment or in-
vestment described in subparagraph (A) shall
be subject to, and shall be made in accordance
with, such regulations, including any limitation,
as the Attorney General or the appropriate
Federal banking agency may prescribe.’’.
SEC. 202. LIMITATION ON UNINSURED BRANCHES, AGEN-
CIES, AND COMMERCIAL LENDING COMPANY
AFFILIATES OF FOREIGN BANKS.
Section 7 of the International Banking Act of 1978
(12 U.S.C. 3105) is amended by adding at the end the
following new subsection:
‘‘(t) PROHIBITION ON TRANSACTIONS WITH CER-
TAIN INSURANCE COMPANIES OR THEIR AFFILIATES.—
‘‘(1) IN GENERAL.—No branch, agency, or com-
mercial lending company which is controlled by a
foreign bank may accept any deposit from, maintain
any deposit on behalf of, offer or provide payment
services to, participate directly or indirectly in any
aspect of the payment system (including any clear-
ing or electronic fund transfer system) for or on be-
half of, hold any credit balance for, make any loan
or other extension of credit to or for the benefit of,
or engage in any other financial activity or trans-
action with or on behalf of any foreign insurance
company listed in section 101(b) (including any com-
pany the Attorney General determines is described
in paragraph (17) of such section) or any affiliate of
such company during the period beginning 15 days
after the enactment of the Comprehensive Holocaust
Accountability in Insurance Measure and ending on
the date on which the Attorney General provides no-
tice through publication in the Federal Register that
such company has complied with the disclosure re-
quirements contained in section 101(a) of such Act.
‘‘(2) LIMITED EXCEPTION FOR AFFILIATES.—
‘‘(A) IN GENERAL.—If a branch, agency,
or commercial lending company which is con-
trolled by a foreign bank is itself an affiliate of
a foreign insurance company described in para-
graph (1), paragraph (1) shall not apply so as
to prohibit—
‘‘(i) the payment of dividends on any
shares of stock or a similar investment in
such branch, agency, or company which
are held by the foreign insurance company
or any affiliate of such company; or
‘‘(ii) the investment of additional cap-
ital in branch, agency, or company by the
foreign insurance company or affiliate.
‘‘(B) REGULATIONS.—Any payment or in-
vestment described in subparagraph (A) shall
be subject to, and shall be made in accordance
with, such regulations, including any limitation,
as the Attorney General, the Board, the Comp-
troller of the Currency, or the Federal Deposit
Insurance Corporation may prescribe.’’.
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