New York Codes, Rules and Regulations › Title 9 - EXECUTIVE DEPARTMENT › Subtitle A - Governor's Office › Chapter I - Executive Orders › Part 5 - Executive Orders (George E. Pataki) › Section 5.50 - Executive order no. 50: establishing a governmental commission to investigate the recovery of holocaust victims' assets

Current through Register Vol. 46, No. 28, July 10, 2024
WHEREAS, the Holocaust constituted one of the greatest
					 crimes known to the civilized world;
WHEREAS, substantial questions remain about the fate of
					 assets deposited with Swiss financial institutions by victims of the
					 Holocaust;
WHEREAS, during the Second World War, Swiss financial
					 institutions transferred large amounts of assets to New York State for
					 safekeeping;
WHEREAS, assets transferred to New York State by Swiss
					 financial institutions included property belonging to Holocaust victims and
					 their heirs;
WHEREAS, more than fifty years have passed and still the
					 Swiss financial institutions have not provided a proper accounting of Holocaust
					 victims and their heirs;
WHEREAS, the three largest Swiss financial institutions are
					 licensed and regulated by the New York State Banking Department;
WHEREAS, in the course of an investigation by the New York
					 State Banking Department, the Superintendent of Banks met with top
					 representatives of the Swiss Federal Banking Commission, the major Swiss banks
					 and other government and quasi-government officials;
WHEREAS, as a result of this original investigation by the
					 Superintendent of Banks, the need for a governmental commission is justified to
					 coordinate the efforts of State agencies to assist in a more comprehensive
					 investigation;
WHEREAS, on February 21, 1997, the Swiss Federal Banking
					 Commission signed a letter of cooperation granting the New York State Banking
					 Department access to records and documents relating to accounts belonging to
					 victims of the Holocaust and their heirs;
WHEREAS, letters of cooperation have been exchanged between
					 the New York State Banking Department and the Swiss-based Independent Committee
					 of Eminent Persons, also known as the Volcker Commission;
WHEREAS, substantial questions remain about the fulfillment
					 of payment obligations on the part of insurance companies to victims of the
					 Holocaust and their heirs, under policies in effect prior to and during the
					 Second World War;
WHEREAS, certain insurance companies licensed and regulated
					 by New York State are among those against which such claims have been
					 made;
WHEREAS, New York State is home to thousands of Holocaust
					 survivors, some of whom have made claims against Swiss financial institutions
					 seeking the return of assets belonging to them or their families and others who
					 have made claims against insurance companies seeking compliance with the terms
					 of insurance policies in effect prior to and during the Second World War;
					 and
WHEREAS, New York State has an interest in ensuring that
					 its citizens receive property which is rightfully theirs and that financial
					 institutions and insurance companies which it regulates do not withhold
					 property which they are not entitled to;
NOW, THEREFORE, I, GEORGE E. PATAKI, Governor of the State
					 of New York, by virtue of the authority vested in me by the Constitution and
					 Laws of the State of New York, do hereby order as follows:
I. NEW YORK STATE GOVERNMENTAL COMMISSION ON
				  THE RECOVERY OF HOLOCAUST VICTIMS' ASSETS
There is hereby established the New York State Governmental
					 Commission on the Recovery of Holocaust Victims' Assets for the purpose of
					 conducting a coordinated investigation into assets, deposited with Swiss
					 financial institutions by victims of the Holocaust during the period of 1933 to
					 1945 and which were subsequently transferred to New York State prior to or
					 during the Second World War. The purpose shall also be to coordinate the
					 investigation into the fulfillment of contractual obligations by insurance
					 companies licensed and regulated by New York State which were incurred prior to
					 and during the Second World War.
II. POWERS AND RESPONSIBILITIES OF THE
				  COMMISSION
The New York State Governmental Commission on the Recovery
					 of Holocaust Victim's Assets shall be a multi-agency effort to identify those
					 assets transferred to New York State by Swiss financial institutions during the
					 period of 1933 to 1945 and which constituted the property of victims of the
					 Holocaust. The Commission shall also investigate the fulfillment of contractual
					 obligations to victims of the Holocaust or their heirs by insurance companies
					 licensed and regulated by the State of New York. The Commission shall take all
					 necessary steps to ensure that any assets identified are returned to the
					 rightful owners or their heirs and that all contractual obligations to victims
					 of the Holocaust or their heirs are fulfilled by insurance companies.
III. MEMBERSHIP
The Commission shall consist of the Superintendent of
					 Banks, the Superintendent of Insurance and three members from the New York
					 State Legislature to be designated by the Governor. The Governor shall name a
					 chairperson from the members of the Commission. Every State department, agency,
					 division, board, bureau, commission and other entity over which I have
					 executive power shall provide appropriate assistance and cooperate as necessary
					 to enable the Commission to fulfill its purposes.
Signed: George E. PatakiDated: October 1, 1996
[FN*] [Revoked by Executive Order No. 12 (Andrew M. Cuomo),
					 infra.]