New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 220 - Holocaust Victims Insurance Claims And Reports › Section 220.1 - Purpose

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Chapter 259 of
				the Laws of 1998, entitled the "Holocaust Victims Insurance Act of 1998," added
				article 27 to the New York Insurance Law. The act provides for insurance claims
				assistance to be provided to Holocaust victims (defined in section
				2701[a] of the Insurance
				Law as "any person, claimant, or the estate, heir, legatee, descendent,
				survivor, beneficiary, or other such successor-in-interest of such person") who
				lost their lives or property as a result of discriminatory laws, policies or
				actions during the period between January 1, 1929 and December 31, 1945, in
				areas under Nazi influence. Chapter 259, which was signed into law on July 8,
				1998, became effective immediately. The affected insurance policies include,
				but are not limited to, any form of life, accident and health, annuities,
				property, casualty, education or dowry insurance (as provided in section
				2701[c]).
(b) While the act
				establishes a framework by which New York State can assist in the resolution of
				Holocaust victim claims, it is important to acknowledge the global context of
				this issue, involving, as it does, Holocaust victims and their heirs, insurers
				and regulators in several different countries and jurisdictions. New York State
				has been involved in efforts to address this issue in a comprehensive fashion
				through the creation of an international body that will be empowered to
				evaluate and resolve outstanding claims.
(c) On April 8, 1998, a Memorandum of Intent
				was executed by the Superintendent of Insurance ("superintendent"), other
				insurance regulators in the United States, and representatives of worldwide
				Jewish organizations and insurance companies. The Memorandum of Intent
				contemplates the establishment of an international commission, which will be
				empowered to evaluate and resolve outstanding claims, with its members drawn
				from United States insurance regulators, European insurance companies and
				regulators, and non-governmental Jewish and Holocaust survivor organizations.
				Thereafter, a Memorandum of Understanding was executed which further describes
				the structure and processes that the international commission will use. Chapter
				259 encourages insurers to participate in the actions of the proposed
				international commission to resolve outstanding Holocaust victim claims in an
				expeditious and equitable fashion.
(d) The purpose of this Part is to provide
				for the implementation of the provisions of article 27, and to facilitate,
				monitor and verify compliance with the act by insurers and claimants
				alike.
(e) Section 2703  of the Insurance Law requires insurers
				who are organized, registered, licensed or accredited to do an insurance
				business in New York State to implement certain standards and procedures in the
				handling of Holocaust victim claims, including standards and procedures to be
				specified by regulation. The claims handling directive contained in section
				2703 covers all claims arising from an occurrence during the period between
				January 1, 1929 and December 31, 1945.
(f) Section 2705 (a)  of the Insurance
				Law requires such insurers or their holding companies to report to the
				superintendent their plan for complying with the provisions of article 27. The
				report of this plan, required by section 2705(a), is the first of a series of
				reports required by article 27. Under section 2705(b), insurers are also
				obligated to file an annual report on January 30, 1999 and for each of the
				following 10 years providing the information specified in that subsection.
				Reports under section 2705(b) apply to policies issued during the period
				between January 1, 1920 and December 31, 1945. Reports also extend to the files
				of all companies who are members of the same holding company system, even if
				those members do not conduct business in New York State.