N.Y. Comp. Codes R. & Regs. tit. 11 § 220.1
Current through Register Vol. 46, No. 50, December 11, 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.N.Y. Comp. Codes R. & Regs. Tit. 11 § 220.1