N.Y. Comp. Codes R. & Regs. tit. 9 § 5.50
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:
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.
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.
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.]
N.Y. Comp. Codes R. & Regs. Tit. 9 § 5.50