44 cosponsors
Originally titled the “Holocaust Insurance Accountability Act of 2007” (see H.R. 1746 on 3/28/07 for details on the original version of the bill), this act was amended by the House Committee on Financial Services as detailed in its report (110-820). Requires insurers, after receiving a written inquiry from a potential beneficiary of a Holocaust-era policy, to provide any information relating to the policy and to disclose whether or not the person inquiring qualifies for unpaid funds. This same information must also be provided to the New York Holocaust Claims Processing Office (HCPO) which monitors insurers’ compliance with the act and reports any noncompliance to the Secretary of the Treasury, who will impose fines of $5,000 per day and/or attach liens on U.S. subsidiaries of foreign insurance companies until they comply. Any outstanding insurance claims will be eligible for litigation in U.S. courts for ten years after the bill’s enactment.
On 10/3/08 House Committee on Judiciary granted an extension for further consideration ending not later than 1/3/09.