NU Online News Service, June 5, 5:09 p.m. – Regulators are making progress with efforts to ensure that insurers pay claims on policies issued to victims of the Holocaust, according to Nat Shapo, secretary-treasurer of the National Association of Insurance Commissioners, Kansas City, Mo.
Although negotiators are still working out the issue of who will be responsible for the administrative costs, Shapo expressed optimism about the “good faith efforts” that are now taking place.
Insurers participating in the International Commission on Holocaust-Era Insurance Claims process have previously said that they want a German foundation to reimburse them for administrative costs. The insurers set up the foundation to handle insurance-related claims and other claims.
Regulators, including Shapo and others, say the foundation should provide funds for the heirs and beneficiaries of the victims, not the insurers.
The insurers have agreed to abide by any negotiated results, Shapo says.
Shapo adds that he believes ICHEIC could do a better job of paying claims if it were run more efficiently.