Holocaust Insurance Pact Negotiated

NU Online News Service, Sept. 19, 4:58 p.m. – After months of negotiation, an agreement has been reached that will provide a minimum of U.S$275 million for insurance claims against German insurance companies and for humanitarian purposes arising from deaths during World War II.

A total of $100 million will be released for valid insurance claims and $175 million will be released for humanitarian purposes.

The agreement follows negotiations among the International Commission on Holocaust Era Insurance Claims, the German Foundation, Jewish groups, insurance companies and a group of insurance regulators led by Illinois Insurance Director Nat Shapo.

“This agreement allows us to be true to the survivors and fully effectuate commitments made to them. It memorializes that commitment,” says Shapo, who is secretary-treasurer of the National Association of Insurance Commissioners, Kansas City, Mo.

Other state insurance departments that worked on the agreement include California, Florida, New York and Pennsylvania.

The agreement, which is expected to be signed and become effective in the next few weeks, reflects agreement on two points that had been contentious.