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June 26, 2008 at 12:57 PM
Members of the U.S. House Financial Services Committee have passed H.R. 1746, the Holocaust Insurance Accountability Act, by a voice vote.
If enacted, the bill would help claimants get the money they are owed by insurers that sold insurance to individuals who were affected by the Holocaust, backers say.
The bill would require insurers to respond to inquiries concerning the existence of a policy within 90 days.
The bill also would require the New York State Holocaust Claims Processing Office to monitor company responses and report insurer compliance to Congress, and it would create a federal cause of action for any claim arising out of or related to a covered policy against any insurer.
The House Foreign Affairs Committee and the House Oversight Committee are sharing jurisdiction over the bill with the House Financial Services Committee.
The Foreign Affairs Committee already has passed a version of H.R. 1746.
Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee, used an amendment to replace the Foreign Affairs Committee version with a substantially different version.
