AJCommittee Welcomes Decision Of European Insurance Companies To Settle Holocaust-Era Claims

American Jewish Committee
Tuesday, 26 August 1997

The American Jewish Committee welcomes the decision of several European insurance companies to set up an international commission to resolve Holocaust-era claims, believed to be worth hundreds of millions of dollars. We are mindful of the unnecessary anguish caused by the procrastination of Swiss banks in reaching a settlement with Holocaust survivors. In contrast, the agreement of these insurance companies -- outlined in a memorandum of understanding reached with representatives of the National Association of Insurance Commissioners and the World Jewish Congress -- should pave the way for a cooperative resolution of this difficult and painful chapter.

As important as this decision is, however, it marks the beginning and not the conclusion of a process that is complex and fraught with difficulties. In the end, a "rough justice" fund to compensate for looted but unidentified assets may be necessary. But, a full and open investigation of available insurance records must be undertaken speedily to identify wherever possible the holders of Holocaust-era policies and to provide opportunities for individual claimants and heirs to come forward. The international commission will also need to determine how to calculate the present day-value of these policies and how to distribute the assets of heirless policies.

Attorneys for class-action suits against the insurance companies have not yet signaled their support for yesterday's agreement, and they need to be persuaded that this process will also work to the benefit of their clients. While Holocaust survivors are surely fighting against time and would benefit from a quick settlement, other claimants are, in fact, the children and grandchildren of the original policy-holders and are willing to wait for a comprehensive examination by the commission before agreeing to an overall settlement.

These very real difficulties notwithstanding, yesterday's agreement gives us reason to be hopeful that a fair and equitable resolution will be reached and that another measure of closure to yet another injustice will be achieved.

For more information, or to contact American Jewish Committee, see their website at: www.ajc.org