and the German Foundation and German Insurance Association had spent more than a year working out a reimbursement proposal for victims and victims' families.
The National Association of Insurance Commissioners, along with the AJC, ADL and other groups all signed off on the agreement, and by most standards ICHEIC
was a success.
With this payment, the ICHEIC
has paid out $82 million altogether of the $500 million allocated for compensation.
After enacting HVIRA, California issued administrative subpoenas to several subsidiaries of European insurance companies who were taking part in the ICHEIC
* More than 19,000 claims have been rejected as being outside the scope of ICHEIC
's geographic mandate, leaving many claimants unaware of the status of their claims; and
The names, obtained through ICHEIC
's independent research, originate in Austria, Belgium, Czechoslovakia, France, Hungary, Italy, the Netherlands, Poland, Spain.
The NAIC unanimously adopted a resolution in September to consider revoking ICHEIC
's member companies' safe harbor protections.
The basic intention is to give a present day value to dormant Holocaust era insurance policies, according to the ICHEIC
Despite the fact that e two-year period for filing insurance claims with International Commission on Holocaust Era Insurance Claims is due to end February 15, 2002, the foundation has yet to agree with the ICHEIC
on basic claim handling standards, including publication of policyholder lists, transparent audits of company records and procedures, and the establishment of an accountable appeals process for denied claims.
Observers noted, however, that ICHEIC
's failure to include attorney representatives in the process harmed the claimants purportedly served by the settlement.
Under the relaxed standards applied by the International Commission on Holocaust Era Insurance Claims (ICHEIC
), individuals were able to file claims without documentation.
In this type of case, that policy specifically approves the resolution of such claims only by ICHEIC
. This is an international claims resolution organization set up by private European insurance companies.