H.R.3121 - Holocaust Victims Insurance Act105th Congress (1997-1998)
|Sponsor:||Rep. Engel, Eliot L. [D-NY-17] (Introduced 01/28/1998)|
|Committees:||House - Commerce|
|Latest Action:||02/11/1998 Referred to the Subcommittee on Finance and Hazardous Materials. (All Actions)|
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- Finance and Financial Sector
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Summary: H.R.3121 — 105th Congress (1997-1998)All Bill Information (Except Text)
Introduced in House (01/28/1998)
Holocaust Victims Insurance Act - Requires any person engaged in the insurance business in the United States directly or through a related company during the period 1920 to 1945 to report to the Secretary of Commerce within 90 days of the enactment of this Act on the current status of the insurance policies issued during such period. Imposes a civil penalty upon any person who does not file a report. Directs the Secretary to immediately upon receipt transmit such reports to the House and Senate Committees on Commerce.
Requires a person engaged in the insurance business that determines that it issued insurance policies to individuals who were Holocaust victims to pay to the beneficiaries or descendants of the victims the proceeds of such policies. Encourages strongly any such person who does not have records of the individuals to whom it issued life insurance policies during the period 1920 to 1945 to establish a substantial monetary fund to compensate Holocaust victims. Requires the Secretary to report to the House and Senate Committees on Commerce on the number of individuals who were Holocaust victims who held life insurance policies during the period 1920 to 1945.
Directs the U.S. Holocaust Memorial Museum to develop a registry of those who died in the Holocaust which shall be made available to the public, including insurance companies preparing a report under this Act. Authorizes appropriations.
Prohibits any action brought by a Holocaust victim or heir or beneficiary of a Holocaust victim seeking proceeds of such policies issued or in effect between 1920 and 1945 from being dismissed for failure to comply with the applicable statute of limitations or laches provided the action is commenced on or before December 31, 2010.