H.R.1905 - Comprehensive Holocaust Accountability in Insurance Measure108th Congress (2003-2004)
|Sponsor:||Rep. Foley, Mark [R-FL-16] (Introduced 05/01/2003)|
|Committees:||House - Financial Services|
|Latest Action:||05/12/2003 Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises. (All Actions)|
This bill has the status Introduced
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Subject — Policy Area:
- Finance and Financial Sector
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Summary: H.R.1905 — 108th Congress (2003-2004)All Bill Information (Except Text)
Introduced in House (05/01/2003)
Comprehensive Holocaust Accountability in Insurance Act - Authorizes the States to establish information requirements on insurers as a condition of doing insurance business in the host State.
Permits a State to require that an insurer provide specified information regarding Holocaust era insurance policies, including policies sold or held.
Permits a State to require that an insurer certify that: (1) proceeds of the policy were paid; (2) the beneficiaries of the policy or heirs could not, after diligent search, be located, and the proceeds were distributed to Holocaust survivors or charities; (3) a court of law has certified a plan for the distribution of the proceeds; or (4) the proceeds have not been distributed.
Establishes a Federal cause of action for any covered claim brought under this Act against one of several specified foreign insurance companies that arises out of the insurance coverage involved in an original request for payment made by a listed Holocaust victim or the heirs of beneficiaries of such victim.
Requires an action brought under this Act to be filed not later than ten years after its enactment.
Lists covered foreign insurance companies.