Instructs the Attorney General to: (1) designate an office in the Department of Justice to manage such disclosures; (2) obtain from both the International Commission on Holocaust Era Insurance Claims and from such foreign insurance companies information regarding any outstanding requests that is necessary to implement this Act; (3) notify victims of the requirements of this Act; (4) submit requests on behalf of beneficiaries; and (5) grant beneficiaries the option of waiving their rights to such request.
Authorizes the Attorney General to prohibit a non-complying insurance company from conducting business in the United States (including participation in any aspect of the payment system within the jurisdiction of the United States or conducting business with a U.S. bank).
Provides for civil actions to enforce this Act.
Amends the Federal Deposit Insurance Act to prohibit domestic insured depository institutions from engaging in business transactions with such non-complying insurance companies.
Amends the International Banking Act of 1978 to prohibit uninsured branches, agencies, and commercial lending company affiliates of foreign banks from engaging in transactions with such non-complying insurance companies or their affiliates.
[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3408 Introduced in House (IH)]
107th CONGRESS
1st Session
H. R. 3408
To require foreign insurance companies doing business in the United
States to disclose any financial dealings they had with individuals who
survived or died in the Holocaust, to provide for the Attorney General
of the United States to submit requests to such companies regarding
claims on behalf of such individuals, and to prohibit insured
depository institutions from transacting any business with or on behalf
of any such foreign insurance companies that fail to comply with such
disclosure requirements or fail to adequately respond to such requests,
and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
December 5, 2001
Mr. Foley introduced the following bill; which was referred to the
Committee on Financial Services
_______________________________________________________________________
A BILL
To require foreign insurance companies doing business in the United
States to disclose any financial dealings they had with individuals who
survived or died in the Holocaust, to provide for the Attorney General
of the United States to submit requests to such companies regarding
claims on behalf of such individuals, and to prohibit insured
depository institutions from transacting any business with or on behalf
of any such foreign insurance companies that fail to comply with such
disclosure requirements or fail to adequately respond to such requests,
and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Comprehensive Holocaust
Accountability in Insurance Measure''.
TITLE I--PROVISIONS APPLICABLE WITH RESPECT TO CERTAIN FOREIGN
INSURANCE COMPANIES
SEC. 101. PROHIBITION RELATING TO FAILURE TO DISCLOSE FINANCIAL
TRANSACTION INFORMATION.
(a) In General.--Any covered foreign insurance company (as such
term is defined in section 104), or any subsidiary thereof, may not
conduct any form of business in the United States, including
participating, directly or indirectly, in any aspect of the payment
system within the jurisdiction of the United States (including any
clearing or electronic fund transfer system) or conducting any business
with a United States bank, unless the company discloses to the Attorney
General, in accordance with subsection (b), the name of any listed
Holocaust victim (as such term is defined in section 104) with whom the
company had any financial dealing.
(b) Management of Disclosures by Department of Justice.--The
Attorney General shall designate an office in the Department of Justice
to which disclosures shall be made in accordance with subsection (a).
Such office shall take such action as may be appropriate to make the
disclosures available to the public.
SEC. 102. SUBMISSION OF REQUESTS TO COVERED FOREIGN INSURANCE COMPANIES
BY ATTORNEY GENERAL.
(a) Obtaining Information Regarding Requests.--The Attorney General
shall take any action necessary to obtain, from the International
Commission on Holocaust Era Insurance Claims and covered foreign
insurance companies, information regarding any outstanding requests (as
such term is defined in section 104) that is necessary to carry out
this section.
(b) Notification of Victims.--The Attorney General shall notify, in
writing, each listed Holocaust victim, or the heirs or beneficiaries of
such victim, of--
(1) the requirement under subsection (a) to obtain
information;
(2) the requirement under subsection (c) to submit
requests; and
(3) the opportunity of such victim, or heirs or
beneficiaries, under subsection (d) to request that the
Attorney General not submit the request regarding such listed
Holocaust victim.
(c) Submission of Requests on Behalf of Beneficiaries.--Subject to
subsection (d), as soon as practicable after receipt of information
pursuant to subsection (a) regarding an outstanding request but not
later than 60 days after such receipt, the Attorney General shall
submit the request, on behalf of the maker of such outstanding request,
to the covered foreign insurance company involved.
(d) Opt-Out.--If, before the submission of an outstanding request
pursuant to subsection (d), the Attorney General receives a written
request from a listed Holocaust victim, or the heirs or beneficiaries
of such victim, not to submit the outstanding request, the Attorney
General shall not submit such request and shall notify the victim, or
the heirs or beneficiaries, that the outstanding request was not
submitted.
(e) Prohibition Relating To Failure To Comply With Request.--If any
covered foreign insurance company does not respond in a satisfactory
manner to a request submitted to such company pursuant to subsection
(b) before the expiration of the 60-day period beginning upon receipt
of such request by such company, the Attorney General may issue an
order prohibiting such covered foreign insurance company, and any
subsidiary thereof, from conducting any form of business in the United
States, including participating, directly or indirectly, in any aspect
of the payment system within the jurisdiction of the United States
(including any clearing or electronic fund transfer system) or
conducting any business with a United States bank. The Attorney General
shall vacate such order upon a satisfactory response by the company to
such request.
(f) Management of Outstanding Requests by Department of Justice.--
The Attorney General shall designate the same office designated under
section 101(b) as the office in the Department of Justice responsible
for collecting the information obtained pursuant to subsection (a) of
this section and submitting requests pursuant to subsection (b) of this
section.
SEC. 103. AVAILABILITY OF CIVIL ACTIONS.
(a) Federal Cause of Action.--
(1) In general.--There shall exist a Federal cause of
action for any covered claim.
(2) Statute of limitations.--Any action brought under
paragraph (1) shall be filed not later than 20 years after the
date on which the denial of the original request was made.
(b) Subject Matter Jurisdiction.--The district courts shall have
original jurisdiction of any civil action on a covered claim (whether
brought under subsection (a) or otherwise).
(c) Personal Jurisdiction.--Notwithstanding any provision of Rule 4
of the Federal Rules of Civil Procedure to the contrary, in a civil
action on a covered claim (whether brought under subsection (a) or
otherwise) commenced in a district where the defendant is not a
resident--
(1) the court may exercise jurisdiction over such defendant
on any basis not inconsistent with the Constitution of the
United States; and
(2) service of process, summons, and subpoena may be made
on such defendant in any manner not inconsistent with the
Constitution of the United States.
(d) Definitions.--For purposes of this section:
(1) The term ``covered claim'' means a claim against a
covered foreign insurance company that arises out of the
insurance coverage involved in an original request.
(2) The term ``original request'' means a request that--
(A) seeks payment of any claim on insurance
coverage that--
(i) was provided by a covered foreign
insurance company;
(ii) had as the policyholder, insured, or
beneficiary a listed Holocaust victim; and
(iii) was in effect during any portion of
the 13-year period beginning with 1933 and
ending with 1945; and
(B) was made by a listed Holocaust victim, or the
heirs or beneficiaries of such victim, to the covered
foreign insurance company or the International
Commission on Holocaust Era Insurance Claims.
SEC. 104. DEFINITIONS.
For purposes of this title, the following definitions shall apply:
(1) Covered foreign insurance company.--The term ``covered
foreign insurance company'' means the following companies:
(A) Assicurazioni Generali S.p.A.
(B) Union Des Assurances de Paris.
(C) Victoria Lebenversicherungs AG.
(D) Winterthur Lebensversicherungs Gesellschaft.
(E) Allianz Lebensversicherungs AG.
(F) Wiener Allianz Versicherungs AG.
(G) Riunione Adriatica di Sicurta.
(H) Vereinte Lebensversicherungs AG.
(I) Basler Lebens-Versicherungs Gesellschaft.
(J) Deutscher Ring Lebensversicherungs AG.
(K) Nordstern Lebensversicherungs AG.
(L) Gerling Konzern Lebensversicherungs AG.
(M) Manheimer Lebensversicherung AG.
(N) Der Anker.
(O) Allgemeine Versicherungs AG.
(P) Zuerich Lebensversicherungs Gesellschaft.
(Q) Any other foreign insurance company that the
Attorney General determines was in a position to have
financial dealings with any individual who was subject
to the Holocaust.
(2) Listed holocaust victims.--The term ``listed Holocaust
victim'' means an individual whose name which is on either of
the following lists:
(A) List of survivors.--The list of Jewish
Holocaust Survivors maintained by the United States
Holocaust Memorial Museum in Washington, D.C.
(B) List of deceased.--The list of individuals who
died in the Holocaust maintained by the Yad Veshem of
Jerusalem in its Hall of Names.
(3) Outstanding request.--The term ``outstanding request''
means a request that--
(A) seeks payment of any claim on insurance
coverage that--
(i) was provided by a covered foreign
insurance company;
(ii) had as the policyholder, insured, or
beneficiary a listed Holocaust victim; and
(iii) was in effect during any portion of
the 13-year period beginning with 1933 and
ending with 1945;
(B) was made by a listed Holocaust victim, or the
heirs or beneficiaries of such victim, to the covered
foreign insurance company or the International
Commission on Holocaust Era Insurance Claims; and
(C) was not responded to in writing by the covered
foreign insurance company or such International
Commission within the 60-day period beginning on
receipt of the request by the covered foreign insurance
company.
(4) Subsidiary.--The term ``subsidiary'' means, with
respect to a covered foreign insurance company, any company--
(A) 25 percent or more of whose class of voting
securities is directly or indirectly owned or
controlled by such covered foreign insurance company,
or is held by such insurance company with the power to
vote;
(B) the election of a majority of whose directors
or trustees is controlled in any manner by such covered
foreign insurance company; or
(C) with respect to which the management or
policies of which such covered foreign insurance
company has the power, directly or indirectly, to
exercise a controlling influence.
TITLE II--PROVISIONS APPLICABLE TO UNITED STATES BANKING INSTITUTIONS
SEC. 201. LIMITATION ON INSURED DEPOSITORY INSTITUTIONS.
Section 18 of the Federal Deposit Insurance Act (12 U.S.C. 1828) is
amended by adding at the end the following new subsection:
``(x) Prohibition on Transactions With Certain Insurance Companies
or Their Affiliates.--
``(1) In general.--No insured depository institution may
accept any deposit from, maintain any deposit on behalf of,
offer or provide payment services to or on behalf of,
participate directly or indirectly in any aspect of the payment
system (including any clearing or electronic fund transfer
system) for or on behalf of, hold any credit balance for, make
any loan or other extension of credit to or for the benefit of,
or engage in any other financial activity or transaction with
or on behalf of any covered foreign insurance company, as such
term is defined in section 104 of the Comprehensive Holocaust
Accountability in Insurance Measure (including any company the
Attorney General determines is described in subparagraph (Q) of
such section), or any affiliate of such company--
``(A) during the period beginning 15 days after the
enactment of the Comprehensive Holocaust Accountability
in Insurance Measure and ending on the date on which
the Attorney General provides notice through
publication in the Federal Register that such company
has complied with the disclosure requirements contained
in section 101(a) of such Act; or
``(B) during the period that an order issued under
section 102(e) of such Act by the Attorney General,
prohibiting such company from conducting business in
the United States, is in effect.
``(2) Limited exception for affiliates.--
``(A) In general.--If an insured depository
institution is itself an affiliate of a foreign
insurance company described in paragraph (1), paragraph
(1) shall not apply so as to prohibit--
``(i) the payment of dividends on any
shares of stock in such insured depository
institution which are held by the foreign
insurance company or any affiliate of such
company; or
``(ii) the investment of additional capital
in such insured depository institution by the
foreign insurance company or affiliate.
``(B) Regulations.--Any payment or investment
described in subparagraph (A) shall be subject to, and
shall be made in accordance with, such regulations,
including any limitation, as the Attorney General or
the appropriate Federal banking agency may
prescribe.''.
SEC. 202. LIMITATION ON UNINSURED BRANCHES, AGENCIES, AND COMMERCIAL
LENDING COMPANY AFFILIATES OF FOREIGN BANKS.
Section 7 of the International Banking Act of 1978 (12 U.S.C. 3105)
is amended by adding at the end the following new subsection:
``(l) Prohibition on Transactions With Certain Insurance Companies
or Their Affiliates.--
``(1) In general.--No branch, agency, or commercial lending
company which is controlled by a foreign bank may accept any
deposit from, maintain any deposit on behalf of, offer or
provide payment services to, participate directly or indirectly
in any aspect of the payment system (including any clearing or
electronic fund transfer system) for or on behalf of, hold any
credit balance for, make any loan or other extension of credit
to or for the benefit of, or engage in any other financial
activity or transaction with or on behalf of any covered
foreign insurance company, as such term is defined in section
104 of the Comprehensive Holocaust Accountability in Insurance
Measure (including any company the Attorney General determines
is described in subparagraph (Q) of such section), or any
affiliate of such company--
``(A) during the period beginning 15 days after the
enactment of the Comprehensive Holocaust Accountability
in Insurance Measure and ending on the date on which
the Attorney General provides notice through
publication in the Federal Register that such company
has complied with the disclosure requirements contained
in section 101(a) of such Act; or
``(B) during the period that an order issued under
section 102(e) of such Act by the Attorney General,
prohibiting such company from conducting business in
the United States, is in effect.
``(2) Limited exception for affiliates.--
``(A) In general.--If a branch, agency, or
commercial lending company which is controlled by a
foreign bank is itself an affiliate of a foreign
insurance company described in paragraph (1), paragraph
(1) shall not apply so as to prohibit--
``(i) the payment of dividends on any
shares of stock or a similar investment in such
branch, agency, or company which are held by
the foreign insurance company or any affiliate
of such company; or
``(ii) the investment of additional capital
in branch, agency, or company by the foreign
insurance company or affiliate.
``(B) Regulations.--Any payment or investment
described in subparagraph (A) shall be subject to, and
shall be made in accordance with, such regulations,
including any limitation, as the Attorney General, the
Board, the Comptroller of the Currency, or the Federal
Deposit Insurance Corporation may prescribe.''.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.
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