[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.''.
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