Holocaust Insurance Agreement Signed

This agreement on procedures will enable the International Commission, chaired by former Secretary of State Lawrence S. Eagleburger, to compensate unpaid or confiscated Holocaust-era insurance policies. Former Secretary Eagleburger announced in late September the successful conclusion of negotiations that led to this agreement. Now that final details have been resolved and the agreement signed, the International Commission will work with the German Foundation and the German insurance industry association to distribute approximately $100 million to pay claims and approximately $175 million to fund humanitarian projects. The funds will come out of the Foundation, an entity funded by the German Government and German companies, and created consistent with the July 2000 Executive Agreement between the United States and Germany.

The United States continues to support efforts to resolve matters of Holocaust restitution and compensation through cooperative means outside of litigation. We view today’s signing of the insurance agreement as important progress towards the goal of ensuring that uncompensated insurance policies from this period are paid. We call on all parties to the agreement to work quickly and justly to implement the claims process so that claimants, many of whom are elderly, can receive payment in their lifetimes.