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Insurance Claims Resolution Process

Please note that the deadline to file an Insurance claim under the Swiss Banks Holocaust Settlement has expired.
Distribution data concerning Insurance claims may be accessed here.
The Swiss Banks Settlement Insurance Claims Process provided Nazi Victims and their heirs the opportunity to assess claims concerning policies purchased from certain insurance companies (the "Participating Companies") between 1920 and 1945.
When the class action claims were under discussion for purposes of approval of the proposed Settlement, some observers raised concerns about Swiss insurance claims. In response, counsel for the defendant banks and counsel for the plaintiff class entered into negotiations, which resulted in modifications to the Settlement Agreement to provide for a mechanism to compensate certain insurance claims. The parties agreed to the de facto creation of a sixth class of beneficiaries. These individuals were entitled to file claims against the participating insurance carriers, Swiss Re and Swiss Life. Thereafter, counsel for the respective parties agreed to the Insurance Claims Process Guidelines (the “Guidelines”), in which they established a claims process and procedures.
The Zurich-based Claims Resolution Tribunal (CRT), which was designated to review the claims, assumed a role different from that in the bank account claims process. Although the bank account claims process was limited by the incomplete documentation made available by the banks, the program nevertheless was administered largely by the CRT, which matched and evaluated the claims. The insurance claims process, however, provided that insurance claims were to be submitted for analysis to the insurance companies, and the companies, not the CRT, controlled the matching, research and final determination of claims. The Guidelines set forth a search protocol for the participating insurance companies to follow.
Awards were based on either the net cash surrender value of the policy (the value of the policy adjusted to reflect the amount for which the policy could have been redeemed at the relevant time) or death benefit of the policy, whichever was greater. The value of policies was then adjusted by a standard factor to make them equivalent to present-day values.
Insurance Class claims resulted in payments of $1,400,251. The participating insurance companies reimbursed one-half of these payments to the Settlement Fund, in accordance with the parties’ original agreement, and following additional discussions between the companies and the Special Masters.