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.
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.
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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