Bill > S488

This bill establishes a new chapter in Massachusetts law, Chapter 175L, concerning Holocaust victim's insurance, aiming to address unpaid or wrongfully denied insurance claims from that era. It defines key terms such as "Commissioner" (the commissioner of insurance), "Division" (the division of insurance), "Holocaust victim" (a person persecuted between 1929 and 1945 by Nazi Germany or its allies), "Insurer" (an insurance company doing business in Massachusetts that sold policies in Europe before 1945, directly or through a related company), and "Proceeds" (the value of policies plus interest). The bill mandates the Commissioner to create a "Holocaust Era Insurance Registry" to collect and provide public access to information about these policies. Insurers doing business in Massachusetts that sold policies in Europe between 1920 and 1945 must file details about these policies, including the number, holder, beneficiary, current status, and policyholder's location, and certify whether the proceeds have been paid, distributed to survivors or charities, or if a court has approved a distribution plan. Insurers knowingly filing false information face misdemeanor charges and penalties, and those failing to comply risk having their licenses suspended. Importantly, Holocaust victims or their heirs residing in Massachusetts can bring legal actions to recover on these claims in state courts, and such actions will not be dismissed for being past the statute of limitations if filed by December 31, 2015. The Commissioner is also required to adopt regulations to implement these provisions.