To permit States to require insurance companies to disclose insurance information.

October 16, 2003

Mr. SCHIFF (for himself and Mr. RADANOVICH) introduced the following bill; which was referred to the Committee on Financial Services

To permit States to require insurance companies to disclose insurance information.

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 `Armenian Victims Insurance Fairness Act'.

SEC. 2. AUTHORIZATION FOR STATES TO REQUIRE DISCLOSURE OF INSURANCE INFORMATION.

(a) IN GENERAL- Any State may implement a law that--

(1) requires insurance companies conducting business in the State to disclose (and to make publicly available) details regarding some or all covered policies described in subsection (b) that were issued by that company or by any related company; and

(2) provides for appropriate penalties and sanctions for noncompliance.

(b) DEFINITIONS- For purposes of this section:

(1) COVERED POLICY- A covered policy described in this paragraph is a life, property, liability, health annuity, dowry, educational, or casualty insurance policy that was issued to a policyholder domiciled in the area of Europe or Asia that was occupied or controlled by the Ottoman Empire and that was in effect at any time between 1875 and 1923.

(2) RELATED COMPANY- The term `related company' includes, with respect to an insurance company, any parent, subsidiary, reinsurer, successor in interest, managing general agent, or affiliate company, whether or not the company was related during the time when a covered policy was sold.

(c) CONGRESSIONAL DISAPPROVAL- Any Executive branch policy or agreement that preempts State efforts to collect insurance information to resolve outstanding claims concerning covered policies described in subsection (b)(1) is explicitly disapproved by the Congress.

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