NEWS DIGEST: NEW YORK LIFE PAYS UP
Life Insurance International
December 11, 2006
It was a long wait, but descendants and heirs of some of the 1.5
million Armenians killed during the Ottoman Turkish rule of Armenia
in 1915 are to share in a $7.95 million settlement agreed to by New
York Life (NYL). The agreement follows a class action brought against
NYL for unpaid life insurance benefits. In addition, NYL has already
distributed $3 million to various Armenian charitable organisations.
NYL said it had reviewed thousands of claims and found that 2,515
claims could be traced to Armenians who had purchased life insurance
policies from NYL prior to 1915. In all, Armenians in 26 countries
will receive compensation. Armenians in Armenia will receive the most
($3.4 million) followed by those in the US ($2.6 million) and in France
($656,413).
The pay-out by NYL follows a similar settlement reached between
aggrieved Armenians and French insurer Axa in October 2005. This
resulted in Axa paying out $17 million in restitution.