DESCENDANTS OF VICTIMS OF GENOCIDE WILL RECEIVE INSURANCES

The Armenian Lawyers' Association won the trial against the ''New York Life'' Insurance Company

Under the pressure of the Armenian lobbyist organizations, the American insurance company has agreed to pay $20 million to the descendants of Armenians insured by the company in the Ottoman Turkey on the eve of the First World War. The absolute majority of them fell victims of the Genocide. However only those who managed to present documents about the death of their relatives - clients of the company, received insurance. ''The New York Life'' refused to open its archives and publish the lists of its clients.

February 1, 2004

PanARMENIAN.Net - ''New York Life'' became the first American company that as a results of lasting trials agreed to start paying insurances to the descendents of the genocide victims of the. Last October the board of directors of the ''New York Life'' company decided to publish their archives concerning the clients that have insured their lives and property in the Ottoman Empire between 1875 and 1914. It results that from 8000 sold policies 3600 were bought by Armenians.

No doubt that not only the private companies have to bear the responsibility for the unpaid sums but also Turkey. The insured property of Armenians was seized later by the organizers of the Genocide, so Turkey, being the assignee of the Ottoman Turkey, has to be responsible. It should be noted that the successes of the Armenian lobbyists wouldn't be essential without the assistance of several American political figures believing that the official Washington also has guilt for those events. The insurance companies multiplied their incomes thanks to not paying the insurances to Armenians. From those incomes they were paying regularly the taxes thanks to which America became richer. So, it turns that the United States were investing in their economy the money that belonged to the victims of Genocide. Understanding this, former Governor of California, Grey Davis sanctioned the prolongation of the expiration period of insurance companies till 2010 in order to allow the Californian Armenians to defend their rights. The legislators also do an important work. Congressmen Adam Schiff and George Radanovich submitted to the consideration of the House of Representatives a draft law supposing a support in receiving the insurance payments to the descendents of Armenians suffered as a result of the genocide. If the document titled ''Act of fair insurance of the Armenian victims'' is adopted, all the insurance companies will be obliged to open their archives of the period from 1875 to 1923. It will allow revealing the names of those Armenians who held policies during that period. A successful outcome of the dispute with the ''New York Life'' will create a precedent for the trials with other insurance companies.