Munich Re Under Fire in New York

New York state is considering possible action against German reinsurer Munich Re’s U.S. unit American Re over Holocaust-era insurance policies.

The company had been issued an April 7 deadline to submit a list of unpaid Holocaust-era insurance policies to the New York State Insurance Department. While a response was filed by American Re, department officials have indicated disciplinary action, including potential fines of up to $1,000 per day, may still be forthcoming.

The information provided by American Re was reportedly based on documents provided by German insurers who maintain they did not have any policies owned by or related to Holocaust victims.