NEW YORK--(BUSINESS WIRE)--Sep. 22, 2008
New York Life Insurance Company announced an outreach program to locate
and compensate heirs of approximately 1,000 life insurance policies
issued to Greeks in the Ottoman Empire prior to 1915. As part of the
Greek Life Insurance Policy Program, New York Life will publish notices
in national and international newspapers about the claims review process
so that heirs can submit claims relating to these policies. The company
said it will also contribute $1 million to the Greek Orthodox
Archdiocese of America, since descendants of many of those displaced
from their ancestral homelands are now members of the Archdiocese. The
total value of the voluntary program is $12-15 million, including
administrative and other costs.
“In the course of research associated with
another historical matter regarding policies sold to Armenians who
perished after 1914, the company became aware that Greek policyowners
were evidently victims of the same violence in the Ottoman Empire. With
the Armenian policy matter now successfully completed, involving
benefits paid to heirs of 2,300 Armenian policyholders, New York Life
conducted additional archival research and verified that there are Greek
policies that may remain unpaid from 1915. We will offer heirs to the
Greek policies the same benefits as those provided to persons claiming
under the Armenian policies,” said William
Werfelman, a spokesman for New York Life. “As
with the Armenian policies, records confirm that the company succeeded
in paying benefits in nearly half of the Greek policies. New York Life
paid those benefits to heirs in the months and years immediately
following the violence of 1915. However, New York Life received no
claims and thus paid no benefits or cash value on 1,000 other Greek
policies. Our company’s value system is rooted
in humanity and integrity, and our willingness today to resolve these
policies from 1915 shows that we still adhere to these values today.”
The voluntary program uses the same criteria used to resolve the
Armenian policy matter, including a multiplier of ten times the original
face amount for those who can demonstrate that they are the rightful
heirs to the policy proceeds. The public notices will commence in
September. Descendants of persons insured under any of the Greek
Policies may submit claims for benefits for a six month period ending on
February 28, 2009. Individuals who want to learn more can do so by
visiting the program’s website at www.greekinsuranceclaims.com
or by calling toll-free 1-888-922-2973. In Greece the toll-free number
is 00 800 33 311144.
In addition to providing benefits to heirs of its Greek insureds, New
York Life will contribute $1 million to the Greek Orthodox Archdiocese
of America. With these funds the Archdiocese plans to establish an
endowed chair for the study of Hellenism in Pontus and Asia Minor at its
Holy Cross Theological Seminary in Brookline, MA. New York Life
expressed gratitude to Archbishop Demetrios, the leader of the Greek
Orthodox Church in America, for his personal involvement in assisting
with various aspects of the voluntary program.
Archbishop Demetrios, said, “The events in the
Ottoman Empire and after led to the loss of countless lives and the
expulsion of 1,500,000 Greeks from their ancestral homelands. New York
Life is one of those rarest of companies today, a company of responsible
action that believes in setting the record right, even if it means
reaching back to the beginning of the Twentieth Century. The Greek
Orthodox community gratefully applauds New York Life for establishing
the Greek Life Insurance Policy Program and its very generous
contribution of $1 million, which will be used to enlighten people about
the long and rich history and culture of Hellenism in Pontus and Asia
Minor.”
The company said it worked with attorney Vartkes Yeghiayan, one of the
attorneys involved in the Armenian insurance settlement, to develop the
voluntary program relating to Greek policies.
New York Life Insurance Company has been headquartered in New York City
since its founding in 1845. The company began selling policies in the
Ottoman Empire in 1882 and withdrew from the region during World War I.
CONTACT: New York Life
William Werfelman, 212-576-5385
william_werfelman@newyorklife.com
New York Life Insurance Company announced an outreach program to locate
and compensate heirs of approximately 1,000 life insurance policies
issued to Greeks in the Ottoman Empire prior to 1915. As part of the
Greek Life Insurance Policy Program, New York Life will publish notices
in national and international newspapers about the claims review process
so that heirs can submit claims relating to these policies. The company
said it will also contribute $1 million to the Greek Orthodox
Archdiocese of America, since descendants of many of those displaced
from their ancestral homelands are now members of the Archdiocese. The
total value of the voluntary program is $12-15 million, including
administrative and other costs.
“In the course of research associated with
another historical matter regarding policies sold to Armenians who
perished after 1914, the company became aware that Greek policyowners
were evidently victims of the same violence in the Ottoman Empire. With
the Armenian policy matter now successfully completed, involving
benefits paid to heirs of 2,300 Armenian policyholders, New York Life
conducted additional archival research and verified that there are Greek
policies that may remain unpaid from 1915. We will offer heirs to the
Greek policies the same benefits as those provided to persons claiming
under the Armenian policies,” said William
Werfelman, a spokesman for New York Life. “As
with the Armenian policies, records confirm that the company succeeded
in paying benefits in nearly half of the Greek policies. New York Life
paid those benefits to heirs in the months and years immediately
following the violence of 1915. However, New York Life received no
claims and thus paid no benefits or cash value on 1,000 other Greek
policies. Our company’s value system is rooted
in humanity and integrity, and our willingness today to resolve these
policies from 1915 shows that we still adhere to these values today.”
The voluntary program uses the same criteria used to resolve the
Armenian policy matter, including a multiplier of ten times the original
face amount for those who can demonstrate that they are the rightful
heirs to the policy proceeds. The public notices will commence in
September. Descendants of persons insured under any of the Greek
Policies may submit claims for benefits for a six month period ending on
February 28, 2009. Individuals who want to learn more can do so by
visiting the program’s website at www.greekinsuranceclaims.com
or by calling toll-free 1-888-922-2973. In Greece the toll-free number
is 00 800 33 311144.
In addition to providing benefits to heirs of its Greek insureds, New
York Life will contribute $1 million to the Greek Orthodox Archdiocese
of America. With these funds the Archdiocese plans to establish an
endowed chair for the study of Hellenism in Pontus and Asia Minor at its
Holy Cross Theological Seminary in Brookline, MA. New York Life
expressed gratitude to Archbishop Demetrios, the leader of the Greek
Orthodox Church in America, for his personal involvement in assisting
with various aspects of the voluntary program.
Archbishop Demetrios, said, “The events in the
Ottoman Empire and after led to the loss of countless lives and the
expulsion of 1,500,000 Greeks from their ancestral homelands. New York
Life is one of those rarest of companies today, a company of responsible
action that believes in setting the record right, even if it means
reaching back to the beginning of the Twentieth Century. The Greek
Orthodox community gratefully applauds New York Life for establishing
the Greek Life Insurance Policy Program and its very generous
contribution of $1 million, which will be used to enlighten people about
the long and rich history and culture of Hellenism in Pontus and Asia
Minor.”
The company said it worked with attorney Vartkes Yeghiayan, one of the
attorneys involved in the Armenian insurance settlement, to develop the
voluntary program relating to Greek policies.
New York Life Insurance Company has been headquartered in New York City
since its founding in 1845. The company began selling policies in the
Ottoman Empire in 1882 and withdrew from the region during World War I.
CONTACT: New York Life
William Werfelman, 212-576-5385
william_werfelman@newyorklife.com