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New York Life Launches Voluntary Program To Reach Out To Heirs Of Gr

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  • New York Life Launches Voluntary Program To Reach Out To Heirs Of Gr

    NEW YORK LIFE LAUNCHES VOLUNTARY PROGRAM TO REACH OUT TO HEIRS OF GREEK POLICIES

    Greek News
    http://www.greeknewsonline.com/modules.php?na me=News&file=article&sid=9092
    Sept 15 2008
    New York

    New York--(Business Wire)-- 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 1-800-922-2973. In Greece the toll-free number
    is 00 800 33 311144.

    In addition to providing benefits to heirs of its Greek insurers, 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.
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