Insurance Journal
Jan 27 2005

Calif. Commissioner Helps Issue $3 Million to Charity; Funds Initiate
$20 Million Claim Settlement
January 27, 2005

California Insurance Commissioner John Garamendi on Wednesday helped
deliver the first checks from a $20 million settlement of a class
action lawsuit to resolve insurance claims stemming from the Armenian
Genocide nearly 90 years ago.

The Commissioner reportedly played an instrumental role during the
final negotiations leading to the agreement with New York Life
Insurance Company.

“Justice has been long overdue in this case,” Garamendi said. “I am
pleased that this settlement will help resolve the insurance claims
of the heirs and beneficiaries from the tragic genocide that began in
1915. The hard work of all parties involved will help bring some
measure of closure to the descendants of the victims. Today marks the
beginning of the distribution of monies from this agreement, and I am
very proud to have helped in this healing process.”

The five organizations receiving checks for $333,333 each are: the
Armenian Church of North America Eastern Diocese (New York), Prelacy
of the Armenian Apostolic Church Eastern U.S. and Canada (New York),
Armenian Apostolic Catholic Exarchate for Armenian Catholics in the
U.S. and Canada (New York), Armenian Missionary Association of
America, Inc. (Paramus, New Jersey) and the Armenian General
Benevolent Union (New York).

Four other Armenian organizations in California will also receive
$333,333 each, including: Armenian Church of North America Western
Diocese (Burbank), Western Prelacy of the Armenian Apostolic Church
(Los Angeles), Armenian Educational Foundation (Glendale). The
Armenian Relief Society, United States Chapter of Watertown,
Massachusetts will also receive an equal portion of the proceeds.

In order to make a claim for a portion of the settlement, descendants
of policyholders killed during the Armenian Genocide must postmark
their claims no later than March 16, 2005. Details of the settlement
and the New York Life policies involved are available at