CORRECTING AND REPLACING NEW YORK LIFE LAUNCHES VOLUNTARY PROGRAM TO REACH OUT TO HEIRS OF GREEK POLICIES FROM 1914
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MarketWatc h
Sept. 22, 2008
NEW YORK, Sep 22, 2008 (BUSINESS WIRE) — Third graph, fourth
sentence of release dated September 4, 2008 should read: toll-free
1-888-922-2973 (sted toll-free 1-800-922-2973).
The corrected release reads: NEW YORK LIFE LAUNCHES VOLUNTARY
PROGRAM TO REACH OUT TO HEIRS OF GREEK POLICIES FROM 1914 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 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.