The International Commission on Holocaust-era Insurance Claims (ICHEIC), founded in August 1998, was committed to settling the issue of outstanding life insurance policies during the Nazi era. The Commission was set up after long-term discussions involving the United States Insurance Commissioners, major Jewish organizations, the State of Israel and several European insurers. A number of governments and the United States Department of State have also taken part as official observers in ICHEIC's meetings to date. The Commission's work focused on creating a sustainable, international process for the resolution of outstanding life insurance claims. Allianz was a member of ICHEIC since 1998. In March 2007 the successful completion of IHEIC's claims and appeals processes was announced.
The German industry accepted historical and moral responsibility for the involvement of German companies in the then state controlled economy that existed during the Nazi regime. Organised in the Foundation Initiative of the German Industry, German firms committed themselves to collect 5 billion German Mark (DM) as their contribution to the Foundation "Remembrance, Responsibility and Future". The Foundation was created with the signature of an Executive Agreement between the Governments of Germany and the United States of America in July 2000. The German Government also contributed 5 billion DM (approx. 2.5 billion Euro) to the foundation. The treaty is to be the exclusive remedy and forum for the resolution of all claims that have been asserted against German companies arising from the National Socialist era and World War II. The foundation started to distribute its funds in June 2001.
The necessary precondition for releasing the money was that an all-embracing and enduring legal peace be created for the companies.