Insurance Law Commons^™

International Law - Recognition Of Soviet Russia - Extraterritorial Effect Of Decrees Of Confiscation And Nationalization

Michigan Law Review

The Moscow Fire Insurance Company, the Northern Insurance Company of Moscow, and the First Russian Insurance Company were incorporated in Russia under the Czarist regime, and given authority to do business in New York. Deposits were made in New York for the benefit of policy holders and creditors in this country. Subsequent to the revolution in Russia and the Soviet decrees nationalizing all Russian corporations and confiscating without compensation such corporations' assets in Russia and abroad, these deposits were turned over to the New York State Insurance Commissioner for liquidation. Large sums remained after domestic claims were satisfied and the …