INDIRECT CONFISCATION OF JEWISH LIFE INSURANCE ASSETS

on November 17, 1938, the directors of Isar Life Insurance Company sent an urgent request to the RWM and the RAA for permission to refuse payment to Jews seeking to cash in their life insurance policies at their current repurchase value. As company directors Paul Riebesell (who, ironically enough, had been driven out of his position as head of the Reich Group for Publicly Chartered Insurance for helping a Jewish student) and Eckert reminded the government authorities, Isar had taken over the German portion of the Austrian Phönix life insurance stock when that company collapsed in 1936 and — with the financial support of the Party, the government, and its corporate backers — had managed to guarantee the acquisition of this portfolio and to acquire a considerable amount of new business since then. As discussed in Chapter 4, Isar Life Insurance Company's portfolio was guaranteed by the entire German insurance industry, which of course included Allianz. Isar company directors warned that its successes were now threatened by Jewish cancellations because 20%—25% of Isar policyholders were non-Aryan. Although policy cancellations had increased significantly prior to November 9—10, the demands of the previous few days had been such, Riebesell and Eckert alleged, as to threaten the very existence of the company.