Office of the Historian

CFM Files

United States Delegation Journal

September 13, 1946, 10 a.m.

USDel (PC) (Journal) 41

The Commission continued discussing Annex 4b on insurance. M. de Carbonnel said it was reasonable to provide in the treaty that insurance companies whose reserves had fallen below legal requirements as a result of the war, should be given the opportunity to carry on their business. He suggested certain amendments might be made clarifying the British draft and requiring the Rumanian Government temporarily to suspend the legal requirements for a specific sum as reserve.

Mr. Gregory (U.K.) said the British Delegation merely wished to provide in the treaty that United Nations insurance companies would [Page 448] be able, if they so desired, to carry on their business and to provide that in cases where, on account of the war, guarantee deposits had dwindled below the legal reserve the insurance companies would not be required to make up the loss. He emphasized that the legal reserve was not to be confused with the general financial position of the company, and that in Rumania the requirement for a guarantee deposit, which was not an actuarial reserve obligation, amounted to 4 million lei.

M. Gerashchenko (U.S.S.R.) argued that Article 24 covered the special needs of the insurance companies but asked that the Commission should hear the Rumanian Representative on the position of the United Nations insurance companies and the Rumanian legal requirements on guarantee deposits. After some discussion as to whether the Rumanian Representative should be heard or whether the Rumanian views should be presented in writing the Commission agreed with Mr. Thorp’s suggestion that the Rumanian Delegation be requested to present in writing answers to the two questions posed by M. Gerashchenko.

The Commission proceeded to Annex 4 (c) (shipping). Mr. Gregory (U.K.) explained the special character and problems of the United Nations ship owners and said that discriminatory treatment of United Nations ships both during the war and prior to the outbreak of the war, could best be resolved by special provisions,97 He pointed out that the particular position of ships had been recognized in the Armistice.

  1. The British proposals are contained in the Draft Peace Treaty With Rumania as unagreed provisions; see vol. iv, p. 87.↩