Holocaust Insurance Accountability Act of 2007

Holocaust Insurance Accountability Act of 2008 - (Sec. 3) Requires insurers of Holocaust-era policies to: (1) respond within 90 days to written inquiries from eligible persons regarding such polices; (2) provide to such persons all information in the possession of such insurer regarding whether such person is a potential beneficiary; and (3) notify the Holocaust Claims Processing Office (HCPO) immediately in writing of the inquiry, with a copy of all acknowledgments and information provided to such eligible person.

Terminates such requirement 10 years after enactment of this Act.

Instructs the Secretary of State to: (1) seek to enter into an agreement with each European country with which no appropriate agreement exists to facilitate such response requirements; and (2) report annually to Congress on implementation of this Act.

(Sec. 4) Authorizes the Secretary of the Treasury (Secretary) to enter into an agreement with the HCPO to: (1) monitor compliance with requirements of this Act; (2) notify the Secretary of the identity of any insurer not complying with this Act within 30 days after the failure to comply; and (3) notify the certain congressional committees annually, including the Secretary and the Secretary of State, of the identity of each non-compliant insurer.

Provides for the transfer of specified funds to the HCPO to implement its monitoring functions.

(Sec. 5) Instructs the Secretary to assess a civil penalty of not less than $5,000 for each day that an insurer fails to comply with the requirements of this Act.

Authorizes the Secretary to seek to attach a lien on any payment from a U.S. domiciliary subsidiary of any insurer based outside the United States from which the Secretary is unable to collect a penalty.

(Sec. 6) Sets forth a federal cause of action for any claim against an insurer arising out of or related to a covered policy.

(Sec. 7) Expresses the sense of Congress that claimants have the right to opt out of new or ongoing class action proceedings relating to claims based on Holocaust-era insurance policies.

(Sec. 8) Directs the Secretary to instruct the U.S. Executive Director at the European Bank for Reconstruction and Development to use the voice and vote of the United States to create and advocate the policies of the Bank to encourage Eastern European countries to engage in and pursue restitution programs in compliance with this Act.

Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov