An international commission of insurance companies, regulators and Jewish groups finished its work after paying out over $300 million in claims to Holocaust survivors and heirs, the commission said on Tuesday.

The International Commission on Holocaust Era Insurance Claims (ICHEIC) was formed in 1998 and held its final meeting in Washington on Tuesday.

The commission said in a statement that more than e300 million worth of awards were made to nearly 50,000 Holocaust survivors and heirs. This action completes the commission's work and closes the claims process, it said.

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The ICHEIC was established as a means of processing World War Two-era insurance claims at no cost.

However, it was often criticized by claimants for its low awards, slowness in making payments, poor oversight of insurers, and high administrative expenses.