Aetna, amongst other insurance companies, issued slave insurance policies, which combined property and life insurance. These policies were taken out by slave masters on the lives of slaves, and provided partial payments for damage to the slave and full payment for the death of the slave. Death or damage inflicted by the master could not be claimed. The profits incurred by these policies are still intact within Aetna.
In 1989 U.S. Representative John Conyers of Michigan first introduced Congressional Bill H.R. 40, which would "establish the Commission to Study Reparation Proposals for African Americans to examine slavery and discrimination in the colonies and the United States from 1619 to the present and recommend appropriate remedies." The bill would convene a research commission that would, among other responsibilities, make a recommendation as to whether a formal apology for slavery is owed, whether reparations are owed, what form reparations would then take, and who would receive them. Conyers has reintroduced the bill to every session of Congress since then through 2016. This bill acquired 48 cosponsors in 1999–2000. In 2015–16 it had 2 cosponsors.
In 2000 the state of California passed the bill SB 2199, which required all insurance companies conducting business in the state of California to publish documentation of slave insurance policies that they or their parent companies had issued previously. In 2002 a lawyer named Deadria Farmer-Paellmann filed the first corporate reparations class-action lawsuit seeking disgorgement from 17 contemporary financial institutions including Aetna, which had profited from slavery. Farmer-Paellmann pursued property law claims on the basis that these institutions had been enriched unjustly by slaves who were neither compensated nor agreed to be uncompensated. Farmer-Paellman called for these profits and gains to be disgorged from these institutions to descendants of slaves.
The Reparations Purpose Trust forms a conditionality between the time of deferral and continued corporate growth. The general purpose of this trust is “to acquire and administer shares in Aetna, Inc. and to hold such shares until the effective date of any official action by any branch of the United States government to make financial reparations for slavery, including but not limited to the enactment and subsequent adoption of any recommendations pursuant to H.R. 40 – Commission to Study Reparation Proposals for African-Americans Act.” As a purpose trust registered in the state of Delaware this trust can last indefinitely and has no named beneficiaries.
The initial holdings of Reparations Purpose Trust consists of 90 Aetna shares. In the event that federal financial reparations are paid, the trust will terminate and its shares will be liquidated and granted to the federal agency charged with distributions as a corporate addendum to these payments. The grantor of the Reparations Purpose Trust is Artists Space, its trustee is Michael M. Gordon, and its enforcer is Cameron Rowland. The Reparations Purpose Trust gains tax exemption from its grantors nonprofit status.
MoMA has agreed to continue the trust if Artists Space is no longer able to serve as the grantor.
Gallery label from 2016.