The Office of the Lieutenant Governor Division of Banking, Insurance and Financial Regulation has a dual responsibility of regulating the insurance industry and protecting consumer interest in the U.S. Virgin Islands. As of January 30, 2018, the most recent data on insurance claims provided by the Division of Banking, Insurance and Financial Regulation (“Division”) indicated the following:1
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It has been five months since Hurricanes Irma and Maria wreaked widespread havoc on the U.S. Virgin Islands. The Category 5 hurricanes damaged buildings of all shapes and types – residences, businesses, places of worship, warehouses and commercial buildings. Those with insurance coverage filed claims, presumably expecting prompt and fair responses from their insurance companies. Have these policyholders received a timely response?
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The Virgin Islands Division of Banking, Insurance and Financial Regulation recently issued two bulletins.1

The first, Bulletin 2017-07, required property and casualty insurers, effective January 15, 2018, to maintain and submit to the Commissioner with its new or renewal application, a copy of its Catastrophe Response Plan for the benefit of its policyholders in the event of a disaster or emergency which describes how it will respond to a catastrophe affecting its policyholders in this Territory. In providing background for the Bulletin, the Division explained:

In light of the recent passage of Hurricane Irma and Hurricane Maria, which devastated many islands throughout the Caribbean and the infrastructure of the Districts of St. Thomas – St. John and St. Croix, this Bulletin is being issued to all insurers for the protection of policyholders in the Territory. . . . [T]he impact the storms had on the Territory was so great that many Virgin Islands residents are now displaced in various parts of the United States. Not only was there severe damage to properties but communication between persons in and outside the Territory was limited and at times nonexistent. As such, the Commissioner of Insurance recognized that the interest of the public demands that certain insurers have a Catastrophe Response Plan in place should a similar emergency arise again.
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