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by pltm
(PLTM) - The Government of the Virgin Islands on Monday, January 15, announced the introduction of the Insurance Tribunal, created by the Financial Services (Continuity of Business) Act, 2007, with members getting down to work.
The tribunal was formed after public outcry over the manner in which insurance companies were conducting business, post Hurricanes Irma and Maria.
According to government, the Insurance Tribunal, which is chaired by Mr. Eric Ball and includes members such as Ms. Elenor Smith, Mrs. Icis Malone, Mr. Everett O’Neal and Mrs. Violet Gaul, was created through the passage of the Act at the sitting of the House of Assembly on December 4, 2017.
On December 5, Premier and Minister of Finance, Hon. Dr D. Orlando Smith, convened a second meeting with insurance companies and banks operating in the Territory to receive an update on issues raised by the public regarding the process of claims, the timely resolution of claims, the disparities in estimated costs of damages and settlements, and the increased insurance premiums faced by residents.
At the December 14 sitting of the House of Assembly, Premier Smith announced that his Government was finding a way to address the concerns and complaints of residents as they navigate through the insurance claims process.
“There is an urgent need to get claims processed so residents can rebuild their homes and have safe housing for those that are still displaced, and for commercial properties to be restored to bring back services that have been disrupted," Premier Smith stated.
Government outlined that the Insurance Tribunal will: receive and investigate reports from persons (the “insured”) who are aggrieved by a decision of an insurer with respect to any claims they have lodged or filed with the insurer; mediate between an insurer and the insured with the objective of enabling an amicable settlement between the insurer and the insured; and, advise an insured of its options in the event that the insurer and the insured are unable to reach an amicable settlement.
Persons wishing to contact the Insurance Tribunal should address matters to the attention of the Secretary, Mrs. Rhonda Hodge-Smith at insurancetribunal@bvifsc.vg or Insurance Tribunal c/o BVI Financial Services Commission, Haycraft Building, Pasea Estate, Tortola, VG1110, Virgin Islands.
The Insurance Tribunal will remain active until Premier Smith gives notice of members’ termination, having regard to the completion by the Tribunal of its mandate.
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