For More Information Contact:
Celeste Lawrence, Press Secretary
(340) 773-6449 ext. 3402
celeste.lawrence@lgo-vi.gov
Lt. Governor Gregory R. Francis Issues over $150,000
to Settle Overdue Insurance Claims
Lieutenant Governor Gregory R. Francis recently signed checks totaling $154,642.28 to settle long-standing insurance claims dating back to Hurricane Hugo. Funded in part from the Insurance Guaranty Fund, the checks were printed by the Department of Finance and will be distributed by the Insurance Guaranty Association.
"This money was long overdue and I am delighted that after so many years, our residents will be compensated for outstanding insurance claims from bankrupt insurers," Lt. Governor Francis said. "This is an ongoing process as we seek to settle all outstanding debts."
The checks are final settlement payments for claims from Hurricanes Hugo and Marilyn, as well as other claims from companies that have gone bankrupt.
"This is a prime example of the importance of the Insurance Guaranty Fund," Lt. Governor Francis said. "It was created to provide the Territory's insurance consumers with financial compensation in the event of an insurer's insolvency. This is about customer service."
He also thanked Mr. John McDonald, director of Division of Banking & Insurance, for his work in ensuring the availability of the funds and the distribution of the checks.
The Insurance Guaranty Association, which is a consortium of all admitted insurance companies doing business in the Territory, will notify claimants as to the availability of the checks.
