Lieutenant Governor and Commissioner of Insurance Tregenza A. Roach Esq. filed a Petition on Feb. 6 in the District Court of the Virgin Islands, St. Thomas-St. John, asking the court to appoint him as ancillary receiver in the liquidation of Real Legacy Assurance Company Inc.
Real Legacy is headquartered in Puerto Rico; therefore, it falls under the jurisdiction of the Puerto Rico Commissioner of Insurance. However, V.I. law authorizes the lieutenant governor in his capacity as insurance commissioner to institute proceedings in V.I. courts that will enable him to take possession of all Real Legacy’s assets located within the territory, including the $500,000 statutory bond, and to utilize those assets to pay outstanding claims of V.I. policyholders.
Commissioner Roach said, “I took action that will protect the rights of Real Legacy’s U.S. Virgin Islands policyholders who have pending claims. I have asked the District Court to appoint me as ancillary receiver so that I can protect the Real Legacy policyholders in the territory. As ancillary receiver, I will use all available resources, including the $500,000 statutory bond, to make Real Legacy policyholders whole. This includes working closely with the Insurance Guaranty Fund to ensure that claims are paid and closed out to the fullest extent of the law.”
“The Office of the Commissioner has already notified the Virgin Islands Insurance Guaranty Association and is finalizing a plan for the claims handling process. Over the next few days, members of the affected public will receive additional information that will enable them to receive payments,” said Roach.
For more information on the Real Legacy issue or any other banking, insurance or financial services provided by the Office of the Lieutenant Governor, contact the Division of Banking, Insurance and Financial Regulation on St. Thomas in Nisky Center, 2nd floor at 774-7166 or on St. Croix at 1131 King Street, 3rd floor at 773-6459. Or visit the website at www.ltg.gov.vi.