Lieutenant Governor Tregenza A. Roach, Esq. announces that the Office of the Lieutenant Governor, Division of Banking, Insurance, and Financial Regulation, has received the Compliance Advancement of the Year Award from the Unclaimed Property Professionals Organization. The National award, announced at the organization’s Business Meeting in Tucson, Arizona, recognizes the Office of the Lieutenant Governor for the efficient and timely implementation of its unclaimed property website.
The Compliance Advancement of the Year Award is presented to a state that has significantly improved its compliance program with process improvements for both institutions which hold the unclaimed property and persons making claims to the Lieutenant Governor as custodian of these funds. The Division of Banking, Insurance and Financial Regulation was recognized for successfully implementing the online unclaimed property database on April 2, 2024.
“I thank my dynamic team at the Division of Banking, Insurance, and Financial Regulation for effectively implementing the online unclaimed property database and for providing a convenient platform for customers to submit claims. The receipt of this National award is a significant accomplishment. It follows the reaccreditation of the Division by the National Association of Insurance Commissioners in November 2024 for an additional five-year term. Additionally, the recent receipt of a National award for our Street Addressing Initiative further adds to the many reasons why we are so proud of the work of the Office of the Lieutenant Governor.” stated Lieutenant Governor Roach.
This database aims to reunite any unclaimed property with its rightful owner, provide potential claimants 24/7 access to Virgin Islands unclaimed property data, and expedite the unclaimed property claims process in the Virgin Islands. Since the implementation of the unclaimed property database one year ago, the Division has paid claims totalling $557,843.84 to 171 persons in our community.
With the unclaimed property database, claimants no longer need to mail in or visit the office to submit claim forms. Persons searching for unclaimed property can now visit the Virgin Islands Unclaimed Property Claims Website to search for and submit any valid claim. Further processing may require additional documentation at the request of the Division. There is no statute of limitations on claims for unclaimed property.
For information about the unclaimed property program, visit the Office of the Lieutenant Governor, Division of Banking Insurance and Financial Regulation webpage https://ltg.gov.vi/departments/banking-insurance-and-financial-regulation/ or call the Division at (340) 774-2991 on St. Thomas or (340) 773-6449 on St. Croix.
