Hurricane 2017: Insurance Co.’s faced brunt of complaints – FSC Deputy Director
Addressing questions regarding complaints made to the commission against Banks, Deputy Managing Director, Regulation, FSC Kenneth Baker said that most of the complaints received were related to insurance and cashing of insurance cheques, “There were some questions with respects to banks but most persons put their complaints in writing with respects to insurance,” he implored.
Access to Funds
Mr Baker said those persons were not having timely access to the funds in order to commence repairs and rebuild, “They would meet you at the supermarket or around town and say that I am having difficulties with my bank relationship but those complaints didn’t manifest in written complaints to the commission,” he said.
Head of the Department of Trade and Investment Promotion Ms Karia J. Christopher said, “I think most of us had an element of fear, not understanding what was going on. People were very nervous at the time it took for persons to get their claims. A lot of us were shocked that we couldn’t even get the money.”
She pointed out that cheques received by policyholders from their respective insurance companies had to be deposited into the bank first, “Then we had to take it out in pieces.”
Insurance Tribunal
This begged the question to the regulatory bodies what could have been done better, In response Acting Director, Insurance, FS, Trevecca Hodge said that the FSC in collaboration with the Office of the Premier created the insurance tribunal to handle the aggrieved customers with disputes.
“So that’s one way we tried our best to help the aggrieved customers. I am not saying that we cannot do things better there is always room for improvement and hence that is why we are working on some changes to the legislation as well as a code of conduct which will provide better guidelines and rules for the insurance industry.”
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3 Responses to “Hurricane 2017: Insurance Co.’s faced brunt of complaints – FSC Deputy Director ”
Why is it any surprise the UK and EU view the BVI as a financial misfit, insread if having an international qualified financial expert as heads of finance, the BVI fudges it by having it's Premiers hold position, both of whome have no financial qualification whatsoever. Over the years the government commissioned two separate international insurance experts to advise them, both individuals left the island's viewing them a hopeless case. This individual states the insurance legislation will be changed, there is no domestic insurance legislation, neither is there any insurance code, it's still the blind leading the blind. Just continue fudging everything yourselves rather than bringing in experts.