NAGICO slams USVI's Lieutenant Governor over ‘unlicensed’ claims
NAGICO by way of a public statement, dated June 7, 2018, rejected the assertion categorically saying, “we would hereby like to publicly state and affirm that NAGICO Insurances does not conduct any insurance business in the USVI.”
Media Reports
According to the company’s statement seen by this newsroom, NAGICO is adamant, “our company does not have an office or any intermediaries in the USVI territories and as such, we do not solicit, promote or advertise our services in any USVI location.”
The USVI Governor allegations were published in ‘The Virgin Islands Consortium (an affilliate of the Virgin Islands News Online)’ and the ‘St. John Source’ dated June 6 & 7, 2018.
Lieutenant Governor, Potter in one of the identified reports dated June 6, 2018, is quoted in the media report saying, “it has been brought to my attention that NAGICO has issued policies covering property located in the Territory.”
Mr Potter further stated that “the records maintained by the Office of the Lieutenant Governor, Division of Banking, Insurance and Financial Regulation do not show NAGICO as being a licensed insurer or surplus lines insurer in the U.S. Virgin Islands.”
Virgin Islands Code
The USVI Governor—who also serves as the Territory’s Commissioner of Insurance—was responding to the insurance company’s claims to have established “an impressive and formidable presence in the Caribbean; operating within 21 territories.”
Mr Potter said, “Title 22, Virgin Islands Code, Section 202 prohibits any person from acting as an insurer and from transacting insurance in this Territory without being so authorized by a certificate of authority issued by the Commissioner. NAGICO is not licensed or authorised to conduct insurance business in this Territory and is thereby not authorised to have any person represent NAGICO for the sale of insurance in this Territory. NAGICO is therefore in violation of the U.S. Virgin Islands Insurance Laws.”
He is quoted further stating that “as commissioner of Insurance, I have issued an order mandating NAGICO to immediately cease and desist issuing any new and renewal policies in the Territory upon receipt of the order,” he added.
NAGICO in denying that it conducts any business in the USVI said it “has always strived to comply with the regulations set by the governing bodies and we will continue to do so in the 21 territories within which we operate,” and that “we intend to conduct our own investigation into this matter as well.”
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5 Responses to “NAGICO slams USVI's Lieutenant Governor over ‘unlicensed’ claims ”
Some other insurance companies have stop paying and 1 is on the verge of bankrupt while NAGICO is still paying claims.
Now go talk that from on here telling tails out of school!