Lieutenant Governor Tregenza A. Roach Esq. in a Wednesday press conference announced a global insurer regulated by the Division of Banking, Insurance, and Financial Regulation to provide individual health insurance coverage for the Territory.
Lieutenant Governor Roach, who also serves as the Commissioner of Insurance, called the press conference to inform residents of the launch of insurance products provided by Optimum Global Insurance Company (OGIC) Limited. OGIC is a licensed insurer authorized to provide Disability and Health insurance in the U.S. Virgin Islands.
OGIC’s principal business is to provide insurance coverage for medical expenses, travel, life, and personal accident risk. OGIC intends to offer in the U.S. Virgin Islands individual health insurance coverage under an arrangement with AXA PPP Healthcare Limited (AXA), whereby AXA assumes all financial risk for the policies written by OGIC. AXA shares a group rating of A+ (Superior) rating from AM Best on July 8, 2022, and has assets of $2.15 billion based on AM Best Balance sheet as of December 31, 2021.
In his remarks, Lieutenant Governor Roach underscored the void that exists in the absence of a health insurance mandate, such as the one included in the Affordable Care Act. “The fact that the Affordable Care Act does not extend to U.S. Territories has contributed to the absence of companies offering the individual health insurance coverage, leaving as much as 30% of the population uninsured, said Lieutenant Governor Roach.
“Fixing this void and getting companies to come into the Territory to provide offerings of individual insurance products is of significant importance and continues to serve as a priority for the Division. The Division of Banking, Insurance, and Financial Regulation conducted an exhaustive review of the company regarding their intent to conduct business in the Territory. This process served to ensure that our residents could benefit from individual insurance products and that the existing void could be addressed,” said Lieutenant Governor Roach.
OGIC has been approved to offer three different plans: Essential, Standard and Superior. All of the plans offer health insurance coverage for hospitalization and emergency care. There are varying levels of coverage for outpatient care, like doctor visits, lab tests and prescription drugs. Individuals would also have the option to purchase maternity and dental coverage. Coverage would be subject to the terms of the policy and can extend to the U.S. Virgin Islands, Puerto Rico, other US territories, the U.S. Mainland, or worldwide.
Persons interested in learning more about the insurance products offered by Optimum Global can contact Mr. Joe Brugos, Managing Member at 340- 774-2323 or via email at: jbrugos@crgvi.com.
For additional information, the Office of the Lieutenant Governor’s Division of Banking, Insurance, and Financial Regulation can be reached in the St. Thomas/St. John District at 340-774-2991 and in the St. Croix District at 340-773-6449.