Lieutenant Governor Tregenza A. Roach Esq. in a Monday press conference informed Real Legacy claimants of the need to file Proof of Claims forms with his Division of Banking, Insurance, and Financial Regulation Office by April 18, 2019.
Lieutenant Governor Roach, who also serves as the Commissioner of Insurance called the press conference to provide the community with an update regarding the Declaration of Insolvency and the liquidation process of Real Legacy Assurance Company, Inc. Lieutenant Governor Roach shared a timeline of each step of the process which included him petitioning the Superior Court to be named Ancillary Liquidator. “I felt the move necessary to protect the interests of claimants who reside in the Virgin Islands. There are also claimants in the British Virgin Islands,” said Lieutenant Governor Roach.
Most recently on March 1, 2019 his request was granted resulting in him being appointed Ancillary Receiver of Real Legacy. In this authorized role, the Lieutenant Governor now has control over Real Legacy’s assets held in the Territory for the purpose of paying pending claims and will facilitate the process of having local claims addressed by the Domiciliary Liquidator who controls the bulk of Real Legacy assets.
“We want to be certain that the Puerto Rico Liquidator treats all claims fairly and equitably regardless of the residence of the claimant,” said Lieutenant Governor Roach.
As Ancillary Receiver, one of his first directives by the court is to provide publicly a “Notice” and “Proof of Claim Form” inviting all claimants to complete the form. The Lieutenant Governor has adhered to this request and the form will be available on the official website of the Office of the Lieutenant Governor: ltg.gov.vi and at all Division of Banking, Insurance, and Financial Regulation Offices.
“Claimants should note that even if you filed a covered claim previously with Real Legacy and that claim remains unpaid, you must still file a “Proof of Claim Form” with the Division of Banking, Insurance and Financial Regulation. The completed form must be notarized and submitted no later than April 18, 2019. Additionally, if required, inspections will be done on properties where holdbacks and depreciation amounts are due to claimants, to determine if all repairs have been made satisfactorily,” said Lieutenant Governor Roach.
Completed forms should be submitted by the April 18th deadline to Division of Banking, Insurance, and Financial Regulation Office on St. Thomas at Nisky Center, 2nd floor and on St. Croix at 1131 King Street Christiansted, 3rd floor.
For additional information on the claims process, please contact the Division of Banking, Insurance and Financial Regulation on St. Thomas at 340-774-7166, on St. Croix at 340-773-6459 or visit the website at ltg.gov.vi.