LT. GOVERNOR ROACH REQUIRES BANKS & INSURERS TO IMPLEMENT A CATASPROPHE RESPONSE PLAN

Lieutenant Governor Roach informs the public that as part of its regulatory function, the    Office of the Lieutenant Governor has written to all banks and insurers in the Territory regarding the need for them to implement a catastrophe response plan. In his capacity, Lieutenant Governor Roach serves as the Chairman of the Banking Board and the Commissioner of Insurance.

“The 2019 hurricane season is upon us and it is critically important that proactive measures are put in place by banks and insurers that are regulated by the Division of Banking, Insurance, and Financial Regulation. The division requires that the banking and insurance needs of residents are addressed in the event of a disaster or emergency,” said Lt. Governor Roach.

The outlined plan must consist of essential components to include:

Banks and Insurers

  • Procedures for communication with customers following a catastrophe.
  • Procedures for training employees on the implementation of the written plan.
  • Alternative office locations or worksites.
  • Procedures for back-up storage, and retrieval of records and data.
  • Accessibility to and security of records and data.
  • Procedures for openings and closings in the aftermath of a catastrophe.

Banks

  • Having sufficient cash reserves in the Territory and available after a disaster.
  • Procedures for the manual processing of customers’ requests for products and services.
  • Loan payment moratorium procedures (for each type of loan offered).

Insurers

  • Procedures for processing policyholders / third-party claims by telephone or in person.

For more information on disaster preparedness and the responsibilities of the Office of the Lieutenant Governor, visit ltg.gov.vi., or contact the Division of Banking, Insurance & Financial Regulation on St. Thomas in Nisky Center, 2nd Floor at 340-774-7166 and on St. Croix in 1131 King Street at 340-773-6459.