Bulletin 2021 05 Unclaimed Property
Office of the Lieutenant Governor Division of Banking, Insurance and Financial Regulation #5049 Kongens Gade, Charlotte Amalie, St. Thomas, USVI 00802-6487 @ (340) 774.7166 @ Fax (340) 774-9458 1131 King Street, Suite 104, Christiansted, St. Croix, USVI 00820 @ (340) 773.6459 @ Fax (340) 719-3801 lg.gov.vi BULLETIN 2021-05 TO: Holders of Unclaimed Property Accounts FROM: Tregenza A. Roach, Esq., Lieutenant Governor and Administrator of Unclaimed Property RE: Required Submission of Unclaimed Property Annual Report in NAUPA Format Pursuant to Title 28, Chapter 29, Section 652(1) of the Virgin Islands Code (“VIC”), the Lieutenant Governor of the Virgin Islands serves as the Administrator of the Virgin Islands Unclaimed Property program. The Division of Banking, Insurance and Financial Regulation (“Division”), as the administrative arm of the Lieutenant Governor in his capacity as the Administrator of the Virgin Islands Uniform Unclaimed Property Act, is tasked with administering this program. The Virgin Islands Uniform Unclaimed Property Act, as codified in 28 VIC Section 651 et seq. …
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Office of the Lieutenant Governor Division of Banking, Insurance and Financial Regulation #5049 Kongens Gade, Charlotte Amalie, St. Thomas, USVI 00802-6487 @ (340) 774.7166 @ Fax (340) 774-9458 1131 King Street, Suite 104, Christiansted, St. Croix, USVI 00820 @ (340) 773.6459 @ Fax (340) 719-3801 lg.gov.vi BULLETIN 2021-05 TO: Holders of Unclaimed Property Accounts FROM: Tregenza A. Roach, Esq., Lieutenant Governor and Administrator of Unclaimed Property RE: Required Submission of Unclaimed Property Annual Report in NAUPA Format Pursuant to Title 28, Chapter 29, Section 652(1) of the Virgin Islands Code (“VIC”), the Lieutenant Governor of the Virgin Islands serves as the Administrator of the Virgin Islands Unclaimed Property program. The Division of Banking, Insurance and Financial Regulation (“Division”), as the administrative arm of the Lieutenant Governor in his capacity as the Administrator of the Virgin Islands Uniform Unclaimed Property Act, is tasked with administering this program. The Virgin Islands Uniform Unclaimed Property Act, as codified in 28 VIC Section 651 et seq. requires business associations, financial organizations, insurance companies, utility companies, and others to review their records each year to determine whether they hold any funds, securities, or other properties that have been unclaimed for the required dormancy period, and to file an annual report of abandoned property with the Office of the Lieutenant Governor. Pursuant to Section 658, a holder of property presumed abandoned is required to file a report with the Division as prescribed by the administrator. Reports must be filed before May 1* for life insurance companies and before November 1" of each year for all other holders. In addition to what is specifically prescribed in the statute, the administrator may by rule require any other information deemed necessary for the administration of this chapter. Bulletin No 2021-05 Questions about submitting unclaimed property reports should be directed to the Division at (340)774-7166. Questions regarding this Bulletin may be directed to Glendina P. Matthew * Acting Director or Comelia Gifford, Special Assistant to Banking at (340)773-6459. Dated this__ 8 day of September 2021 at St. Thomas, U.S. Virgin Islands. ae YZ. Meeps Ke yt genza A, Réach, Esq. oS Lieutenant Governor/ Administrator