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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 101, Christansted, St. Croix, USV100820 @ (3411) 773-6459 @ Fax (340) 719-3801 BULLETIN NO. 2017-07 TO: All Property and Casualty, Domestic Insurers, Insurance Agencies and Other Insurers and Entities Regulated by the U.S. Virgin Islands, Division of Banking, Insurance and Financial Regulation RE: Written Catastrophe Response Plan The purpose of this Bulletin is to advise property and casualty, domestic insurers, insurance agencies, and other insurers and entities of their responsibilities as it relates to Catastrophe Response Plans. In light of the recent passage of Hurricane Irma and Hurricane Maria, which devastated many islands throughout the Caribbean and the infrastructure of the Districts of St. Thomas - St. John and St. Croix, this Bulletin is being issued to all insurers for the protection of policyholders in the Territory. As many of you are aware, the impact the storms had on the Territory was so great that many Virgin Islands residents are now displaced in various parts of the United States. Not only was there severe damage to properties but communication between persons in and outside the Territory was limited and at times nonexistent. As such, the Commissioner of Insurance recognized that the interest of the public demands that certain insurers have a Catastrophe Response Plan in place should a similar emergency arise again. Property and Casualty and Domestic Insurers Effective January 15, 2018, the Commissioner of Insurance, pursuant to 22 VI. C. § 206(2)(F), requires insurers issuing property and casualty policies to maintain and submit to the Commissioner with its new or renewal application a copy of its Catastrophe Response Plan for the benefit of its policyholders in the event of a disaster or emergency. More particularly, an insurer writing any commercial or residential property, automobile, marine, or inland marine insurance must maintain a written Catastrophe Response Plan that describes how it will respond to a catastrophe affecting Bulletin 2017-07 October 27, 2017 shall be considered proprietary and treated as confidential. It shall not be subject to public records disclosure or made public by the Commissioner. To this end, the Commissioner urges all property and casualty and domestic insurers to initiate and complete the development of a Catastrophe Response Plan to ensure full compliance with this Bulletin. Other insurers, insurance agencies and entities regulated by the Commissioner are also required to develop a Plan in order to respond to the needs of their policyholders. Accordingly, all insurers, insurance agencies and entities should do or take whatever action that is necessary, incidental! or appropriate for the implementation of such Plan. Questions regarding this Bulletin should be directed to Attomey Glendina Matthew, Division of Banking, Insurance and Financial Regulation, at (340)773-6459 Ext. 3107 and/or by e-mail at glendina.matthew @lgo.vi.gov. Dated this 27 ay of October 2017 at Christiansted, Virgin Islands. Osbert E. Potter Lieutenant Govemor/ Commissioner of Insurance