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Office of the Lieutenant Governor Division of Banking, Insurance and Financial Regulation #5049 Konpens Gade, Charlotte Amalic, St. Thomas, USVI 00802 6487 @ (340) 774-2991 @ Fax (340) 774-9458 1131 King Street, Suite 101, Chnistiansted, St. Croix, USVI 00820 @ (340) 773-6449 @ Fax (340) 719-3801 lyg.gov-vi BULLETIN 2024-02 TO: United States Virgin Islands holders and potential claimants of unclaimed property FROM: Tregenza A. Roach, Esq., Lieutenant Governor and Administrator of Unclaimed Property RE: Virgin Islands’ Implementation of Online Unclaimed Property Database The Lieutenant Governor and Administrator of Unclaimed Property, Tregenza A. Roach, Esq., is pleased to announce that the Virgin Islands Office of the Lieutenant Governor's online unclaimed property database successfully went live on Tuesday, April 2, 2024. This database aims to reunite unclaimed property with its rightful owners, to provide potential claimants 24/7 access to Virgin Islands unclaimed property data, and to expedite the unclaimed property claim process in the Virgin Islands. The online holder portal will also improve the efficiency of the reporting process and improve the security of the data holders are reporting. The Virgin Islands Uniform Unclaimed Property Act, as codified in 28 VIC Section 651, et seq., requires banks, corporations, 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 unclaimed property with the Office of the Lieutenant Governor. The report must be filed before May 1* for life insurance companies and before November 1|* of each year for all other holders. Some common types of unclaimed property are bank accounts, stocks, bonds, uncashed checks, wages, life insurance benefits, and safe deposit box contents, which generally become abandoned after five years of no transactions, depending on the type of property. The significance of this online database is that potential claimants can search the online database 24/7 to determine if they have a valid claim and use the online database to commence claims. Claimants can access the online database through the Claims Website by visiting hbitps://usviclaims.unclamedproperty.com, Claimants will no longer need to mail in or visit the office to submit claim forms. Persons searching for unclaimed property can now visit the Virgin Islands Unclaimed Property Claims Website to search for and submit any valid claim. To claim property electronically, property owners will be required to fill out a secure form online (including name, Social Security number, birthdate, and address). Depending on the complexity of a claim, additional supporting documents may be required to verify proof of ownership or authority to file a claim, e.g., power of attorney, court documents, etc. Do note that persons seeking to file unclaimed property claim(s) can do so at any time. There is no statute of limitation to file a valid claim. Holders are reminded to participate in online reporting of unclaimed property with the US Virgin Islands. Reports must be submitted in the NAUPA II format. There are various software options to create a NAUPA II file. While the Virgin Islands does not recommend any type of software for creating a NAUPA II file, a link to HRS Pro is provided on the Holder Reporting Website to facilitate creating sample reports. To access the Holder Reporting Website, please visit hiips://usviholder.unclaimedproperty.com. Anyone needing assistance using this online reporting portal, can click on links that appear on the Holder Reporting Website to get answers to the most frequently asked questions about unclaimed property and to access a tutorial video with instructions for using the online reporting portal. For information about the unclaimed property program, please visit the Office of the Lieutenant Governor, Division of Banking Insurance and Financial Regulation webpage hlips://Ie.vov vi/departments/banking-insurance-and-financial-regulation/ or call the Division at (340) 774-2991 on St. Thomas or (340) 773-6449 on St. Croix. Dated this 5th day of April 2024, at St. Thomas, U.S. Virgin Islands. mee a Trégenza A. Rofch, Esq Lieutenant Governor/ Administrator of Unclaimed Property