The National Democratic Party government has implemented an Insurance Tribunal to investigate reports of unfairness by local insurers.
A government media release said the Tribunal will mediate between insurers and insured residents with the aim of “enabling an amicable settlement” between both parties.
The Tribunal will also be responsible for advising insured residents if they are unable to arrive at an amicable settlement with their insurer.
The Tribunal will be chaired by Eric Ball and was implemented under the Financial Services (Continuity of Business) Act, 2007.
The Tribunal was created to fast-track insurance settlements across the territory and will remain active until Premier Dr D Orlando Smith gives notice of termination.
According to the media release, the Premier will only give such an order when the Tribunal fulfils its mandate.
Premier Dr D Orlando Smith said recently: “There is an urgent need to get claims processed so residents can rebuild their homes and have safe housing for those that are still displaced, and for commercial properties to be restored to bring back services that have been disrupted.”
In the meantime, the Tribunal is being housed inside BVI Financial Services Commission at the Haycraft Building in Pasea Estate. Persons wishing to contact the Insurance Tribunal should address matters to the attention of to tribunal secretary, Rhonda Hodge-Smith at [email protected]
Following the hurricanes, several property owners have been complaining that they were being bullied and cheated by local insurance companies.
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