The Division of Banking and Insurance (DBI), under the Office of the Lieutenant Governor, has been investigating recent changes made by the Connecticut General Life Insurance Co. (CIGNA) to its group health plans in the United States Virgin Islands. The pending removal of the Puerto Rico market from network-based medical benefits is of particular interest. DBI is a regulatory body charged with the supervision and regulation of insurance companies and insurance-related businesses operating in the territory.
Banking and Insurance Director John McDonald has contacted the insurers to determine whether the planned exit will affect existing policies or new group contracts. The division is also seeking information as to the approximate number of policyholders affected by this change and the amount of notice that was provided to the administrators and policyholders of the plan.
Lieutenant Governor Gregory R. Francis, in his capacity as Commissioner of Insurance, is closely monitoring the division’s progress during the investigation. “The Division of Banking and Insurance takes its responsibility to enforce the insurance and banking laws of this territory very seriously,” he said. “Although our regulatory role does not permit us to participate in any contractual discussion or negotiation process, we are committed to serve and protect the Virgin Islands consumer, and to assist the insurance and banking industries in providing better service to our community.”