In response to numerous inquiries on the availability of individual health insurance coverage, Lieutenant Governor Tregenza A. Roach Esq., who also serves as the Commissioner of Insurance, reminds residents that after a thorough review, the Division of Banking, Insurance and Financial Regulation has licensed a global insurer to provide individual health insurance coverage in the territory.
That licensing of Optimum Global Insurance Company (OGIC) occurred in May 2023, at which time the Office of the Lieutenant Governor conducted a press conference to relay the welcomed news.
“Since then, our offices have received a multitude of inquiries about the insurance products offered by the company. We are sharing this information once again because we still are receiving so many inquiries. It is easy to understand that some residents may still not be aware of these new products because it has been decades that such an insurance product has not been offered to the territory’s residents,” Lt. Gov. Roach said.
Optimum Global Insurance Company’s principal business is to provide insurance coverage for medical expenses, travel, life and personal accident risk. Optimum Global Insurance Company is offering in the U.S. Virgin Islands health insurance coverage under an arrangement with AXA PPP Healthcare Limited (AXA), whereby AXA assumes all financial risk for the policies written by Optimum Global Insurance Company. AXA shares a group rating of A+ (Superior) from AM Best issued on July 8, 2022, and has assets of $2.15 billion based on AM Best Balance Sheet as of Dec. 31, 2021.
Roach underscores the void that has existed in the absence of a health insurance mandate, such as the one included in the Affordable Care Act. “The fact that the Affordable Care Act does not extend to U.S. territories has contributed to the absence of PR007-24, Individual Health Insurance Updated Feb. 15, 2024, companies offering the individual health insurance coverage, leaving as much as 30% of the population uninsured,” Roach.
“Fixing this void and getting companies to come into the territory to provide offerings of individual insurance products is of significant importance and continues to serve as a priority for the division. The Division of Banking, Insurance and Financial Regulation conducted an exhaustive review of the company regarding their intent to conduct business in the territory.
This process served to ensure that our residents could benefit from individual insurance products and that the existing void could be addressed,” said Roach.
Optimum Global Insurance Company has been approved to offer three different plans: Essential, Standard and Superior. All of the plans offer health insurance coverage for hospitalization and emergency care. There are varying levels of coverage for outpatient care, like doctor visits, lab tests and prescription drugs. Individuals will also have the option to purchase maternity and dental coverage.
Coverage is subject to the terms of the policy and can extend to the U.S. Virgin Islands, Puerto Rico, other U.S. territories, the U.S. Mainland worldwide.
Persons interested in learning more about the insurance products offered by Optimum Global can contact Joe Brugos, managing member, at 774-2323 or via email at jbrugos@crgvi.com.
For inquiries regarding the contact information for or the licensing status of Optimum Global Insurance Company or any insurance company doing business in the territory, please contact the Office of the Lieutenant Governor’s Division of Banking, Insurance and Financial Regulation in the St. Thomas-St. John District at 774-2991 or in the St. Croix District at 773-6449.
