United States:
District Court Discharges Phoenix Fire And Marine Insurance Company Conservator
07 December 2017
Carlton Fields
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After 14 years, the Commissioner of Insurance of the Virgin
Islands has been discharged as conservator of Phoenix Fire and
Marine Insurance Company ("Phoenix"). The
Commissioner reported that: $15,936,228.13 had been paid to claims
under Phoenix policies; $298,452.38 in unearned premiums disbursed
to policy holders; $1,819,449.76 held in trust; and there is a
balance of $3,819,449.76 in outstanding claims and unearned
premiums.
In addition to discharging the Commissioner, the Court awarded
$400,000 in administrative fees and deposited $1,396,169.10 in
unclaimed funds with the Commission of Finance to be designated as
the Phoenix Fire Trust Fund, into which any unclaimed funds shall
be deposited. Potter v Phoenix Fire and Marine Ins. Co.
Ltd., et al., Civil No. 1991-271 (USDC D.V.I. Nov. 3,
2017).
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