Wednesday’s press conference.
PHILIPSBURG–NAGICO has announced a newly modified Motor Insurance Policy Schedule as a means to combat the multiple insurance fraudulent acts being undertaken by individuals in the community.
This was announced in a press conference on Wednesday morning by NAGICO Managing Director and Territory Head Eric Ellis, joined by Minister of Justice Anna Richardson joined and Chief of Police Carl John.
This first phase of NAGICO’s counter-fraud measures launches on June 12, and will run until September 15, allowing for their motor policyholders to exchange their current insurance documents for the new insurance policy.
In her opening remarks Richardson said, “Tackling insurance policy fraud on St. Maarten is of paramount importance, as these positive actions help maintain the integrity and sustainability of the insurance industry, ensuring that legitimate policyholders are protected and able to receive the coverage they rightfully deserve.”
She commended NAGICO for taking this proactive step in launching a newly modified motor insurance policy which cannot be duplicated, altered, or replicated. “I also encourage other insurance agencies to adopt counter-fraud measures,” she continued.
Ellis stated in his remarks that the false policy schedules circulating on St. Maarten have NAGICO’s attention for some time now. With the upgraded security features to the motor insurance policy schedule, NAGICO aims to create a safer environment for its customers and deter potential fraudsters from taking advantage of the system.
Some of the key features of the new policy schedule document is the document will now boast a green colour, a watermark, a micro film and a tracking number.
Ellis further mentioned that NAGICO expects to go into phase two, which will be a paperless approach. He noted that other islands such as Curaçao have moved, as recently as last year, to paperless policies.
Prior projections for the roll-out of the paperless policy schedules were set for early 2023. However, the company noted that there were several reasons why it may have been a bit premature to bring this process to St. Maarten. Ellis explained that the procedures here on St. Maarten are quite different from, for example, those in Curaçao and Aruba. At the moment there is no set date for the roll-out of this phase two.
Chief John also encouraged businesses or persons who may have identified any fraudulent acts to report this immediately to the police, and expressed his appreciation to NAGICO for this initiative which will allow police officers to identify fraudulent insurance documents more easily. The public is advised to ensure that their documentation is updated when operating a vehicle to avoid being penalised.
Richardson, Chief John, and Ellis have all expressed their willingness to work and support each other in this area in order to combat fraud.
Source: The Daily Herald https://www.thedailyherald.sx/islands/nagico-to-combat-insurance-fraud-with-new-policy-schedule