GOVERNMENT OF THE UNITED STATES VIRGIN ISLANDS

OFFICE OF THE LIEUTENANT GOVERNOR

DIVISION OF BANKING AND INSURANCE



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In the Matter of:

ORDER NO. 02/2017

George Byam and



Byam Insurance Agency



a ee ee ee te



ORDER



WHEREAS, this matier is before the Commissioner of Insurance as a result of a

complaint filed by an insurance consumer against Mr. George Byam (hereinafter

referred to as “Mr. Byam”) and Byam Insurance Agency (hereinafter referred to as

“Byam”) relative to a homeowner's policy purchased from MAPHRE PRAICO

Insurance Company (hereinafter referred to as “Maphre”) through Byam on May

24, 2017 in the amount of Two Thousand Four Hundred Twenty Six and Four cents

($2,426.04) for the policy period of May 25, 2017 to May 25, 2018; and



WHEREAS, the insurance consumer after filing a claim with Maphre was

advised by the insurance company that her policy was cancelled for nonpayment

of premium; and



WHEREAS, the insurance consumer produced a copy of the receipt from

Byam showing payment of premium was made in full on May 24, 2017 in the

amount of Two Thousand Four Hundred Twenty Six and Four cents ($2,426.04) for the

policy period of May 25, 2017 to May 25, 2018; and



WHEREAS, the Division of Banking, Insurance and Financial Regulation

(hereinafter referred to as “Division”) records show Byam holds a Life and Health

agent, broker and Surpius lines license with the effective date of January 1, 2017

and the expiration date of December 31, 2017; and



WHEREAS, Mr. Byam is also licensed to conduct all lines as an agent and

broker, and Surplus lines business with the effective date of January 1, 2017 and the

expiration date of December 31, 2017; and



WHEREAS, Mr. Byam has binding authority for MAPHRE: and



WHEREAS, the crux of fhis complaint is that Mr. Byarn, Owner and Manager of

Byam failed to remit the insurance premium paid by the policyholder to Maphre.

which resulted in the insurance consumer policy being cancelled by Maphre; and



WHEREAS, the insurance consumer produced to the Division a declaration

page, which was issued to her at the time of payment of premium for the policy

period of May 25, 2017 to May 25, 2018; and


Order Byam Insurance Agency

Order No. 2/2017

Page 3



FURTHER ORDERED that, Byam shall remit the 2016 report of the surplus lines

business conducted and the required quarterly tax payments on surplus lines

transactions made in Year 2016; and it is



FURTHER ORDERED that, Mr. Byam and Byam shall submit within 5 days of

receipt of Order (October 23, 2017) the following:



1) Copies of the contractual agreements between Byam and

Maphre, and Byam and Nemwil:; and



2) Copies of the processed check sent to Maphre and the transmittal

document with the listing of policyholders; and



3) Copies of the last transmittal document sent to Nemwil and a

copy of the processed check; and it is



FURTHER ORDERED that, in accordance with Title 22 of the Virgin Islands

Code, Section 151, Mr. Byam may request a hearing before the Commissioner

within 10 days of receipt of this Order (October 28, 2017) to show cause why this

Order should not remain in effect; and it is



FURTHER ORDERED that, a copy of this Order shall be served by hand delivery

upon Mr. Byam, Owner and Manager of Byam at The Village Mall No. 13 Barren

Spot Christiansted, Vi 00820. 3

Dated: October 18, 2017 ul



Osberhe . Potter



One Govermor/

Commissioner of Insurance