SOPAC Insurance Guarantee for the 10.1 Million Dollar Investment

At a glance

Based on sparse auto-generated captions; names and numbers may be misheard.

What: The Senate is examining whether insurance protected the $10.1 million the government allegedly invested through McKinley and Beach Tree. A guarantee covering only external fraud exists; a $300,000 premium was reportedly paid to South Pacific Insurance Corporation (SOPAC).
Where it stands: at an October 6 virtual hearing, SOPAC and the guarantee issuer said no insurance for the government was ever bought. Senators discussed criminal referrals and an investigating committee resolution. Related: Spending Without Legislative Appropriation (ARPA Interest and Opioid Funds).

2026-10-06 - Senate - Committee of the Whole heard SOPAC and Trade and Merchant Trade Services, who denied any insurance relationship with the government; referral discussion followed.
2026-09-28 - Senate (2) - Senators and the Insurance Commissioner examined the policy: it named a trade and merchant services company as insurer with SOPAC as guarantor, covered only verified external fraud, and senators questioned whether either held a certificate of authority.