Act No. 8126 — An Act amending the Virgin Islands Code, title 22, chapter 10, section 237(a)(3) (A) relating to the Virgin Islands Insurance Guaranty Assoc
M’NO. $126 BILL NO. 32-0305 THIRTY-SECOND LEGISLATURE Of THE VIRGIN ISLANDS Regular Session 2018 An Act amending the Virgin Islands Code, title 22, chapter 10, section 237(a)(3) (A) relating to the Virgin Islands Insurance Guaranty Association’s duty to assess insurers for the payment of claims when the monies in the Insurance Guaranty Fund are below the statutory amount of $10,000,000 to increase that amount to $50,000,000; amending title 33,chapter 111, section 3061 relating to the balance in the Insurance Guaranty Fund to increase the required amount to $50,000,000; amending Act No. 7342, subsections (b) and (d) relating to the termination date of the Government’s authorization to borrow money or to issue bonds or notes for the benefit of insolvent insurers in the event of insufficient funds in the Insurance Guaranty Fund to restore the mandatory fund balance of the Insurance Guaranty Fund to $50,000,000; repealing title 22 Virgin Islands Code, chapter IDa; and providing for other related purposes ---0--- Be it enacted by the Legislature ofthe Virgin Islands: SECTION 1. …
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