Act No. 7964 — An Act repealing and reenacting title 22 Virgin Islands Code chapter 31 to enact the “Virgin Islands Producer and Adjuster Licensing Act™
BILL NO. 31-0445 THIRTY-FIRST LEGISLATURE OF THE VIRGIN ISLANDS Regular Session 2016 An Act repealing and reenacting title 22 Virgin Islands Code chapter 31 to enact the “Virgin Islands Producer and Adjuster Licensing Act™ WHEREAS, the laws governing the insurance industry in the Virgin Islands seriously needs to he updated to comply with national standards: and WHEREAS, the Lieutenant Governor of the Virgin Islands as the Commissioner of Insurance regulates the Virgin Islands insurance industry; and WHEREAS, all other United States jurisdictions have periodically updated their insurance laws to commensurate with the ever-evolving insurance industry; and WHEREAS, the National Association of Insurance Commissioners (NAIC) has established core accreditation standards and a comprehensive set of laws, known as the Model Laws and Regulations, in order to assist United States jurisdictions in their regulation of the solvency of their multi-state domestic insurance industry thereby affording greater protection to the policyholders in the United States; and WHEREAS, all of the 50 states of t …
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