Bill No. 36-0236, Block II — Budget, Appropriations and Finance, February 27, 2026
COMMITTEE ON BUDGET, APPROPRIATIONS AND FINANCE BILL NO. 36-0236 Thirty-Sixth Legislature of the Virgin Islands February 2, 2026 An act amending title 33 Virgin Islands Code, subtitle 3, chapter 111, section 3061 by increasing the amount of money that is to remain in the Virgin Islands Insurance Guaranty Fund before any interest can be deposited into the General Fund PROPOSED BY: Senator Kurt A. Vialet Be it enacted by the Legislature of the Virgin Islands: 1 SECTION 1. Title 33 Virgin Islands Code, subtitle 3, chapter 111, section 3061 is 2 amended as follows: 3 (a) in subsection (d): 4 (1) strike both occurrences of “$50,000,000” and insert “$55,000,000”; 5 (2) in the last sentence: 6 (A) strike “equals or”; and 7 (B) strike “said interest” and insert “amounts in excess”. 8 (b) strike subsection (e). …
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COMMITTEE ON BUDGET, APPROPRIATIONS AND FINANCE BILL NO. 36-0236 Thirty-Sixth Legislature of the Virgin Islands February 2, 2026 An act amending title 33 Virgin Islands Code, subtitle 3, chapter 111, section 3061 by increasing the amount of money that is to remain in the Virgin Islands Insurance Guaranty Fund before any interest can be deposited into the General Fund PROPOSED BY: Senator Kurt A. Vialet Be it enacted by the Legislature of the Virgin Islands: 1 SECTION 1. Title 33 Virgin Islands Code, subtitle 3, chapter 111, section 3061 is 2 amended as follows: 3 (a) in subsection (d): 4 (1) strike both occurrences of “$50,000,000” and insert “$55,000,000”; 5 (2) in the last sentence: 6 (A) strike “equals or”; and 7 (B) strike “said interest” and insert “amounts in excess”. 8 (b) strike subsection (e). 9 BILL SUMMARY 10 The bill amends title 33 Virgin Islands Code, subtitle 3, chapter 111, section 3061 by 11 increasing the amount of money, from $50,000,000 to $55,000,000, that is to remain in the 12 Virgin Islands Insurance Guaranty Fund (“Fund”) before any interest can be deposited into the 13 2 General Fund and making technical amendments. Under current law, the interest on the monies 1 in the Fund is required to be deposited into the Fund until the balance equals $50,000,000 with 2 any excess being deposited into the General Fund. 3 BR25-0948/January 14, 2026/GC/Revised February 2, 2026/GC 4