Act No. 8558 — An Act amending title 22 Virgin Islands Code, chapter 27 by changing the name of the chapter to “The Virgin Islands Unauthorized and Surplus
ACTNO, 8558 BILL NO. 34-0166 THIRTY-FOURTH LEGISLATURE OF THE VIRGIN ISLANDS Regular Session 2022 An Act amending title 22 Virgin Islands Code, chapter 27 by changing the name of the chapter to “The Virgin Islands Unauthorized and Surplus Lines Insurer Act” and by establishing the diligent search requirements that an authorized surplus lines broker must fulfill before placing coverage for certain lines of insurance with a surplus lines insurer in the Territory; and for other purposes WHEREAS, the Virgin Islands insurance industry is very competitive, in view of the fact that it is comprised of not only an admitted market of licensed insurers, but also a surplus lines market of registered insurers to provide insurance coverage for numerous risks; WHEREAS, the surplus lines market, inclusive of United States and non-United States domiciled insurers, is a distinct segment of the Territory's insurance industry, consisting of non- admitted specialized insurers covering risks offered through surplus lines brokers not generally available within the admitted market; WHEREAS, of great signifi …
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