Act No. 8136 (32nd Legislature) — An Act amending title 22 of the Virgin Islands Code, chapter 21 by designating the existing sections as subchapter I and by adding a subchap
ACTNO. 8136 BILL NO. 32-0309 THIRTY-SECOND LEGISLATURE OF THE VIRGIN ISLANDS Regular Session 2018 An Act amending title 22 of the Virgin Islands Code, chapter 21 by designating the existing sections as subchapter I and by adding a subchapter II entitled “Standard Valuation Act of 2018,” to meet the accreditation standards established by the National Association of Insurance Commissioners in its model laws and to update the insurance laws of the Territory placing them on par with other United States jurisdictions to more effectively protect the policyholders of the Territory ---0--- WHEREAS, the laws governing the insurance industry in the Territory are outdated, as many of the laws were enacted in 1968 and have not been updated; and WHEREAS, the laws governing the insurance industry in the Territory do not grant to the Commissioner of Insurance of the Virgin Islands all of the necessary authority to effectively regulate the solvency of the multi-state domestic insurance industry in the Territory; and WHEREAS, all other United States jurisdictions have periodically updated their insur …
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