Act No. 8075 (32nd Legislature) — An Act amending title 22 of the Virgin Islands Code, by adding chapter 26 entitled Annual Audit and Financial Reporting, to meet the accredi
ACT NO. 8075 BILL NO. 32-0233 THIRTY-SECOND LEGISLATURE OF THE VIRGIN ISLANDS Regular Session 2018 An Act amending title 22 of the Virgin Islands Code, by adding chapter 26 entitled Annual Audit and Financial Reporting, to meet the accreditation standards established by the National Association of Insurance Commissioners and to update the insurance laws of the Territory and to give greater and more effective protection to the policyholders of the Territory; and repealing title 22 Virgin Islands Code, section 222a | WHEREAS, the Jaws governing the insurance industry in the Virgin Islands are outdated as many of the laws were enacted in 1968 and have not been updated; and WHEREAS, the laws governing the insurance industry in the Virgin Islands do not grant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 insurance laws commensurate with the ever-evolving insurance ind …
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