Act No. 8003 (32nd Legislature) — An Act repealing title 22 Virgin Islands Code section 1251(a) and adding chapter 14 entitled “The Virgin Islands Insurance Holding Company S
ACTNO. 8008 BILL NO. 32-0042 THIRTY-SECOND LEGISLATURE OF THE VIRGIN ISLANDS Regular Session 2017 An Act repealing title 22 Virgin Islands Code section 1251(a) and adding chapter 14 entitled “The Virgin Islands Insurance Holding Company System Regulatory Act” to meet the accreditation standards established by the National Association of Insurance Commissioners and update the insurance laws of the Territory placing them on par with other United States jurisdictions, and providing greater and more effective protection to the policyholders of the Territory an-()--- WHEREAS, the Jaws governing the insurance industry in the Territory are outdated as many of the laws were enacted in 1968 and have not been updated: and WHEREAS, the laws governing the insurance industry in the Territory do not grant the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 w …
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