Act No. 8074 — An Act amending title 22 Virgin Islands Code, chapter 21, section 514 and adding chapter 55A relating to life and health reinsurance agreeme
NO. 8074 BILL NO. 32-0232 THIRTY-SECOND LEGISLATURE OF THE VIRGIN ISLANDS Regular Session 2018 An Act amending title 22 Virgin Islands Code, chapter 21, section 514 and adding chapter 55A relating to life and health reinsurance agreements woQe-- WHEREAS, the laws governing the insurance industry in the Territory are outdated as many of the laws were enacted in 1968 and have not been updated; and WHEREAS, the laws governing the insurance industry in the Territory do not grant to the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 insurance laws commensurate with the ever-evolving insurance industry; and WHEREAS, the NAIC has established core accreditation standards and a comprehensive set of laws, known as the Model Laws and Regulations, in order to assist United States jurisdictions in their regulation of the solvency of their multi-state domestic insurance industry, ther …
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