Act No. 8135 — An Act amending Title 22 of the Virgin Islands Code to add a Chapter 42 enacting “The Actuarial Opinion and Memorandum Act” to meet the accr
ACTNOI $135 BILL NO. 32-0248 THIRTY-SECOND LEGISLATURE OF THE VIRGIN ISLANDS Regular Session 2018 An Act amending Title 22 of the Virgin Islands Code to add a Chapter 42 enacting “The Actuarial Opinion and Memorandum Act” to meet the accreditation standards established by the National Association of Insurance Commissioners and to provide for greater and more effective protection to the policyholders of the Territory ---0--- WHEREAS, many of the laws governing the insurance industry in the Territory are outdated as they were enacted in 196$ and have not been updated; and WHEREAS, the laws governing the insurance industry in the Territory do not grant to the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, …
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