Act No. 7962 (31st Legislature) — An Act amending the Virgin Istands Code titles 3, 9, and 22 to update the Insurance Laws of the Territory and to adopt the core standards an
ACTNO. 7962 BILL NO. 31-0442 THIRTY-FIRST LEGISLATURE OF THE VIRGIN ISLANDS Regular Session 2016 An Act amending the Virgin Istands Code titles 3, 9, and 22 to update the Insurance Laws of the Territory and to adopt the core standards and Model Laws and Regulations as established by the National Association of Insurance Commissioners (NAIC) for purposes of obtaining accreditation with the NAIC, placing the Territory on par with other United States jurisdictions and attaining greater and more effective protection to the policyholders of the Territory and for other related purposes 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 the laws governing the insurance industry in the Territory are outdated as many of the laws were enacted in 1968 and have not been updated; and WHEREAS, the Division of Banking and Insurance (Division) has been given additional legislative mandates over the years which have expanded immensely the Division’s scope of responsibilities beyond primarily banking and insurance matters. …
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