Act No. 8182 (33rd Legislature) — An Act amending title 22 Virgin Islands Code, to add a new chapter 20a entitled “The Risk Management and Own Risk and Solvency Assessment Ac
ACTNO. 8182 BILL NO. 33-0016 THIRTY-THIRD LEGISLATURE OF THE VIRGIN ISLANDS Regular Session 2019 An Act amending title 22 Virgin Islands Code, to add a new chapter 20a entitled “The Risk Management and Own Risk and Solvency Assessment Act” which meets the accreditation standards established by the National Association of Insurance Commissioners in its model laws and updates the insurance laws of the Virgin Islands of the United States placing them on par with other United States jurisdictions, thereby affording greater and more effective protection to the policyholders in the Virgin Islands ---0--- WHEREAS, the laws governing the insurance industry in the Virgin Islands of the United States are outdated as many of the laws were enacted in 1968 and have not been updated; WHEREAS, the laws governing the insurance industry in the Virgin Islands do not grant to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 Virgin Islands; WHEREAS, all other United States jurisdi …
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