Act No. 7963 — An Act amending title 22 Virgin Islands Code adding chapter 20 to enact “The Virgin Islands Risk-Based Capital for Insurers Act™ ---Q---
ACTNO, 7963 BILL NO. 31-0443 THIRTY-FIRST LEGISLATURE OF THE VIRGIN ISLANDS Regular Session 2016 An Act amending title 22 Virgin Islands Code adding chapter 20 to enact “The Virgin Islands Risk-Based Capital for Insurers Act™ ---Q--- WHEREAS, the laws governing the insurance industry in the Territory are outdated as many of the laws were enacted in 1968 and have not been updated; and WHEREAS, the laws governing the insurance industry in the Territory do not grant the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 National Association of Insurance Commission (NAIC) has established core accreditation standards and a comprehensive set of laws, known as the Mode! …
Download the original document · Browse the archive · How this archive works
Archive identifier LF-e34ecf237c7f