Act No. 8563 (34th Legislature) — An Act amending title 22 Virgin Islands Code, chapters 55 and 66 and title 13, chapter 14 relating to captive insurance companies to clarify
ACTNO. 8563 BILL NO. 34-0191 THIRTY-FOURTH LEGISLATURE OF THE VIRGIN ISLANDS Regular Session 2022 An Act amending title 22 Virgin Islands Code, chapters 55 and 66 and title 13, chapter 14 relating to captive insurance companies to clarify the purpose of the chapter, and to prohibit the organization within the Virgin Islands of a special category of multi-state insurers that may not be required to comply with the accreditation standards established by the National Association of Insurance Commissioners (NAIC) and adopted by the Territory as a NAIC-accredited jurisdiction aneQeoe WHEREAS, the Virgin Islands, through the Office of the Lieutenant Governor, Division of Banking, Insurance and Financial Regulation (‘the Division"), with the Lieutenant Governor serving statutorily as the Territory's Commissioner of Insurance, was accredited by the National Association of Insurance Commissioners ("NAIC") on December 6, 2019; and WHEREAS, the NAIC accreditation program was established to develop and maintain standards to promote effective insurance company financial solvency regulation. …
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