NAIC Unanimously Grants Virgin Islands Five-Year Accreditation

The Virgin Islands has achieved an important regulatory milestone as the National Association of Insurance Commissioners (NAIC) voted unanimously to grant accreditation status to the territory’s Division of Banking, Insurance, and Financial Regulation. The announcement was made by Lieutenant Governor Tregenza Roach, who also serves as the commissioner of Insurance, following the NAIC Fall National Meeting held on Saturday, November 16, in Denver, Colorado. According to a release from the Office of the Lieutenant Governor, Mr. Roach and a team of key personnel from the Division of Banking, Insurance, and Financial Regulation delivered a presentation at the NAIC meeting as the final step in the accreditation review process. The process included an evaluation by an on-site review team that assessed the Division’s capabilities across several areas, including: Financial solvency laws and regulations Financial analysis and examination capabilities Organizational and personnel practices...