Government

Insurance Law Overhaul Moves Forward as Officials Warn Accreditation Could Be Suspended

The V.I. Legislature’s Committee on Budget, Appropriations, and Finance has approved Bill No. 36-0184, a measure that would update the territory’s insurance laws to meet nationally required regulatory standards, as lawmakers move to avoid the possible suspension of the Virgin Islands’ insurance accreditation. The bill proposes revisions to Title 22 of the Virgin Islands Code, Chapter 14, known as the Virgin Islands Insurance Holding Company System Regulatory Act. According to testimony presented to the committee, the changes are required by the National Association of Insurance Commissioners (NAIC) and must be enacted for the Government of the Virgin Islands to “maintain compliance with NAIC accreditation standards.” Appearing before the committee on December 15, Suzette Richards, legal counsel for the Division of Banking, Insurance and Financial Regulation within the Office of the Lieutenant Governor, urged lawmakers to advance the legislation, emphasizing the consequences of inacti...