Regulatory Alerts2021-04-08
Regulatory (Insurance Code of Conduct) Code, 2021
The Financial Services Commission of the Virgin Islands issued this 2021 Code to establish binding market conduct rules for insurers, intermediaries, and loss adjusters. The regulation mandates strict standards for honesty, transparency, and fair treatment, requiring comprehensive disclosure of policy terms, pricing, and risks to customers before and after contract inception. It further enforces obligations for prompt claims processing, effective complaint handling, and conflict of interest management, with the Commission empowered to enforce compliance through administrative penalties and fit-and-proper assessments.
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