Regulatory Alerts2024-09-26
Insurance (Amendment) Act, 2024
The Legislature of the Virgin Islands enacted this Act to amend the Insurance Act, Revised Edition 2020 by imposing stricter oversight on foreign insurers. The legislation requires foreign insurers to obtain prior written approval from the Commission before effecting any change in significant or controlling ownership interests. Additionally, it mandates that the Commission verify fit and proper criteria for new owners and obligates insurers to notify the Commission of other interest changes within 14 days.
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