Regulatory AlertsVirgin Islands Insurance Act (Revised 2020)
The Government of the Virgin Islands enacted this Act to reform the licensing, regulation, and supervision of insurance business, managers, intermediaries, and loss adjusters. The legislation establishes a comprehensive regulatory framework administered by the Financial Services Commission, mandating strict licensing requirements and prohibiting unauthorized insurance activities. It imposes detailed obligations on licensees regarding financial solvency, corporate governance, actuarial standards, and the maintenance of records to ensure market integrity and consumer protection.
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