Regulatory Alerts2023-03-21
Insurance (Amendment) Act, 2023
The Legislature of the Virgin Islands enacted the Insurance (Amendment) Act, 2023 to amend the Insurance Act, Revised Edition 2020. The legislation replaces the statutory definitions of "controlling interest" and "significant interest" with expanded criteria regarding voting rights, influence, and director appointments. Additionally, it amends Sections 21 and 45 of the principal Act to include "controlling interest" alongside "significant interest" in relevant regulatory provisions.
Share