Regulatory Alerts2021-04-08
Regulatory (Amendment) Code, 2021
The Financial Services Commission of the Virgin Islands issued the Regulatory (Amendment) Code, 2021 to amend the Financial Services Commission Act, 2001. The Code updates Section 59 to expand the recognized international auditing standards for licensee financial statements and inserts Section 142A to mandate comprehensive claims handling records for licensed insurers and intermediaries. These requirements ensure that insurers maintain detailed documentation of claim inception, investigation, and settlement to demonstrate compliance and transparency to clients and regulators.
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