The U.S. Virgin Islands was granted accreditation from the National Association of Insurance Commissioners during the organization’s meeting earlier this month.
At the NAIC Fall National Meeting in Austin, Texas, Lt. Gov. Tregenza Roach and his team from the Division of Banking, Insurance and Financial Regulation gave a presentation for consideration of accreditation, the final component of the accreditation review. The review commenced earlier this year and consisted of site visits, evaluations and recommendations by the NAIC peer review team.
At the meeting, Roach presented his case as to why the NAIC should approve the recommendation of the review team and the approval was given in a unanimous vote.
Accreditation for the division will allow other jurisdictions to readily accept financial examinations of domestic multi-state insurance companies conducted by the division, and will ensure other regulators and the insurance industry of the division’s compliance with standards, rules and regulations evolved by NAIC.
“This enhances the economic climate of the territory by making it more attractive for insurance companies to do business here. We are hopeful that it will increase the range of insurance products available to our residents,” Roach said.
He added, “I am pleased with the favorable outcome of the accreditation and thank the dynamic team from the Division of Banking, Insurance, and Financial Regulation for its diligence in utilizing NAIC model laws, standards, procedure and trainings. The division has consistently and effectively fulfilled numerous legislative matters relative to insurance. These accomplishments were instrumental in the NAIC team’s support in favor of accreditation.”