NAIC Unanimously Grants Virgin Islands Five
The Virgin Islands has achieved an important regulatory milestone as the National Association of Insurance Commissioners (NAIC) voted unanimously to grant accreditation status to the territory's Division of Banking, Insurance, and Financial Regulation. The announcement was made by Lieutenant Governor Tregenza Roach, who also serves as the commissioner of Insurance, following the NAIC Fall National Meeting held on Saturday, November 16, in Denver, Colorado.
According to a release from the Office of the Lieutenant Governor, Mr. Roach and a team of key personnel from the Division of Banking, Insurance, and Financial Regulation delivered a presentation at the NAIC meeting as the final step in the accreditation review process. The process included an evaluation by an on-site review team that assessed the Division's capabilities across several areas, including:
The Virgin Islands Division received full accreditation for a five-year period with no conditions, continuing its status since its initial accreditation in 2019. The NAIC accreditation process occurs every five years, with interim annual reviews to ensure compliance.
The accreditation enables other jurisdictions to accept financial examinations conducted by the Virgin Islands Division for domestic multi-state insurance companies. It also assures other regulators and the insurance industry of the Division's adherence to NAIC's high standards for regulation, oversight, and compliance.
"This is a major accomplishment for the Virgin Islands, which demonstrates that the Division meets the standards of effective regulation relative to insurance," Mr. Roach said. "This accreditation is due to the outstanding work done by the dynamic team from the Division of Banking, Insurance, and Financial Regulation. I am pleased to highlight that there were no key areas of improvement noted for the Virgin Islands during the evaluation process."
The lieutenant governor led the Virgin Islands delegation at the Denver meeting, accompanied by key officials from the Division of Banking, Insurance, and Financial Regulation. The team included:
