An act amending title 22 Virgin Islands Code, chapter 14, The Virgin Islands Insurance Holding Company System Regulatory Act to implement revisions that
Sponsored By: Sponsor information unavailable
Signed by Governor
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Bill Overview
Analyzed Economic Effects
6 provisions identified: 3 benefits, 0 costs, 3 mixed.
Standard rules for insurer capital and liquidity
The law ties key capital and liquidity test terms to NAIC guides. Insurers must follow the NAIC Group Capital Calculation Instructions and the NAIC Liquidity Stress Test Framework. It also states the usual legal meaning of “materiality” does not apply to these tests. Regulators and companies use the special NAIC standards instead.
Stronger control over affiliates and records
Insurer records held by affiliates stay the insurer’s property and must be easy to separate at no extra cost. Affiliates must give receivers insurer records and access to systems, software, and needed licenses. Premiums and other funds held by affiliates are the insurer’s property and under its control. Affiliates that perform key services are subject to supervision and receivership jurisdiction, and contracts may need consent language.
Tighter confidentiality and data sharing rules
Group capital calculations, capital ratios, and liquidity stress test results are confidential. The Commissioner can share them with the NAIC, other regulators, consultants, and law enforcement only under written confidentiality agreements. Agreements set security rules, keep ownership with the Commissioner, limit permanent storage, require fast notice to insurers of subpoenas, and allow insurer intervention. Public statements that mislead or imply rankings based on these metrics are banned. An insurer may publish a rebuttal only to correct a materially false statement with proof to the Commissioner.
Bonds or deposits for risky insurers
If an insurer is in hazardous financial condition, the Commissioner can require a deposit or a bond to protect the insurer. The insurer chooses a deposit or a bond. The amount cannot be more than the contract’s value in any one year. The Commissioner may apply this to one or several contracts, for as long as the contract or condition lasts.
Insurance groups must file annual capital report
The ultimate controlling person must file a yearly group capital calculation with the lead state insurance commissioner. The filing follows NAIC instructions. Some groups are exempt, like a single domestic insurer that does not assume other insurers’ business, groups under Federal Reserve capital rules, and some groups overseen by a reciprocal non‑U.S. supervisor. The lead state may accept a limited filing or end an exemption. If an exemption ends, the filing is due at the next annual date unless extended.
Liquidity stress tests for large insurers
Groups that meet NAIC scope thresholds must file that year’s liquidity stress test with the lead state commissioner. Filings use NAIC instructions and templates and any lead state determinations. The NAIC reviews scope rules each year, and changes take effect on January 1 of the year after adoption. The lead state may make scoping exceptions in consultation with the NAIC.
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Sponsors & Cosponsors
Sponsors
There is no primary sponsor on record.
Cosponsors
Milton E. Potter
legislature
Novelle E. Francis, Jr.
legislature
Roll Call Votes
No roll call votes available for this bill.
Actions Timeline
Enacted
1/23/2026legislatureTo Governor
1/14/2026legislatureFloor
1/12/2026legislatureIntroduced
9/10/2025legislature
Bill Text
Enacted Act
1/23/2026
Governor's Message
1/23/2026
Bill Text
9/10/2025
Related Bills
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Bill No. 36-0198 — An act amending Act No. 9035 by redesignating the funding source for several entities and correcting a typographical error and amending Act No. 9045 by
Bill No. 36-0219 — An act amending title 22 Virgin Islands Code, chapter 31 relating to the Virgin Islands Producer and Adjuster Licensing Act by modifying renewal provisions
Bill No. 36-0199 — An act approving the lease agreement between the Government of the Virgin Islands, acting through the Commissioner of the Department of Property and Procurement,
Lease 36-0204 — An act approving a multi-year lease agreement between the Government of the Virgin Islands, acting through its Commissioner of the Department of Property
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