The Legislature of the Virgin Islands finds and declares that, in accordance with the goals and objectives of the National Association of Insurance Commissioners (“NAIC”) for insurance companies to achieve greater financial solvency, there exists the need for insurance companies domiciled in the Territory to improve their capabilities to endure severe weather events such as Hurricanes Irma and Maria and any other unforeseen natural and manmade events. The purpose of the Virgin Islands Risk Management and Own Risk and Solvency Assessment Act is to establish the requirement that insurance companies doing business in the Territory maintain a risk management framework and complete an Own Risk and Solvency Assessment (“ORSA”). The Virgin Islands Risk Management and Own Risk and Solvency Assessment Act further provides guidance and instructions for companies when filing an ORSA Summary Report upon the request of the Commissioner of Insurance of this Territory.
The Legislature further finds and declares that the ORSA Summary Report will contain confidential and sensitive information related to an insurer or insurance group’s identification of risks material and relevant to the insurer or insurance group filing the report. This information will include proprietary and trade secret information that has the potential for harm and competitive disadvantage to the insurer or insurance group if the information is made public. It is the intent of this Legislature that the ORSA Summary Report shall be a confidential document filed with the Commissioner, that the ORSA Summary Report will be shared only as stated herein and for the sole purpose of assisting the Commissioner in the performance of his duties, and that in no event shall the ORSA Summary Report be subject to public disclosure.