Division of Banking and Insurance Declared Moratorium PDF Print

 

For Immediate Release No. 28-15
April 29, 2015
For More Information Contact:

Regina Watson, Public Relations Officer

Ph:  (340) 774-2991 ext. 4122

Fax: (340) 774-6953
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Lieutenant Governor Osbert E. Potter and Director of the Division of Banking and Insurance Declared Moratorium on the Division’s acceptance of new applications for permits and licenses to operate an International Banking Entity (IBE)

The Honorable Lieutenant Governor Osbert E. Potter and Director of the Division of Banking and Insurance declared a Moratorium on the Division’s acceptance of new applications for permits and licenses to operate an International Banking Entity (IBE) and for the issuance of tax incentives benefit certificates in the Virgin Islands. This is in accordance with Title 9, Virgin Islands Code, Chapter 25, Section 717(a)(10).

The Moratorium is declared to allow the Division of Banking and Insurance sufficient time to effectuate amendments to the provisions and regulations associated with this chapter.

The Moratorium is effective April 28, 2015. The Moratorium will be lifted upon the enactment of amendments to the chapter and upon amendments of the related regulations. Applications already submitted to the Division by April 28, 2015 will be reviewed and, if approved, a license and certificate will be issued.

 

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