In his capacity as the Commissioner of Insurance, Lieutenant Governor Tregenza A. Roach, is pleased to announce that the National Association of Insurance Commissioners (NAIC) has voted unanimously to approve the full accreditation of the Division of Banking, Insurance, and Financial Regulation at its Fall National Meeting held in San Diego, California.
“This is a major accomplishment for the Division, as it is the first time that the Virgin Islands has been accredited. I am tremendously proud of the Banking, Insurance, and Financial Regulation (BIFR) staff for their diligent efforts in achieving this accomplishment,” said Lieutenant Governor Roach.
“Although the body voted to accredit the jurisdiction in 2019, that decision was subject to a 2-year review. The review team recently visited the Territory and after doing a number of reviews and assessments, determined that the Division should be accredited for the full 5-year period. That recommendation had to be voted on when the full body convened on Sunday in San Diego,” said Lieutenant Governor Roach.
“I would also like to thank the Virgin Islands Legislature for its support of accreditation by its passing of required legislation submitted by my Office. The enactment of those measures was significant in the accreditation process,” said Lieutenant Governor Roach.
The Virgin Islands is one of five U.S. Territories which in addition to the 50 states, make up the NAIC’s pool of chief insurance regulators. The NAIC provides expertise, data, and analysis for insurance commissioners to effectively regulate the industry and protect consumers.
Lieutenant Governor Roach is currently attending the Fall NAIC Meeting accompanied by Banking, Insurance, and Financial Regulation staff Glendina Matthew, Esq., Acting Director; Cheryl Charleswell, Acting Assistant Director and Chief Financial Services Examiner; Valecia Patrick Morris, Financial Services Examiner; Suzette Richards, Esq., Regulatory Analyst; and Cornelia Gifford, Special Assistant.