National Association of Insurance Commissioners Grants Accreditation to V.I.

Lt. Gov. Tregenza A. Roach Esq.

The National Association of Insurance Commissioners (NAIC) has voted unanimously to grant accreditation status to the Virgin Islands. The action came at the body’s meeting on Friday, Dec. 6. At the NAIC Fall National Meeting in Austin, Texas, Lt. Gov. Tregenza Roach and his team of key persons from the Division of Banking, Insurance and Financial Regulation, gave a presentation for consideration of accreditation.

The presentation was the final component of the accreditation review, which commenced earlier this year in various phases and consisted of site visits, evaluations and recommendations by the NAIC peer review team, according to a press release from the Office of the Lieutenant Governor.

In October 2019, the review team had issued a rating of two As and one B, and notified the Virgin Islands lieutenant governor of its intent to recommend accreditation. At Friday’s meeting, Lt. Gov. Roach presented his case to indicate why the NAIC should approve the recommendation of the review team. Accreditation for the division will allow other jurisdictions to readily accept financial examinations of domestic multi-state insurance companies conducted by the division, and will ensure other regulators and the insurance industry of the division’s compliance with standards, rules and regulations evolved by NAIC.

“This enhances the economic climate of the territory by making it more attractive for insurance companies to do business here. We are hopeful that it will increase the range of insurance products available to our residents,” Roach said. “I am pleased with the favorable outcome of the accreditation and thank the dynamic team from the Division of Banking, Insurance, and Financial Regulation for its diligence in utilizing NAIC model laws, standards, procedure and trainings.”

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Roach thanks the Virgin Islands Legislature for its support of accreditation by its passing of several NAIC model laws submitted by the Office of the Lieutenant Governor. He represented the Virgin Islands in his capacity as Commissioner of Insurance. He was accompanied by Gwendolyn Hall Brady, cirector of Banking, Insurance and Financial Regulation; attorney Glendina Matthew, assistant director / legal counsel; attorney Monica Williams Carbon, chief of staff; Cheryl Charleswell, chief financial services examiner; Joan Rey, financial services examiner; Vanessa Richards, financial services examiner; and attorney Suzette Richards, regulatory analyst.

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