Office of the Lieutenant Governor

Division of Banking, Insurance and

Financial Regulation



#5049 Kongens Gade, Charlotte Amalie, St. Thomas, USVI 00802-6487 @ (340) 774-7166 @ Fax (340) 774-9458



TO:



1131 King Street, Suite 101, Christiansted, St. Croix, USVI 00820 @ (340) 773-6459 @ Fax (340) 719-3801



Itg.gov.vi



BULLETIN 2019-15



All Insurers licensed and authorized to conduct insurance business in the U.S. Virgin

Islands



Notice of Act No. 8213, which adds a new chapter 20b entitled “Corporate Governance

Annual Disclosure Act”



This Bulletin is being issued to notify all insurers licensed and authorized to conduct



insurance business in the U.S. Virgin Islands of the passage of Act No. 8213 signed October 6,

2019, now codified in Title 22, Chapter 20b of the Virgin Islands Code (“Corporate Governance

Annual Disclosure Act’).



In accordance with Section §498 of Title 22, Virgin Islands Code, the purpose of this



chapter is to:



(1) Permit the Commissioner of Insurance to gain and maintain an understanding of an

insurer’s corporate governance framework by requiring that insurers provide to the

Commissioner of Insurance a summary of an insurer or insurance group’s corporate

governance structure policies and practices;



(2) Establish the requirements for completing a corporate governance annual disclosure

and filing it with the Commissioner of Insurance; and



(3) Provide for the confidential treatment of the corporate governance annual disclosure

and related information that will contain confidential and sensitive information related

to an insurer or insurance group’s internal operations and proprietary and trade secret

information which, if made public, could potentially cause the insurer or insurance

group competitive harm or disadvantage.


Bulletin 2019-15

Page 3 of 3



Questions regarding this Bulletin may be directed to the Division of Banking, Insurance

and Financial Regulation by calling Attorney Glendina Matthew, Assistant Director/Legal



Counsel at (340) ee 2

Dated this zZ _day of November oe . Thomas, U.S. Vir 7 Islands.



ne KP

J Jrewenca A. Réach, Esc pel

ieutenant Governor/



Commissioner of Insurance