V.I. Division of Banking Insurance and Financial Regulation Gets National Accreditation

Lt. Gov. Tregenza Roach. (Photo by Garry Anthony, V.I. Government)

In his capacity as the Commissioner of Insurance, Lt. Gov. Tregenza A. Roach announces that the National Association of Insurance Commissioners (NAIC) 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, Calif.

“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 its diligent efforts in achieving this accomplishment,” said Roach.

“Although the body voted to accredit the jurisdiction in 2019, that decision was subject to a two-year review. The review team recently visited the territory, and after doing a number of reviews and assessments, it determined that the division should be accredited for the full five-year period. That recommendation had to be voted on when the full body convened on Sunday in San Diego,” said the lieutenant governor.

“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 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 National Association of Insurance Commissioners provides expertise, data and analysis for insurance commissioners to effectively regulate the industry and protect consumers.

Roach is currently attending the fall National Association of Insurance Commissioners 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.