2019 US Virgin Islands Code
Title 22 - Insurance
Chapter 3 - Insurance Commissioner
§ 61. Insurance Advisory Committee

Universal Citation: V.I. Code tit. 22, § 61 (2019)
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  • (a) There is hereby created an Insurance Advisory Committee for the purpose of providing information and advice on all insurance matters affecting the Territory. The Committee shall be chaired by the Insurance Commissioner and shall issue reports from time to time as required by the Commissioner.

  • (b) The Committee shall consist of seven members in addition to its Chairman. It shall have the following composition:

    • (1) two members shall represent property and casualty insurers doing business in the Territory and shall be selected by the V.I. Insurance Guaranty Association;

    • (2) one member shall represent mortgage lenders and shall be selected by the V.I. Bankers Association;

    • (3) one member shall represent realtors and shall be selected by the V.I. Board of Realtors;

    • (4) one member shall represent independent insurance agents and shall be selected by the V.I. Insurance Agents Association; and

    • (5) two members shall be selected by the Insurance Commissioner.

  • All members shall be appointed by the Insurance Commissioner and shall serve terms concurrent with that of the Insurance Commissioner.

  • (c) Members of the Committee shall serve without compensation but shall be reimbursed for necessary expenses incurred in the performance of their duties from funds provided for in the operation of the Division of Insurance. The Committee shall meet at the call of the chairman.

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