VI| Bulletin 2026-02, issued by the USVI Lt. Governor/Commissioner of Insurance, provides interim compliance guidance following Act No. 9073 (signed Jan. 23, 2026), which amends the Virgin Islands Insurance Holding Company System Regulatory Act to add/expand requirements around group capital calculations, liquidity stress testing, and receivership-related matters, with amended implementing regulations in progress and the first annual group capital calculation filing due in 2026.
Key Points:
- Ultimate controlling persons of registered insurers must file an annual group capital calculation as part of registration as directed by the “lead state commissioner,” unless exempt.
- The bulletin outlines exemption/limited filing pathways (generally for groups under $1B premium and without non-U.S.-domiciled insurers or regulated banking/financial entities), subject to lead-state discretion and ongoing eligibility.
- Enterprise Risk Reports must be furnished on Form F for filers subject to the enterprise risk reporting requirement.
- The bulletin clarifies expectations for affiliate transactions (e.g., cost-sharing/management service agreement terms, records control, and continued services/records access in receivership) and sets notice/content requirements and timing for extraordinary dividends/distributions.