Lieutenant Governor Gregory R. Francis announced that the Virgin Islands Division of Banking and Insurance is a recipient of the Spirit Award from the National Association of Insurance Commissioners (NAIC). The association is made up of insurance regulators from the 50 states, the District of Columbia and the five U.S. territories.
The award recognizes the diligence of the Division of Banking and Insurance in “pursuit of effective solvency regulation and dedication to the highest level of protection for consumers during the unprecedented financial crises of 2008-2009."
In October 2008, Lt. Gov. Francis requested that the division review all regulatory filings to ensure that banks and insurance providers doing business in the territory were in sound financial standing. The uncertainty of the national financial markets prompted Francis, who is the territory’s commissioner of insurance and the chair of the V.I. Banking Board, to take measures to reassure the territory’s consumers that the local financial industry was in good shape.
“I am proud that our efforts are being recognized by the National Association of Insuramce Commissioners. The division of Banking and Insurance, along with the Office of the Lieutenant Governor, remains committed to our mission of financial regulation and protecting the financial consumers of the Virgin Islands,” said Lt.Gov. Francis.