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Committee considers change to insurance producer licensing cycle; regulator seeks later start date
Summary
The committee heard testimony on a bill to change individual insurance producer licenses from annual to two-year renewals; the Division of Banking, Insurance and Financial Regulation supports the change but requested the implementation date be moved from Jan. 1, 2026 to Oct. 1, 2026 to avoid disruption.
The Committee on Budget, Appropriations and Finance heard testimony Feb. 3 on bill 36-0219, which would amend the Virgin Islands producer-and-adjuster licensing law to transition individual insurance producer licenses from annual renewals to a two-year renewal cycle tied to the licensee's birth month.
Attorney Glendina Matthew, director of the Division of Banking, Insurance and Financial Regulation, told the committee the division "strongly supports" the…
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