U.S. Virgin Islands Rate Review Grants Award List
Cycle I Grant Application Summary
Virgin Islands Grantee: Virgin Island’s Government- Division of Banking and Insurance and Commission
Award Date: March 29, 2011
Award Amount: $1,000,000
- Improve the Review Process: The Virgin Islands plans to use Cycle I funds to launch a Premium Trend Analysis Project that will identify premium base trends in order to identify potentially excessive and unreasonable rate requests. In addition, the Virgin Islands plans to require the use of a uniform submission checklist for rate filing in order to improve the reliability and quality of information submitted by insurance companies.
- Develop and Upgrade Technology: The Virgin Islands will enhance the electronic system for submitting and reviewing premium rates.
- Hire New Staff: The Virgin Islands plans to hire eight employees to improve rate-filing, develop consumer-friendly information, and enhance online rate review information.
Last updated: September 21, 2012