GVI Changes Name of Division of Banking and Insurance

Gov. Kenneth E. Mapp has signed into law Act No. 7962, which changes the name of the Office of the Lieutenant Governor, Division of Banking and Insurance, to “Division of Banking, Insurance and Financial Regulation,” effective immediately, according to a press release issued Friday by the Office of the Lieutenant Governor.

Lt. Gov. Osbert Potter said, “The division’s name has been changed to … more clearly represent the division’s numerous legislative responsibilities. Over the years, the division has been given additional legislative mandates, which have expanded immensely the division’s scope of responsibilities far beyond primarily banking and insurance matters. In addition to banking and insurance, the division now regulates securities, money transmitters, mortgage lenders and brokers, mortgage loan originators and debt management services. The division has a dual responsibility: to regulate these industries and protect the interests of consumers who utilize services provided by these industries.”

Potter, who also serves as chairman of the Virgin Islands Banking Board and the territory’s commissioner of insurance, said Gwendolyn Hall Brady, the division’s director, along with the division’s staff remain available to work with their regulated industries and to provide professional assistance to Virgin Islands consumers.

For information, contact the Division of Banking, Insurance and Financial Regulation at 774-7166 (St. Thomas-St. John) or 773-6459 (St. Croix).

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