Beautiful Virgin Islands

Sunday, May 11, 2025

Deposit Insurance law, over a dozen bills pushed in last-minute rush

Deposit Insurance law, over a dozen bills pushed in last-minute rush

The leader of government business ushered over a dozen new Bills through the House of Assembly (HOA) for their first reading during the penultimate House sitting last week.
Premier Dr Natalio Wheatley amended the order paper during that sitting of the House to add the items.

Among the bills moved by the Premier and Minister of Finance were the Partnership (Amendment) Act, 2023; BVI Business Companies (Amendment) Act, 2023; Proceeds of Criminal Conduct (Amendment) Act, 2023; Securities and Investment Business (Amendment) Act, 2023; Financing and Money Services (Amendment) Act, 2023.

The House also heard the first readings for the Drug Trafficking Offences (Amendment) Act, 2023; Company Management (Amendment) Act, 2023; Banks and Trust Companies (Amendment) Act, 2023; Insurance (Amendment) Act, 2023; Financial Services Commission (Amendment) Act, 2023; and Limited Partnership (Amendment) Act, 2023.

Dr Wheatley also introduced the Elections (Amendment) Act, 2023; Counter-Terrorism (Amendment) Act, 2023; Criminal Justice International Co-Operation (Amendment) Act, 2023; Financial Investigation Agency (Amendment) Act, 2023; and Virgin Islands Deposit Insurance (Amendment) Act, 2023.

Deposit Insurance Act

An explanation of the provisions of the various bills is generally given during the second reading which is most often done at a later sitting of the House after the Bill receives consultation with members of the public. However, the premier moved a motion to suspend the HOA’s rules to allow for the second and third readings of the Virgin Islands Deposit Insurance (Amendment) Act.

While he did not immediately offer an explanation for the addition of the large number of bills being introduced at the same time, the premier said that a number of bills were passed in a previous House session last year about other pieces of legislation, to accommodate for the Virgin Islands Deposit Insurance scheme.

”It is envisaged that a deposit insurance scheme would assist in the restoration and maintenance of confidence in the stability of deposit-taking institutions, and in achieving this objective, reduce the possibility of contagious deposit runs on these institutions,” the Premier said.

According to Premier Wheatley, if such an incident were to occur, this could jeopardise the health of the financial system as a whole. He then explained that the government has made an initial $4 million guarantee to the establishment of the initiative.

Dr Wheatley also related that the bill seeks to establish a deposit insurance corporation and fund which provides limited compensation to insure depositors under certain circumstances, offering protection for residents at the same time.

Under the new law, persons are expected to be protected for up to the value of $100,000 the premier confirmed. He said this figure is expected to increase as the scheme grows. Previously, the premier said, if there was a bank failure, people would lose all their deposits.

Dr Wheatley noted that, after the passage of the Deposit Insurance Act, lawmakers are hoping to lay regulations on the table in the HOA concerning the new law before the House is dissolved.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Retired British police officer arrested over ‘thought crime’ tweet
Cardinal Robert Prevost Elected as Pope Leo XIV, Marking a Historic Papacy
Newark Mayor Ras Baraka Arrested at ICE Facility Amid Congressional Visit
India-Pakistan conflict may be first test for Chinese military tech
Bill Gates Announces Plan to Wind Down Philanthropic Foundation and Disperse Wealth
Historic Papal Conclave Set to Commence in Rome
Huge Copper, Gold, and Silver Discovery in Argentina and Chile — But the Profits Go Abroad
Prince Harry is pleading for reconciliation — but the royals are just as sick of his victimhood as everyone else
The Road to Freedom: She Protested Putin, Escaped House Arrest, and Survived a 2,800-Kilometer Journey
OpenAI's Flip-Flop: No Longer Going Commercial, Back to Nonprofit, After Musk Lawsuit and Backlash
“Trump Supporter” Aims to Bring a MAGA-Style Shift to Romania
First From China: Zhao Xintong Wins the Snooker World Championship
Nvidia Faces Billion-Dollar Losses – Warns: China Is on Its Way to Becoming an AI Superpower
Trump Rules Out Third Term, Names JD Vance and Marco Rubio as Potential Successors
Mexico Says ‘No’ to U.S. Troops: President Sheinbaum Rejects Trump’s Offer to Fight Cartels
Nigel Farage’s Reform UK Storms the Map, Wrecking the Two-Party Monopoly
DOGE: Reimagining Government Operations with AI
Common Sense Returns to Britain's Legal System: UK Supreme Court Declares a Woman Is… a Woman
Beijing Says U.S. Is ‘Reaching Out’ for Tariff Talks Amid Soaring Trade Tensions
U.K. Court Rejects Prince Harry’s Final Appeal Over Police Security
Prince Harry’s Heartfelt Outburst Rocks the Royal Family
Trump Shares AI-Generated Image of Himself as… Pope, Prompting Outrage Reaction
Transgender Swimmer Secures Five Gold Medals at U.S. Masters Championship
Prince Harry: “I Want Reconciliation with My Family”
Germany's Alternative für Deutschland (AfD) party has now been officially labeled “right-wing extremist” by the federal office for the so-called “protection of the constitution.”
Amazon Launches Satellite Internet Service Amidst Competition with SpaceX
Transformative Changes in Women's Wrestling: The Rise of WWE Superstars
The Rush to the White Gold: Global Investment Surge in Natural Hydrogen Exploration
This is a day in Spain without electricity and internet
Reform UK Surprises in British Elections, Challenging Traditional Two-Party System
180-Year-Old Christian University in South Carolina Announces Closure Due to Unmet $6 Million Fundraising Goal
Brazilian Woman Jailed for Fourteen Years for Writing “You Lost, Idiot” on Statue During Protest
Trump Administration Removes National Security Adviser Mike Waltz Amid Signal Chat Controversy
Dutch Politician Eva Vlaardingerbroek Receives Spyware Threat Alert from Apple
Paramount Board Considers Settlement in Trump’s $20 Billion Lawsuit Over "60 Minutes" Interview
U.S. Economy Shrink in Trump’s First Quarter as Tariff Policy Raises Questions
Deadline Looms for RTS Meter Replacement: Hundreds of Thousands at Risk of Heating Disruption
Sweden Grapples with Deadly Gun Violence: Suspect Arrested After Three Young Men Killed in Uppsala Hair Salon
Walz Reveals Why Harris Chose Him as Her Running Mate and Reflects on Democratic Losses
Spain Restores Power After Unprecedented Nationwide Blackout
Carney Secures Liberal Mandate in Canada’s Federal Election
Death Penalty Sought as Luigi Manion Pleads Not Guilty in CEO Murder Case
President Trump contacts Jeff Bezos after reports of Amazon considering listing tariff surcharges; company clarifies no such plan for main platform
Spain and Portugal Recover from Massive Blackout
Liverpool Clinches Record-Equalling 20th English League Title Under Arne Slot
Singapore Politicians Warn Against Foreign Interference in Election
Driver Ploughs into Vancouver Festival Crowd, Killing Nine
Depression, Fear of Defamation, and a Tragic End: New Details on Virginia Giuffre’s Suicide
“Sharia for UK, Allah Akbar!”
Massive Explosion at Iran's Bandar Abbas Port Linked to Suspicious Chemical Shipments
×