(a) The Authority shall be dissolved within six months after a finding by the Board, and ratification by the Legislature of the Virgin Islands, of one or more of the following, provided the requirements of subsection (b) of this section have been met:
(1) federal legislation has been enacted that will supersede windstorm and earthquake property insurance as provided by the Authority;
(2) insurance companies doing business in the Virgin Islands have sufficient capacity to cover windstorm and earthquake property insurance and are offering policies at reasonable rates;
(3) a combination of paragraphs (1) and (2) of this section.
(b) The Authority may not be dissolved unless all of the following conditions are met:
(1) the Insurance Commissioner agrees that dissolution of the Authority is in the public interest and not violative of existing contracts between the Authority and other parties; and
(2) the Insurance Commissioner has approved a plan of dissolution as proposed by the Authority; and
(3) the policyholders of the Authority have a reasonable opportunity to obtain similar or better coverage from another entity at a competitive rate; and
(4) there will be no interruption of coverage of the eligible property in the transition from the Authority to another entity; and
(5) all of the rights and privileges of the bondholders have been met; and
(6) all of the debts and obligations of the Authority have been or will be paid prior to the dissolution of the Authority; and
(7) such other requirements as the Insurance Commissioner deems fair and equitable in the dissolution of the Authority; and
(8) The Legislature of the Virgin Islands has ratified the decision of the Insurance Commissioner to dissolve the Authority.