(a) As used in this chapter:
(1) “Commissioner” means the Commissioner of Insurance.
(2) “Division” means the Division of Banking, Insurance and Financial Regulation.
(b) The Division of Banking, Insurance, and Financial Regulation is established in the Office of the Lieutenant Governor of the Virgin Islands. The Division has general authority and jurisdiction to regulate and supervise banks, financial institutions, licensed lenders, mortgage lenders, mortgage brokers, insurance companies, insurance agents, insurance brokers, insurance adjusters, broker-dealers, agents, investment advisers, investment adviser representatives, federally covered investment advisers and other similar persons doing business in this Territory subject to titles 9, 12A and 22 of the Virgin Islands Code.
(c) The Division is headed by a Director whose duties are prescribed by the Lieutenant Governor.
(d) In accordance with the general powers and duties conferred by 22 V.I.C. § 53, the Lieutenant Governor, as Commissioner of Insurance, may employ and fix the compensation of personnel and incur expenses for the proper administration of the Division.