(a) The standard insurance policy of the State of Washington or the State of New York, or The Standard Foreign Policy (English Foreign Form) as authorized and on file in the Office of the Commissioner of Insurance of the State of Washington or of New York on January 1, 1952, together with subsequent changes, is established as the standard form of insurance policies for the Virgin Islands; Provided, That the Commissioner may, after hearing, from time to time promulgate such rules and regulations as may be necessary to effect reasonable uniformity in all basic contracts of fire insurance which are commonly known as the standard form fire policies and may be so referred to in this title, and in the usual supplemental coverages, riders, or endorsements thereon or thereto, to the end that there be a reasonable concurrency of contract where two or more insurers insure the same subject and risk. All such forms heretofore approved by the Commissioner and for use as of immediately prior to the effective date of this title may continue to be so used until the further order the Commissioner made pursuant to this subsection or pursuant to any other provision of this title.
(b) The Commissioner may from time to time, after hearing, promulgate such rules and regulations as he deems necessary to establish reasonable minimum standard conditions and terminology for basic benefits to be provided by disability insurance contracts which are subject to chapters 35 and 37 of this title, for the purpose of expediting his approval of such contracts pursuant to this title. No such promulgation shall be inconsistent with standard provisions as required pursuant to section 813 of this title, nor contain requirements inconsistent with requirements relative to the same benefit provision as formulated or approved by the National Association of Insurance Commissioners.