Raymond T. James, Esq. Calls for Legislative Review of $50 Million Community Insurance Fund Within Proposed $250 Million Bond Financing
FOR IMMEDIATE RELEASE | October 21, 2026
RAYMOND T. JAMES, ESQ. | REPUBLICAN CANDIDATE FOR THE LEGISLATURE — DISTRICT OF ST. CROIX
CHRISTIANSTED, ST. CROIX — Raymond T. James, Esq., Republican candidate for the Legislature in the District of St. Croix, proposes that Governor Albert Bryan Jr. and the 36th Legislature consider specific amendments to the administration's proposed $250 million bond-financing package. The amendments would authorize examination of a Community Insurance Fund with a potential allocation of up to $50 million to address small-business liability insurance and uncompensated hospital care.
“This proposal is neither an endorsement nor a rejection of the overall bond package,” Mr. James stated. “The government must address legitimate obligations, but it should also examine ways to reduce the recurring costs that create future financial pressures.”
A proposed Community Insurance Fund
The first component would explore affordable liability coverage for qualifying small businesses.
Premiums could reflect gross receipts, risk classification, and appropriate underwriting criteria. The second would examine voluntary coverage or a reimbursement mechanism for eligible uninsured residents, designed to reduce uncompensated care at Virgin Islands hospitals. Neither program would operate without actuarial analysis, adequate reserves, regulatory approval, and assessment of private reinsurance.
Specific amendments requested
1. Authorize a Community Insurance Fund framework with a proposed maximum allocation of $50 million, subject to confirmation of legally available financing.
2. Require the Public Finance Authority and administration to submit a revised allocation schedule identifying which proposed uses could be adjusted without jeopardizing essential obligations, hospital operations, tax refunds, employee payments, or public services.
3. Require bond counsel and independent financial advisers to assess permissible uses of proceeds, existing covenants, annual debt service, and projected gross receipts tax coverage ratios.
4. Require a preliminary actuarial, regulatory, and implementation feasibility report within 90 days of enactment; prohibit release of insurance-program funds until necessary reviews and approvals are complete.
5. Require quarterly financial reporting, annual legislative review, and measurable program performance and fiscal safeguards.
Gross receipts and long-term obligations
“The gross receipts tax depends on economic activity,” Mr. James stated. “Helping businesses remain open and expand could strengthen the revenue base over time, but the Legislature should require realistic projections rather than assume that benefit.”
Mr. James emphasized that the Bryan administration's term concludes in January 2027, while the proposed borrowing could affect territorial finances for years afterward. He urged the executive and legislative branches to examine the amendments before final action on the bond legislation.
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“Whether or not these amendments are adopted, the financial challenges facing our small businesses and hospitals will remain. They deserve sustained attention, practical solutions, and responsible consideration by both branches of government,” Mr. James concluded.
About Raymond T. James, Esq.
Raymond T. James, Esq., is the Republican candidate for the Legislature in the District of St. Croix. He is a former Assistant Attorney General of the Virgin Islands, former Chairman of the Government Employees' Retirement System Board, and former horse racing administrator. A graduate of Howard University School of Law, he also holds a certificate in negotiations from the Wharton School. He is currently a small-business owner and farmer on St. Croix.
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Media contact: Raymond T. James, Esq.
1101 Strand Street, Christiansted, St. Croix, VI 00820
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