Examinations and investigations

Other than a Single-Parent Captive Insurer at least once every five (5) years and whenever the SAM determines it to be necessary, prudent, or in the best interests of the Territory, he or his designee shall inspect and examine the affairs of an captive insurer to ascertain its financial condition, its ability to fulfill its obligations and whether it complies with the rules and regulations established with reference to this chapter. The expenses and charges of the examination shall be reimbursed by the captive insurer to the Territory. In the case of Branch Exempt Captive Insurers, any such audit shall only be of the Virgin Islands entity and may utilize and incorporate findings of an audit of the parent company.