(a) Every employer affected by this chapter shall file with the Commissioner of Finance not later than February 28th of each year on forms supplied by the Commissioner of Finance, an actual report for the previous year and an estimated report for the current year, showing the number of workmen employed by said employer, the kind of occupation or industry of the workmen, the total amount of wages paid and to be paid and the amount of premium payable.
(b) The premium prescribed by this chapter shall be computed and paid on the first $8,424 of each worker's wages for each year.
(c) The annual premium must be paid in full by December 31, or in two installments. If the installment option is chosen, the first installment is payable on or before December 31, consisting of not less than one-half of the annual premium, plus any additional premium due, for which a 6-month policy will issue, and the second installment must be paid on or before June 30, for which a policy will issue for the remaining six months effective until December 31. The actual number of employees a company has employed must be reported to the Worker' Compensation Administration not later than September 30 of the current year. The Workers Compensation Administration shall issue rates and notices to the employer not later than November 15, and insurance policy renewals must begin on January 1 of the following year.
(d) On receipt of payment, the Commissioner of Finance shall forward to the employer a receipt which shall be prima facie evidence of said payment of the premium and insurance coverage.
(e) The Commissioner of Finance shall collect such premiums, interest, and penalties provided for in this chapter and shall deposit them in the Government Insurance Fund established by this chapter.
(f) Prior to January 1 of each year, notices requesting compliance with this section shall be published at least once a week for four weeks in a newspaper of general circulation in the Virgin Islands and the forms to be filed by the employers shall be mailed to every employer currently insured.
(g) Should an employer fail to pay the total amount of the preliminary or additional premiums legally levied on him within the time fixed by the Commissioner of Finance, the latter may grant an extension of thirty (30) days so that the employer may make payment in full, which shall be an indispensable requirement for the Administrator to make an insurance policy.