Title 22 — Insurance
49 chapters · 1,014 sections in this title.
22 V.I.C. § 231 Purpose
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The purpose of this chapter is to provide a mechanism for the payment of covered claims under certain insurance policies, to avoid excessive delay in payment and to avoid financial loss to claimants or policyholders because of the insolvency of an insurer, to assist in the detect…
22 V.I.C. § 232 Scope
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This chapter shall apply to all kinds of direct insurance, except title, surety, credit, mortgage guaranty and ocean marine insurance.
22 V.I.C. § 233 Construction
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This chapter shall be liberally construed to effect the purpose propounded in section 231 of this title which shall constitute an aid and guide to interpretation.
22 V.I.C. § 234 Definitions
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(a) As used in this chapter, unless the context clearly indicates otherwise:(a) “Association” means the Virgin Islands Insurance Guaranty Association created in section 235 of this title.(b) “Commissioner” means the Commissioner of Insurance.(c) “Covered claim” means an unpaid cl…
22 V.I.C. § 235 Creation of Association
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There is created a nonprofit unincorporated legal entity to be known as the Virgin Islands Insurance Guaranty Association. All insurers defined as member insurers by subsection (e) of section 234 of this title shall be and remain members of the Association as a condition of their…
22 V.I.C. § 236 Board of Directors
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(a) The Board of Directors of the Association shall consist of not less than five nor more than nine persons serving terms as established in the plan of operation. The members of the Board shall be selected by member insurers subject to the approval of the Commissioner. Vacancies…
22 V.I.C. § 237 Powers and duties of the Association
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(a) The Association shall:(1) Be obligated to the extent of the covered claims existing prior to the determination of insolvency, or arising within 30 days after the determination of insolvency, before the policy expiration date if less than 30 days after the determination, or be…
22 V.I.C. § 238 Plan of operation
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(a) (1) The Association shall submit to the Commissioner a plan of operation and any amendments thereto necessary or suitable to assure the fair, reasonable, and equitable administration of the Association. The plan of operation or any amendments thereto shall become effective up…
22 V.I.C. § 239 Duties and powers of the Commissioner
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(a) The Commissioner shall:(1) Notify the Association of the existence of an insolvent insurer not later than three days after he receives notice of the determination of the insolvency;(2) Upon request of the Board of Directors, provide the Association with a statement of the net…
22 V.I.C. § 240 Effect of paid claims
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(a) Any person recovering under this chapter shall be deemed to have assigned his rights under the policy to the Association to the extent of his recovery from the Association. Every insured or claimant seeking the protection of this chapter shall cooperate with the Association t…
22 V.I.C. § 241 Nonduplication of recovery
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(a) Any person having a claim against an insurer under any provision in his insurance policy which is also a covered claim shall be required to exhaust first his right under such policy. Any amount payable on a covered claim pursuant to this chapter shall be reduced by the amount…
22 V.I.C. § 242 Prevention of insolvencies
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The Board of Directors of the Association may make recommendations to the Commissioner for the detection and prevention of insurer insolvencies.
22 V.I.C. § 243 Examination of the Association
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The Association shall be subject to examination and regulation by the Commissioner. The Board of Directors shall submit, not later than March 30 of each year, a financial report for the preceding calendar year in a form approved by the Commissioner.
22 V.I.C. § 244 Tax exemption
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The Association shall be exempt from payment of all fees and all taxes levied by this territory except taxes levied on real or personal property.
22 V.I.C. § 245 Immunity
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There shall be no liability on the part of and no cause of action of any nature shall arise against any member insurer, the Association or its agents or employees, the Board of Directors, or the Commissioner or his representatives for any authorized action taken by them in perfor…
22 V.I.C. § 246 Stay of proceedings; reopening of default judgment
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Except as provided in section 1256 of this title, all proceedings in which the insolvent insurer is a party in any court in this territory shall be stayed for 60 days from the date the insolvency is determined to permit proper defense by the Association of all pending causes of a…
22 V.I.C. § 247 Severability clause
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(a) Except as provided in subsection (b) of this section, the provisions of this chapter are severable. If any provision of this chapter or its application to any person or circumstances is held invalid, the invalidity shall not affect other provisions or applications of this cha…
22 V.I.C. § 248 Prospective application
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This chapter shall not apply to any life and health insurer, with respect to which an order, decree, judgement or finding of insolvency, whether preliminary or temporary in nature, or order of rehabilitation or conservation has been issued by a court of competent jurisdiction pri…