Title 22, Insurance
49 chapters · 915 sections in this title.
22 V.I.C. § 351 Increase of capital stock
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(a) Increase of the capital stock of a domestic stock insurer shall be by amendment of its articles of incorporation. The increase shall not be effective unless and until within six months after filing such amendment with the Lieutenant Governor, as required by section 307 of thi…
22 V.I.C. § 352 Reduction of capital stock
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(a) Reduction of the capital stock of a domestic stock insurer shall be by amendment of its articles of incorporation. No such reduction shall be made which results in capital stock less in amount than the minimum required by this title for the kinds of insurance thereafter to be…
22 V.I.C. § 353 Dividends to stockholders
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(a) No domestic stock insurer shall pay any cash dividend to stockholders except out of that part of its available surplus funds which is derived from any realized net profit on its business. (b) Such an insurer may pay a stock dividend out of any available surplus funds. (c) Pay…
22 V.I.C. § 354 Illegal dividends, reductions; penalty against directors
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Any director of a domestic stock insurer who votes for or concurs in the declaration or payment of any dividend to stockholders or a reduction of capital stock not authorized by law shall, in addition to any other liability imposed by law, be guilty of a gross misdemeanor.
22 V.I.C. § 355 Impairment of capital
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(a) If the capital stock of a domestic stock insurer becomes impaired, the Commissioner shall at once determine the amount of the deficiency and serve notice upon the insurer to require its stockholders to make good the deficiency within 90 days after service of such notice. (b) …
22 V.I.C. § 356 Repayment of contributions to surplus
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Contributions to the surplus of a domestic stock insurer other than resulting from sale of its capital stock shall not be subject to repayment except out of surplus in excess of the minimum surplus initially required of such an insurer transacting like kinds of insurance.
22 V.I.C. § 357 Participating policies
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(a) Any domestic stock insurer may, if its charter so provides, issue policies entitled to participate from time to time in the earnings of the insurer through dividends. (b) Any classification of its participating policies and of risks assumed thereunder which the insurer may ma…
22 V.I.C. § 358 Mutualization of stock insurers
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(a) Any domestic stock insurer may become a domestic mutual insurer pursuant to such plan and procedure as are approved by the Commissioner in advance of such mutualization. (b) The Commissioner shall not approve any such plan, procedure, or mutualization unless—(1) it is equitab…