Title 22 — Insurance
49 chapters · 1,014 sections in this title.
22 V.I.C. § 401 Initial qualifications
0.9K chars
(a) The Commissioner shall not issue a certificate of authority to a domestic mutual insurer unless it has fully qualified therefor under this title, and unless it has met the minimum requirements for the kind of insurance it proposes to transact as provided in this chapter. (b) …
22 V.I.C. § 402 Requirements; kinds of insurance
5.2K chars
(a) When newly organized a domestic mutual insurer may be authorized to transact any one of the kinds of insurance listed in the schedule contained in subsection (b) of this section. (b) When applying for an original certificate of authority the insurer must be otherwise qualifie…
22 V.I.C. § 403 Additional kinds of insurance
0.5K chars
A domestic mutual insurer may be authorized to transact kinds of insurance in addition to that for which it was originally authorized, if it has otherwise complied with the provisions of this title therefor, and while it possesses and maintains surplus funds in aggregate amount n…
22 V.I.C. § 404 Minimum surplus
0.8K chars
(1) A domestic mutual insurer on the cash premium plan shall at all times have and maintain surplus funds, representing the excess of its assets over its liabilities, in amount not less than the aggregate of —(1) the amount of any surplus funds deposited by it with the Commission…
22 V.I.C. § 405 Membership
0.5K chars
(a) Each holder of one or more insurance contracts issued by a domestic mutual insurer, other than a contract of reinsurance, is a member of the insurer, with the rights and obligations of such membership, and each insurance contract so issued shall effectively so stipulate. (b) …
22 V.I.C. § 406 Rights of members
0.8K chars
(a) A domestic mutual insurer is owned by and shall be operated in the interest of its members. (b) Each member is entitled to one vote in the election of directors and on matters coming before corporate meetings of members, subject to such reasonable minimum requirements as to d…
22 V.I.C. § 407 Bylaws
0.5K chars
A domestic mutual insurer shall adopt bylaws for the conduct of its affairs. Such bylaws, and any modification thereof, shall forthwith be filed with the Commissioner. The Commissioner shall disapprove any such bylaws, or modifications thereof, if he finds after a hearing thereon…
22 V.I.C. § 408 Notice of annual meeting
1.5K chars
(a) Notice of the time and place of the annual meeting of members of a domestic mutual insurer shall be given by imprinting such notice plainly on the policies issued by the insurer. (b) Except as provided in subsection (c) of this section, any change of the time or place of the …
22 V.I.C. § 409 Voting, proxies
0.9K chars
(a) A member of a domestic mutual insurer may vote in person or by proxy given another member on any matter coming before a corporate meeting of members; Provided, however, That an officer of the insurer shall not hold or vote the proxy of any member. (b) No such proxy shall be v…
22 V.I.C. § 410 Directors; disqualification
0.3K chars
No individual shall be disqualified to be a director of a domestic mutual insurer by reason of his holding public office. Adjudication as a bankrupt or taking the benefit of any insolvency law or making a general assignment for the benefit of creditors disqualifies an individual …
22 V.I.C. § 411 Limitation of expenses as to property and casualty insurance
1.1K chars
(a) For any calendar year after its first two full calendar years of operation, no domestic mutual insurer on the cash premium plan, other than one issuing nonassessable policies, shall incur any costs or expense in the writing or administration of property, disability, and casua…
22 V.I.C. § 412 Procedure upon violation of limitation
0.4K chars
The officers and directors of an insurer violating section 411 of this title shall be jointly and severally liable to the insurer for any excess of expenses incurred. If the insurer fails to exercise reasonable diligence or refuses to enforce such liability, the Commissioner may …
22 V.I.C. § 413 Limitation of action on officer's and director's salary
0.3K chars
No action to recover, or on account of, any salary or other compensation due or claimed to be due any officer or director of a domestic mutual insurer, or on any note or agreement relative thereto, shall be brought against such insurer after 12 months after the date on which such…
22 V.I.C. § 414 Contingent liability of members
0.8K chars
(a) Each member of a domestic mutual insurer, except as otherwise provided in this chapter, shall have a contingent liability, pro rata and not one for another, for the discharge of its obligations. The contingent liability shall be in such maximum amount as is stated in the insu…
22 V.I.C. § 415 Assessment of members
1.3K chars
(a) If at anytime the assets of a domestic mutual insurer doing business on the cash premium plan are less than its liabilities and the minimum surplus, if any, required of it by this title as prerequisite for continuance of its certificate of authority, and the deficiency is not…
22 V.I.C. § 416 Contingent liability of members of assessment insurer
0.2K chars
The contingent liability of members of a domestic mutual insurer doing business on the assessment premium plan shall be called upon and enforced by its directors as provided in its bylaws.
22 V.I.C. § 417 Contingent liability as asset
0.2K chars
Any contingent liability of members of a domestic mutual insurer to assessment does not constitute an asset of the insurer in any determination of its financial condition.
22 V.I.C. § 418 Liability as lien on policy reserves
0.4K chars
As to life insurance, any portion of an assessment of contingent liability upon a policyholder which remains unpaid following notice of such assessment, demand for payment, and lapse of a reasonable waiting period as specified in such notice, may, if approved by the Commissioner,…
22 V.I.C. § 419 Nonassessable policies
1.3K chars
(a) A domestic mutual insurer on the cash premium plan, after it has established a surplus not less in amount than the minimum capital funds required of a domestic stock insurer to transact like kinds of insurance, and for so long as it maintains such surplus, may extinguish the …
22 V.I.C. § 420 Qualification on issuance of nonassessable policies
0.7K chars
The Commissioner shall not authorize a domestic mutual insurer so to extinguish the contingent liability of any of its members or in any of its policies to be issued, unless it qualifies to and does extinguish such liability of all its members and in all such policies for all kin…
22 V.I.C. § 421 Revocation of right to issue nonassessable policies
0.9K chars
(a) The Commissioner shall revoke the authority of a domestic mutual insurer so to extinguish the contingent liability of its members if—(1) at any time the insurer's assets are less than the sum of its liabilities and the surplus required for such authority; or(2) the insurer, b…
22 V.I.C. § 422 Dividends
0.8K chars
(a) The directors of a domestic mutual insurer on the cash premium plan may from time to time apportion and pay to its members as entitled thereto, dividends only out of that part of its surplus funds which are in excess of its required minimum surplus and which represent net rea…
22 V.I.C. § 423 Nonparticipating policies
0.6K chars
(a) If its articles of incorporation so provide, a domestic mutual insurer on the cash premium plan may, while it is authorized to issue policies without contingent liability to assessment, issue policies not entitled to participate in the insurer's savings and earnings. (b) Such…
22 V.I.C. § 424 Borrowed capital
1.4K chars
(a) A domestic mutual insurer on the cash premium plan may, with the Commissioner's advance approval and without the pledge of any of its assets, borrow money to defray the expenses of its organization or for any purpose required by its business, upon an agreement that such money…
22 V.I.C. § 425 Repayment of borrowed capital
1.3K chars
(a) The insurer may repay any loan received pursuant to section 424 of this title, or any part thereof as approved by the Commissioner, only out of its funds which represent such loan or realized net earned surplus. No repayment shall be made which reduces the insurer's surplus b…
22 V.I.C. § 426 Impairment of surplus
1.0K chars
(a) If the assets of a domestic mutual insurer on the cash premium plan fall below the amount of its liabilities, plus the amount of any surplus required by this title for the kinds of insurance authorized to be transacted, the Commissioner shall at once ascertain the amount of t…
22 V.I.C. § 427 Mutual may not reorganize as stock insurer; reinsurance
0.7K chars
(a) No domestic mutual insurer shall hereafter be converted, changed, or reorganized as a stock corporation. (b) Such an insurer may be wholly reinsured in and its assets transferred to and its liabilities assumed by another mutual or stock insurer under such terms and conditions…
22 V.I.C. § 428 Distribution of assets upon liquidation
0.9K chars
(a) Upon the liquidation of a domestic mutual insurer, its assets remaining after discharge of its indebtedness and policy obligations shall be distributed to its members who were such within the 36 months prior to the last termination of its certificate of authority. (b) The dis…