Title 22 — Insurance
49 chapters · 1,014 sections in this title.
22 V.I.C. § 451 Kinds of insurance; capital and surplus requirements
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(a) Domestic stock insurers may transact different kinds of insurance in the territory upon qualifying therefor and by having paid-in capital and surplus represented by assets, as follows: MinimumcapitalrequiredMinimumsurplusinitiallyrequired(1) Life insurance$1,000,000500,000(2)…
22 V.I.C. § 452 Life insurance defined
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“Life insurance” is insurance on human lives and insurances appertaining thereto or connected therewith. For the purposes of this title the transacting of life insurance includes the granting of annuities and endowment benefits; additional benefits in event of death by accident; …
22 V.I.C. § 453 Disability insurance defined
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“Disability insurance” is insurance against bodily injury, disablement or death by accident, against disablement resulting from sickness, and every insurance appertaining thereto.
22 V.I.C. § 454 Property insurance defined
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“Property insurance” is insurance against loss of or damage to real or personal property of every kind and any interest therein, from any or all hazard or cause, and against loss consequential upon such loss or damage.
22 V.I.C. § 455 Marine and transportation insurance defined
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(a) “Marine and transportation insurance” is insurance against loss of or damage to—(1) vessels, craft, aircraft, vehicles, goods, freights, cargoes, merchandise, effects, disbursements, profits, moneys, securities, choses in action, evidences of debt, valuable papers, bottomry, …
22 V.I.C. § 456 Vehicle insurance defined
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(a) “Vehicle insurance” is insurance against loss or damage to any land vehicle or aircraft or any draft or riding animal or to property while contained therein or thereon or being loaded or unloaded therein or therefrom, and against any loss or liability resulting from or incide…
22 V.I.C. § 457 General casualty insurance defined
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(1) “General casualty insurance” includes vehicle insurance as defined in section 456 of this title and in addition is insurance—(1) against legal liability for the death, injury, or disability of any human being, or for damage to property;(2) of medical, hospital, surgical and f…
22 V.I.C. § 458 Surety insurance defined
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(1) “Surety insurance” includes—(1) credit insurance as defined in section 457(9) of this title;(2) bail bond insurance as defined in section 459 of this title;(3) fidelity insurance, which is insurance guaranteeing the fidelity of persons holding positions of public or private t…
22 V.I.C. § 459 Bail bond insurance defined
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“Bail bond insurance” is the guaranteeing that any person, in or in connection with any proceedings in any court, will attend in court when required, or will obey the orders or judgment of the court, as a condition to the release of such person from confinement, and the execution…
22 V.I.C. § 460 Title insurance defined
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“Title insurance” is insurance of owners of property or others having an interest therein, against loss by encumbrance, or defective titles, or adverse claim to title, and services connected therewith.
22 V.I.C. § 461 Authority to transact additional kinds of insurance
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(1) Authority shall be granted or denied insurers, already authorized to transact one kind of insurance, to transact additional kinds of insurance as follows:(1) an insurer authorized to transact life insurance may also transact disability insurance and may be authorized to trans…
22 V.I.C. § 462 Capital, surplus required for additional insuring powers
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(a) Insurers, except as provided in section 461 of this title, shall be authorized to transact kinds of insurance in addition to kinds already authorized upon otherwise qualifying therefor, and subject to special surplus requirements set forth in subsection (c) of this section, p…
22 V.I.C. § 463 Reinsurance powers
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A domestic mutual assessment insurer shall not have authority to accept reinsurance. Any other domestic insurer may accept reinsurance only of such kinds of insurance as it is authorized to transact direct.
22 V.I.C. § 464 Limitation of single risk
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(a) No insurer, other than a title insurer, may retain any risk on any one subject of insurance, regardless of where located or to be performed, in an amount exceeding 10 percent of its surplus to policyholders. (b) For the purposes of this section, a “subject of insurance” as to…
22 V.I.C. § 465 Use of surplus by domestic stock insurers
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After qualifying for authority to transact a kind of insurance, a domestic stock insurer may make use of its surplus for the development of its business, subject to subsection (b) of section 462 of this title.
22 V.I.C. § 466 Capital funds of foreign and alien insurers
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(a) Subject to the special surplus requirements of subsection (b) of section 462 of this title, foreign stock insurers may be authorized to transact insurance in this territory upon otherwise qualifying therefor and while possessing capital stock in amount not less than the minim…