Title 22 — Insurance
49 chapters · 1,014 sections in this title.
22 V.I.C. § 485 Purpose and scope
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The Legislature of the Virgin Islands finds and declares that, in accordance with the goals and objectives of the National Association of Insurance Commissioners (“NAIC”) for insurance companies to achieve greater financial solvency, there exists the need for insurance companies …
22 V.I.C. § 486 Applicability
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(a) This chapter shall apply to:(1) All insurers domiciled in the Territory, unless exempted pursuant to section 491;(2) All foreign insurers as defined in section 201(2) of this title that are not subject to the requirements and standards as adopted by statute in their jurisdict…
22 V.I.C. § 487 Definitions
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(a) “Commissioner” means the Commissioner of Insurance of the Virgin Islands. (b) “Insurer” has the same meaning as set forth in section 4 of this title, except that it shall not include agencies, authorities or instrumentalities of the United States, its possessions and territor…
22 V.I.C. § 488 Risk management framework
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An insurer shall maintain a risk management framework to assist the insurer with identifying, assessing, monitoring, managing and reporting on its material and relevant risks. This requirement may be satisfied if the insurance group of which the insurer is a member maintains a ri…
22 V.I.C. § 489 ORSA requirement
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Subject to the exemptions in section 491, an insurer, or the insurance group of which the insurer is a member, shall regularly conduct an ORSA consistent with a process comparable to the ORSA Guidance Manual. The ORSA shall be conducted no less than annually but also at any time …
22 V.I.C. § 490 ORSA Summary Report
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(a) Upon the Commissioner’s request, and no more than once each year following the completion of its internal strategic planning process, an insurer shall submit to the Commissioner an ORSA Summary Report or any combination of reports that together contain the information describ…
22 V.I.C. § 491 Exemption
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(a) An insurer shall be exempt from the requirements of this chapter, if:(1) The insurer has annual direct written and unaffiliated assumed premium, including international direct and assumed premium, but excluding premiums reinsured with the Federal Crop Insurance Corporation an…
22 V.I.C. § 492 Contents of ORSA Summary Report
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(a) The insurer shall prepare the ORSA Summary Report consistent with the ORSA Guidance Manual, subject to the requirements of subsection (b) of this section. The insurer shall maintain documentation and supporting information and make them available upon examination or upon requ…
22 V.I.C. § 493 Confidentiality
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(a) Documents, materials or other information, including the ORSA Summary Report, in the possession of, or control of, the Division of Banking, Insurance and Financial Regulation that are obtained by, created by, or disclosed to the Commissioner or any other person under this cha…
22 V.I.C. § 494 Sanctions
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Any insurer failing, without just cause, to timely file the ORSA Summary Report as required in this chapter shall be required, after notice and a hearing, to pay a penalty of $500.00 for each day’s delay, to be recovered by the Commissioner and the penalty so recovered shall be p…
22 V.I.C. § 495 Severability clause
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If any provision of this chapter, or the application thereof to any person or circumstance, is held invalid, such determination shall not affect the provisions or applications of this chapter which can be given effect without the invalid provision or application, and to that end …
22 V.I.C. § 496 Effective date
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The first filing of the ORSA Summary Report shall be in the year in which this chapter becomes law and in accordance with section 490 of this chapter.