Title 22 — Insurance
49 chapters · 1,014 sections in this title.
22 V.I.C. § 498 Purpose and scope
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(a) The purpose of this chapter is to:(1) Permit the Commissioner of Insurance to gain and maintain an understanding of an insurer’s corporate governance framework by requiring that insurers provide to the Commissioner of Insurance a summary of an insurer or insurance group’s cor…
22 V.I.C. § 498c Rules and regulations
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The Commissioner may, upon notice and opportunity for all interested persons to be heard, issue such rules, regulations and orders as shall be necessary to carry out the provisions of this chapter.
22 V.I.C. § 498d Contents of corporate governance annual disclosure
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(a) The insurer or insurance group shall have discretion over the responses to the CGAD inquiries, provided the CGAD shall contain the material information necessary to permit the Commissioner to gain an understanding of the insurer’s or group’s corporate governance structure, po…
22 V.I.C. § 498e Confidentiality
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(a) Documents, materials or other information including the CGAD, in the possession or control of the Division that are obtained by, created by or disclosed to the Commissioner or any other person under this chapter, through examination or otherwise, are recognized by this Territ…
22 V.I.C. § 498f NAIC and third-party consultants
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(a) The Commissioner may retain, at the insurer’s expense, third-party consultants, including attorneys, actuaries, accountants and other experts not otherwise a part of the Commissioner’s staff as may be reasonably necessary to assist the Commissioner in reviewing the CGAD and r…
22 V.I.C. § 498g Sanctions
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Any insurer failing, without just cause, to timely file the CGAD as required in this chapter shall be required, after notice and hearing, to pay a penalty of $100 for each day’s delay, to be recovered by the Commissioner, and the penalty so recovered shall be paid into the Genera…
22 V.I.C. § 498h Severability clause
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If any provision of this chapter other than section 498e, 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 appli…
22 V.I.C. § 498i Effective date
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The requirements of this chapter shall become effective on January 1, 2020. The first filing of the CGAD shall be in 2020.