Title 22 — Insurance
49 chapters · 1,014 sections in this title.
22 V.I.C. § 501 Assets defined
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(1) In any determination of the financial condition of any insurer there shall be allowed as assets only such assets as belong wholly and exclusively to the insurer, which are registered, recorded, or held under the insurer's name, and which consist of—(1) cash in the possession …
22 V.I.C. § 502 Nonallowable assets
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(1) In addition to assets impliedly excluded under section 501 of this title the following expressly shall not be allowed as assets in any determination of the financial condition of an insurer:(1) goodwill, trade names, agency plants and other like intangible assets;(2) prepaid …
22 V.I.C. § 503 Liabilities
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(1) In any determination of the financial condition of an insurer, liabilities to be charged against its assets shall include—(1) the amount of its capital stock outstanding, if any;(2) the amount, estimated consistent with the provisions of this chapter, necessary to pay all of …
22 V.I.C. § 504 Unearned premium reserve, property, casualty, disability and surety insurance
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(a) With reference to insurances against loss or damage to property, except as provided in section 505 of this title and with reference to all general casualty insurances, disability insurance except as provided in section 506 of this title and surety insurance, every insurer sha…
22 V.I.C. § 505 Unearned premium reserve, marine and transportation insurance
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With reference to marine and transportation insurance, premiums on trip risks not terminated shall be deemed unearned and the Commissioner may require the insurer to carry a reserve thereon equal to 100 percent on trip risks written during the month ended as of the date of statem…
22 V.I.C. § 506 Noncancellable disability insurance reserve
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(a) The legal minimum standard for computing the active life reserve, including the unearned premium reserve of noncancellable disability policies shall be based on Conference Modification of Class III Disability Experience with interest at not to exceed 3 ½ percent per annum on …
22 V.I.C. § 507 Loss records
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An insurer shall maintain a complete and itemized record showing all losses and claims as to which it has received notice, including with regard to property, casualty, surety, and marine and transportation insurances, all notices received of the occurrence of any event which may …
22 V.I.C. § 508 Increased reserves
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(a) If the Commissioner determines that an insurer's unearned premium reserves, however computed, are inadequate, he may require the insurer to compute such reserves or any part thereof according to such other method or methods as are prescribed in this chapter. (b) If the loss e…
22 V.I.C. § 509 Loss reserves, liability insurance
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(1) The reserves for outstanding losses and loss expense under policies of personal injury liability insurance and under policies of employer's liability insurance shall be computed as follows:(1) for all liability suits being defended under policies written:(A) ten years or more…
22 V.I.C. § 510 Unallocated liability loss expense
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(a) All unallocated liability loss expense payments shall be distributed as follows:(1) if made in a given calendar year subsequent to the first four years in which an insurer has been issuing liability policies, 35 percent shall be charged to the policies written that year, 40 p…
22 V.I.C. § 511 Schedule of experience
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Any insurer transacting liability insurance shall include in its annual statement filed with the Commissioner, a schedule of its experience thereunder in such form as the Commissioner may prescribe.
22 V.I.C. § 512 Loss payments, loss expense defined
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“Loss payments” and “loss expense payments” as used with reference to liability insurance shall include all payments to claimants, payments for medical and surgical attendance, legal expense, salaries and expenses of investigators, adjusters and claims field men, rents, stationer…
22 V.I.C. § 513 Standard valuation law; life insurance
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(a) This section constitutes and may be cited as the Standard Valuation Law. (b) Annual valuation: The Commissioner shall annually value, or cause to be valued, the reserve liabilities (hereinafter called reserves) for all outstanding life insurance policies and annuity and pure …
22 V.I.C. § 514 Reserve credit for reinsurance
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(a) An insurer may take credit for reserves on risks ceded to a reinsurer to the extent reinsured, except that no credit shall be allowed, as an asset or as a deduction from liability, to any ceding insurer for reinsurance unless the reinsurance is payable by the assuming insurer…
22 V.I.C. § 515 Valuation of bonds
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(a) All bonds or other evidences of debt having a fixed term and rate held by any insurer may, if amply secured and not in default as to principal or interest, be valued as follows:(1) if purchased at par, at the par value;(2) if purchased above or below par, on the basis of the …
22 V.I.C. § 516 Valuation of securities
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(a) Securities, other than those referred to in section 515 of this title, held by an insurer shall be valued, in the discretion of the Commissioner, at their market value, or at their appraised value, or at prices determined by him as representing their fair market value, all co…
22 V.I.C. § 517 Valuation of property
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(a) Real property acquired pursuant to a mortgage loan or a contract for a deed, in the absence of a recent appraisal deemed by the Commissioner to be reliable, shall not be valued at an amount greater than the unpaid principal of the defaulted loan or contract at the date of suc…
22 V.I.C. § 518 Valuation of purchase money mortgages
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Purchase money mortgages shall be valued in an amount not exceeding the acquisition cost of the real property covered thereby or 90 percent of the fair value of such real property, whichever is less.
22 V.I.C. § 519 Standards for determining whether insurer is in hazardous financial condition
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(1) The Commissioner may consider the following standards, either singly or as a combination of two or more, to determine whether the continued operation of any insurer transacting an insurance business in this Territory may be hazardous to its policyholders, creditors or the pub…
22 V.I.C. § 520 Commissioner’s additional authority to take corrective action
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(a) For the purposes of making a determination of an insurer’s financial condition under section 519, the Commissioner may:(1) disregard any credit or amount receivable resulting from transactions with a reinsurer that is insolvent, impaired or otherwise subject to a delinquency …
22 V.I.C. § 521 Review and appeal of Commissioner’s order
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An insurer subject to an order issued under subsection 520(b) may request a hearing to review the order in accordance with the procedures set forth in chapter 7 of this title.
22 V.I.C. § 531 Short title
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This subchapter may be cited as the “Standard Valuation Act of 2018”.
22 V.I.C. § 532 Definitions
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(a) In this subchapter:(a) “Accident and health insurance” means contracts that incorporate morbidity risk and provide protection against economic loss resulting from accident, sickness, or medical conditions and as may be specified in the valuation manual.(b) “Alien company” mea…
22 V.I.C. § 533 Applicability of prior law
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(a) The minimum standard for the valuation of policies and contracts issued before March 29, 1968 is the minimum standard provided by the laws in effect immediately before March 29, 1968. (b) Notwithstanding any other requirements as provided in this subchapter, the Standard Valu…
22 V.I.C. § 534 Reserve valuation
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(a) The Commissioner shall annually value, or cause to be valued, the reserve for all outstanding life insurance contracts, annuity and pure endowment contracts, accident and health contracts, and deposit-type contracts of every company issued on or after the effective date of th…
22 V.I.C. § 535 Actuarial opinion of reserves
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(a) (1) Every company with outstanding life insurance contracts, accident and health insurance contracts or deposit-type contracts in the Virgin Islands and subject to regulation by the Commissioner shall annually submit the opinion of the appointed actuary stating whether the re…
22 V.I.C. § 536 Computation of minimum standard
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(1) Except as provided in sections 537, 538, and 545, the minimum standard for the valuation of policies and contracts issued before the effective date of this subchapter is that provided by the laws in effect immediately before that date. Except as otherwise provided in sections…
22 V.I.C. § 537 Computation of minimum standard for annuities
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(1) Except as provided in section 538, the minimum standard of valuation for individual annuity and pure endowment contracts issued on or after the effective date of this subchapter and for annuities and pure endowments under group annuity and pure endowment contracts purchased o…
22 V.I.C. § 538 Computation of minimum standard by calendar year of issue
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(a) The interest rates used in determining the minimum standard for the valuation as provided in subsections (b), (c) and (d) are the calendar year statutory valuation interest rates for the following:(1) Life insurance policies issued in a particular calendar year, on or after t…
22 V.I.C. § 539 Reserve valuation method—life insurance and endowment benefits
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(a) Except as otherwise provided in sections 540, 543, and 545, reserves according to the Commissioner’s reserve valuation method, for the life insurance and endowment benefits of policies providing for a uniform amount of insurance and requiring the payment of uniform premiums, …
22 V.I.C. § 540 Reserve valuation method—annuity and pure endowment benefits
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(a) This section applies to all annuity and pure endowment contracts other than group annuity and pure endowment contracts purchased under a retirement plan or plan of deferred compensation, established or maintained by an employer including a partnership or sole proprietorship o…
22 V.I.C. § 541 Minimum reserves
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(a) A company’s aggregate reserves for all life insurance policies, excluding disability and accidental death benefits, issued on or after the effective date of this subchapter, may not be less than the aggregate reserves calculated in accordance with the methods set forth in sec…
22 V.I.C. § 542 Optional reserve calculation
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(a) Reserves for policies and contracts issued before the effective date of this subchapter may be calculated, at the option of the company, according to any standards that produce greater aggregate reserves for all such policies and contracts than the minimum reserves required b…
22 V.I.C. § 543 Reserve calculation—valuation net premium exceeding the gross premium charged
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(a) If in any contract year the gross premium charged by a company on a policy or contract is less than the valuation net premium for the policy or contract calculated by the method used in calculating the reserve, but using the minimum valuation standards of mortality and rate o…
22 V.I.C. § 544 Reserve calculation—indeterminate premium plans
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(a) For a plan of life insurance that provides for future premium determination, the amounts of which are to be determined by the insurance company based on then estimates of future experience, or for a plan of life insurance or annuity that is of a nature that the minimum reserv…
22 V.I.C. § 545 Minimum standard for accident and health insurance contracts
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For accident and health insurance contracts issued on or after the effective date of this subchapter, the standard prescribed in the valuation manual is the minimum standard of valuation required under section 534(a). For disability, accident and health or sickness insurance cont…
22 V.I.C. § 546 Valuation manual for policies issued on or after the effective date of this subchapter
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(a) For policies issued on or after the effective date of this subchapter, the standard prescribed in the valuation manual is the minimum standard of valuation required under section 534(a), except as provided under subsections (e) or (g). (b) The operative date of the valuation …
22 V.I.C. § 547 Requirements of a principle-based valuation
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(a) A company shall establish reserves using a principle-based valuation that meets the following conditions for policies or contracts as specified in the valuation manual:(1) Quantify the benefits and guarantees, and the funding associated with the contracts and their risks at a…
22 V.I.C. § 548 Experience reporting for policies in force on or after the effective date of the valuation manual
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A company shall submit mortality, morbidity, policyholder behavior, or expense experience and other data as prescribed in the valuation manual.
22 V.I.C. § 549 Confidentiality
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(a) For purposes of this section, “Confidential Information” means:(1) A memorandum in support of an opinion submitted under section 535 and any other documents, materials and other information, including, but not limited to, all working papers, and copies thereof, created, produ…