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Virgin Islands Statutes, Title 22

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Virgin Islands/Statutes

← All Virgin Islands coverage

Title 22, Insurance

49 chapters · 915 sections in this title.

All chapters in Title 22915 Ch 33, The Insurance Contract47 Ch 39, Life Insurance and Annuities46 Ch 31, Virgin Islands Insurance Producer an…44 Ch 66, Alternative Markets Act44 Ch 21, Assets and Liabilities40 Ch 35, Disability Insurance36 Ch 51, Mergers, Rehabilitation, Liquidation36 Ch 9, Insurers; General Requirements33 Ch 23, Investments33 Ch 55, Virgin Islands Captive Insurers Act30 Ch 17, Domestic Mutual Insurers28 Ch 49, Unfair Practices and Frauds28 Ch 63, Ambulance Service Contracts28 Ch 60, Third Party Administrators25

33 sections·Filtered byTitle 22✕Ch 23✕

22 V.I.C. § 551 Eligible investments
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(a) Domestic insurers shall invest in or loan their funds on the security of, and shall hold as assets, only eligible investments as prescribed in this chapter. (b) Any particular investment of a domestic insurer held by it on the effective date of this title and which was a lega…
22 V.I.C. § 552 General qualifications
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(a) No security or other investment shall be eligible for purchase or acquisition under this chapter unless it is interest bearing or interest accruing or dividend or income paying, is not then in default in any respect, and the insurer is entitled to receive for its exclusive ac…
22 V.I.C. § 553 Limitation on securities of one entity
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An insurer shall not, except with the consent of the Commissioner, have at any time any combination of investments in or loans upon the security of the obligations, property, and securities of any one person, institution, or municipal corporation aggregating an amount exceeding 4…
22 V.I.C. § 554 Public obligations
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An insurer may invest any of its funds in bonds or other evidences of debt, not in default as to principal or interest, which are valid and legally authorized obligations issued, assumed or guaranteed by the United States or by any jurisdiction of the United States or by any poli…

22 V.I.C. § 555 Corporate obligations

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(1) An insurer may invest any of its funds in obligations other than those eligible for investment under section 561 of this title if they are issued, assumed, or guaranteed by any solvent institution created or existing under the laws of the United States or of any jurisdiction …

22 V.I.C. § 556 Terms defined

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(a) Certain terms used are defined for the purposes of this chapter as follows:“Fixed charges” includes interest on funded and unfunded debt, amortization of debt discount, and rentals for leased properties.“Institution” includes corporations, joint stock associations, and busine…

22 V.I.C. § 557 Securities of merged or reorganized institutions

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In applying the earnings test set forth in section 556 of this title to any such institution, whether or not in legal existence during the whole of such five years next preceding the date of investment by the insurer, which has at any time during the five-year period acquired sub…

22 V.I.C. § 558 Preferred or guaranteed stocks

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(a) An insurer may invest any of its funds, in an aggregate amount not exceeding 10 percent of its assets, if a life insurer, or not exceeding 15 percent of such assets if other than a life insurer, in preferred or guaranteed stocks or shares, other than common stocks, of solvent…

22 V.I.C. § 559 Trustees' or receivers' obligations

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An insurer may invest any of its funds, in an aggregate amount not exceeding 2 percent of its assets, in certificates, notes, or other obligations issued by trustees or receivers of institutions, existing under the laws of the United States or of any jurisdiction of the United St…

22 V.I.C. § 560 Equipment trust certificates

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An insurer may invest any of its funds, in an aggregate amount not exceeding 10 percent of its assets, in equipment trust obligations or certificates which are adequately secured, or in other adequately secured instruments evidencing an interest in transportation equipment wholly…

22 V.I.C. § 561 Mortgages, mortgage bonds, notes, contracts

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(1) An insurer may invest any of its funds in:(1) bonds or evidences of debt which are secured by first mortgages or deeds of trust on improved unencumbered real property located in the United States;(2) chattel mortgages in connection therewith pursuant to section 565 of this ti…

22 V.I.C. § 562 Mortgage loans limited by property value

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(a) No mortgage loan or investment therein upon any one parcel of real property shall exceed in amount at the time of acquisition:(1) seventy-five percent of the fair value of the property if the property is a dwelling house primarily intended for occupancy by one family and the …

22 V.I.C. § 563 “Encumbrance” defined

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(a) Real property shall not be deemed to be encumbered within the meaning of section 561 of this title by reason of the existence of:(1) instruments reserving mineral, oil, timber or similar rights, rights of way, sewer rights, or rights in walls;(2) liens for taxes or assessment…

22 V.I.C. § 564 Appraisal of property; insurance; limit of loan

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(a) The fair value of property shall be determined by appraisal by a competent appraiser at the time of the making or acquiring of a mortgage loan or investing in a contract for the deed thereon, except, that as to bonds or notes secured by mortgage or trust deed guaranteed or in…

22 V.I.C. § 565 Auxiliary chattel mortgages

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(a) In connection with a mortgage loan on the security of real property designed and used primarily for residential purposes only, acquired pursuant to section 561 of this title, an insurer may loan or invest an amount not exceeding 20 percent of the amount loaned on or invested …

22 V.I.C. § 566 Real property owned; home office building, etc

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(a) An insurer may own and invest or have invested in its home office and branch office buildings any of its funds in aggregate amount not to exceed 10 percent of its assets unless approved by the Commissioner, or if a mutual insurer not to exceed 10 percent of its assets nor suc…

22 V.I.C. § 567 Disposal of real property, time limit

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(a) Real property acquired by an insurer pursuant to paragraph (1) of subsection (b) of section 566 of this title shall be disposed of within five years after it has ceased being necessary for the use of the insurer in the transaction of its business. Real property acquired by an…

22 V.I.C. § 568 Foreign securities

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(a) An insurer authorized to transact insurance in a foreign country may invest any of its funds, in aggregate amount not exceeding its deposit and reserve obligations incurred in such country, in securities of or in such country possessing characteristics and of a quality simila…

22 V.I.C. § 569 Policy loans

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A life insurer may loan to its policyholder upon the pledge of the policy as collateral security, any sum not exceeding the legal reserve maintained on the policy.

22 V.I.C. § 570 Savings and share accounts

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An insurer may invest or deposit any of its funds in share or savings accounts of savings and loan associations, or in savings accounts of banks, and in any one such institution only to the extent that such an account is insured by the Federal Savings and Loan Insurance Corporati…

22 V.I.C. § 571 Insurance stocks

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(a) An insurer other than a life insurer may invest a portion of its surplus funds in an aggregate amount not exceeding 50 percent of its surplus over its capital stock and other liabilities, or 35 percent of its capital funds, whichever is greater, in the stocks of other insurer…

22 V.I.C. § 572 Common stocks

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(a) After satisfying the requirements of section 576 of this title, an insurer may invest any of its funds in common shares of stock in solvent United States corporations that qualify as a sound investment, except, that as to life insurers such investments shall further not aggre…

22 V.I.C. § 573 Collateral loans

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An insurer may loan its funds upon the pledge of securities or evidences of debt eligible for investment under this chapter. As at date made, no such loan shall exceed in amount 90 percent of the market value of such collateral pledged, except that loans upon pledges of United St…

22 V.I.C. § 574 Miscellaneous investments

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(a) An insurer may loan or invest its funds in an aggregate amount not exceeding the lesser of the following sums: 5 percent of its assets, or 50 percent of its surplus over its capital and other liabilities, or if a mutual insurer 50 percent of its surplus over minimum required …

22 V.I.C. § 575 Special consent investments

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Upon advance approval of the Commissioner and in compliance with section 552 of this title, an insurer may make any investment or kind of investment or exchange of assets otherwise prohibited or not eligible under any other section of this chapter. The Commissioner's order of app…

22 V.I.C. § 576 Required investments for capital and reserves

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(a) An insurer shall invest and keep invested its funds aggregating in amount, if a stock insurer, not less than 100 percent of its minimum required capital, or if a mutual insurer, not less than 100 percent of its required minimum surplus, in cash or investments eligible in acco…

22 V.I.C. § 577 Investments secured by real estate

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An insurer shall not invest or have invested at any one time more than 65 percent of its assets in investments in real estate, real estate contracts, and notes, bonds and other evidences of debt, secured by mortgage on real estate, as described in sections 561 and 566 of this tit…

22 V.I.C. § 578 Prohibited investments

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(1) In addition to investments excluded under other provisions of this title, an insurer shall not, except with the Commissioner's approval in advance, invest in or loan its funds upon the security of, or hold—(1) issued shares of its own capital stock, except for the purpose of …

22 V.I.C. § 579 Securities underwriting, agreements to withhold or repurchase, prohibited

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No insurer shall participate in the underwriting of the marketing of securities in advance of their issuance or enter into any transaction for such underwriting for the account of such insurer jointly with any other person; or enter into any agreement to withhold from sale any of…

22 V.I.C. § 580 Disposal of ineligible property or securities

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(a) Any personal property or securities lawfully acquired by an insurer, which it could not otherwise have invested in or loaned its funds upon at the time of such acquisition, shall be disposed of by the insurer within one year from date of acquisition, unless within such period…

22 V.I.C. § 581 Authorization of investments

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Except for policy loans of a life insurer, no domestic insurer shall sell or exchange any investment or loan unless authorized or approved by its board of directors or by a committee charged by the board of directors or the bylaws with the duty of making such investment, loan, sa…

22 V.I.C. § 582 Record of investments

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(a) As to each investment or loan of the funds of a domestic insurer a written record in permanent form showing the authorization thereof shall be made and signed by an officer of the insurer or by the chairman of such committee authorizing the investment or loan. (b) As to each …

22 V.I.C. § 583 Investments of foreign and alien insurers

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The investments of a foreign or alien insurer shall be as permitted by the laws of its domicile but shall be of a quality substantially as high as those required under this chapter for similar funds of like domestic insurers.