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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

20 sections·Filtered byTitle 22✕Ch 26✕

22 V.I.C. § 621 Definitions
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(a) As used in this chapter —(a) “Accountant” or “independent certified public accountant” means an independent certified public accountant or accounting firm in good standing with the American Institute of Certified Public Accountants (AICPA) and in all states in which public ac…
22 V.I.C. § 622 General requirements related to filing and extensions for filing of annual audited financial reports and audit committee appointment
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(a) All insurers shall have an annual audit by an independent certified public accountant and shall file an audited financial report with the Commissioner on or before June 1 for the year ended December 31 immediately preceding. The Commissioner may require an insurer to file an …
22 V.I.C. § 623 Suspension or revocation for failure to file
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(a) Every insurer is subject to the requirements of this chapter. Insurers having direct premiums written in this Territory of less than $1,000,000 in any calendar year and less than 1,000 policyholders or certificate holders of direct written policies nationwide at the end of th…
22 V.I.C. § 624 Exemptions
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(a) Foreign insurers filing the audited financial report in another state, pursuant to that state’s requirement for filing of audited financial reports, which has been found by the Commissioner to be substantially similar to the requirements of this chapter, are exempt from secti…

22 V.I.C. § 625 Contents of annual audited financial report

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(a) The annual audited financial report must state the financial position of the insurer as of the end of the most recent calendar year and the results of its operations, cash flows and changes in capital and surplus for the year then ended in conformity with statutory accounting…

22 V.I.C. § 626 Designation of independent certified public accountant

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(a) Each insurer required by this chapter to file an annual audited financial report must, no later than 60 days after becoming subject to the requirement, register with the Commissioner in writing the name and address of the independent certified public accountant or accounting …

22 V.I.C. § 627 Qualifications of independent certified public accountant

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(a) The Commissioner may not recognize a person or firm as a qualified independent certified public accountant if the person or firm: is not in good standing with the American Institute of Certified Public Accountants (AICPA) and in all states in which the accountant is licensed …

22 V.I.C. § 628 Consolidated or combined audits

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(1) An insurer may make a written application to the Commissioner for approval to file audited consolidated or combined financial statements in lieu of separate annual audited financial statements if the insurer is part of a group of insurance companies that utilizes a pooling or…

22 V.I.C. § 629 Scope of audit and report of independent certified public accountant

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Financial statements furnished pursuant to section 625 must be examined by the independent certified public accountant. The audit of the insurer’s financial statements must be conducted in accordance with generally accepted auditing standards. In accordance with AU Section 319 of…

22 V.I.C. § 630 Notification of adverse financial condition

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(a) The insurer required to furnish the annual audited financial report shall require the independent certified public accountant to report, in writing, within five business days to the board of directors or its audit committee any determination by the independent certified publi…

22 V.I.C. § 631 Communication of internal control related matters noted in an audit

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(a) In addition to the annual audited financial report, each insurer shall furnish the Commissioner with a written communication as to any unremediated material weaknesses in its internal control over financial reporting noted during the audit. The communication must be prepared …

22 V.I.C. § 632 Accountant’s letter of qualifications

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(1) The accountant shall furnish the insurer in connection with, and for inclusion in, the filing of the annual audited financial report, a letter stating:(1) That the accountant is independent with respect to the insurer and conforms to the standards of the profession as contain…

22 V.I.C. § 633 Definition, availability and maintenance of independent certified public accountants work papers

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(a) Work papers are the records kept by the independent certified public accountant of the procedures followed, the tests performed, the information obtained, and the conclusions reached pertinent to the accountant’s audit of the financial statements of an insurer. Work papers, a…

22 V.I.C. § 634 Requirements for audit committees

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(a) This section does not apply to foreign or alien insurers licensed in this Territory or an insurer that is a SOX Compliant Entity or a direct or indirect wholly-owned subsidiary of a SOX Compliant Entity.(a) The audit committee is directly responsible for the appointment, comp…

22 V.I.C. § 635 Internal audit function requirements

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(a) Exemption — An insurer is exempt from the requirements of this subsection 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 Corpora…

22 V.I.C. § 636 Conduct of insurer in connection with the preparation of required reports and documents

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(a) No director or officer of an insurer shall, directly or indirectly:(1) Make or cause to be made a materially false or misleading statement to an accountant in connection with any audit, review or communication required under this chapter; or(2) Omit to state, or cause another…

22 V.I.C. § 637 Management’s report of internal control over financial reporting

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(a) Every insurer required to file an audited financial report pursuant to this chapter that has annual direct written and assumed premiums, excluding premiums reinsured with the Federal Crop Insurance Corporation and Federal Flood Program, of $500,000,000 or more, shall prepare …

22 V.I.C. § 638 Discretionary grant of exemptions and effective dates

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(a) Upon written application of any insurer, the Commissioner may grant an exemption from compliance with any and all provisions of this Chapter if the Commissioner finds, upon review of the application, that compliance with this Chapter would constitute a financial or organizati…

22 V.I.C. § 639 Required filings for alien insurers

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(a) Canadian, British and all other alien insurers shall file each year an audited financial report with the Commissioner on or before September 30 for the year ended December 31 immediately preceding. The Commissioner may waive any provision of this section which may be inapplic…

22 V.I.C. § 640 Severability provision

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If any section or portion of a section of this Law or its applicability to any person or circumstance is held invalid by a court, the remainder of this Chapter or the applicability of the provision to other persons or circumstances are not affected.