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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

12 sections·Filtered byTitle 22✕Ch 29✕

22 V.I.C. § 701 Deposits of insurers
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(1) The Commissioner of Finance shall accept, when made through the Commissioner of Insurance, deposits of securities or funds by insurers as follows:(1) Deposits in amount as required to be made as prerequisite to a certificate of authority to transact insurance in this territor…
22 V.I.C. § 702 Deposits to be held in trust
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Each such deposit shall be held by the Commissioner of Finance in trust for the protection of all policyholders in the United States of the insurer making it; except that deposits of alien insurers shall be so held for the security of such insurer's obligations arising out of its…
22 V.I.C. § 703 Securities eligible for deposit
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All such deposits shall consist of cash funds or other assets comprised of securities which are eligible for the investment of the funds of insurers under chapter 23 of this title, and representing public obligations, corporate bonds, and mortgages on real property located in thi…
22 V.I.C. § 704 Receipt; records
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(a) The Commissioner of Finance shall deliver to the insurer a receipt for all funds and securities so deposited by it. (b) The Commissioner of Insurance shall keep a record in permanent form of all funds and securities so deposited. This record shall be open to the inspection of…

22 V.I.C. § 705 Transfer of securities

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(a) No transfer of any funds or security so held on deposit, whether voluntary or by operation of law, shall be valid unless approved in writing by the Commissioner of Insurance and countersigned by the Commissioner of Finance or by his authorized deputy or agent. (b) A statement…

22 V.I.C. § 706 Depositaries

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The Commissioner of Finance may designate any solvent trust company or other solvent financial institution having trust powers domiciled in this territory, as the Commissioner of Finance's depositary to receive and hold any such deposit of a domestic or foreign insurer, or of an …

22 V.I.C. § 707 Liability for safekeeping

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The Government of the Virgin Islands shall be responsible for the safekeeping and return of all funds and securities deposited pursuant to this chapter with the Commissioner of Finance or in any such depositary so designated by him.

22 V.I.C. § 708 Dividends and substitutions

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While solvent and complying with this title an insurer shall be entitled to collect and receive interest and dividends accruing on the securities so held on deposit for its account, and from time to time exchange and substitute for any of such securities, other securities eligibl…

22 V.I.C. § 709 Release of deposits, generally

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(a) Any such required deposit shall be released in these instances only:(1) upon extinguishment of all liabilities of the insurer for the security of which the deposit is held, by reinsurance contract or otherwise;(2) if any such deposit or portion thereof is no longer required u…

22 V.I.C. § 710 Release of existing deposits

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Any part of any deposit of an insurer held by the Commissioner of Finance on the effective date of this title which is in amount in excess of the deposit required or permitted to be made by such insurer under this title, shall, upon written order of the Commissioner of Insurance,…

22 V.I.C. § 711 Voluntary excess deposits

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An insurer may deposit and maintain on deposit with the Commissioner of Finance through the Commissioner of Insurance funds and eligible securities in amount exceeding its required deposit under this title by not more than $100,000, for the purpose of absorbing fluctuations in th…

22 V.I.C. § 712 Immunity from levy

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No judgment creditor or other claimant of an insurer shall levy upon any deposit held pursuant to this chapter, or upon any part thereof.