Title 22 — Insurance
49 chapters · 1,014 sections in this title.
22 V.I.C. § 1000 Consistency of progression of cash surrender values with increasing policy duration
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(a) Any cash surrender value available under the policy in the event of default in a premium payment due on any policy anniversary is in an amount which does not differ by more than two tenths of one percent of either the amount of insurance at the beginning of each of the first …
22 V.I.C. § 1000a Exceptions
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(a) This subchapter does not apply to any of the following:(1) Reinsurance;(2) Group insurance;(3) Pure endowment;(4) Annuity or reversionary annuity contract;(5) A term policy of uniform amount, which provides no guaranteed nonforfeiture or endowment benefits, or renewal thereof…
22 V.I.C. § 1000b Approval by Commissioner
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Notwithstanding the requirements set forth in chapter 33, section 810 of this title or the requirement of any other provision in the laws of the Virgin Islands, any policy, contract or certificate providing life insurance under any plan must be affirmatively approved by the Commi…
22 V.I.C. § 951 Scope of chapter
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The provisions of this chapter apply to contracts of life insurance and annuities other than group life insurance, group annuities, and, except sections 976, 977, 983 and 984 of this title, other than industrial life insurance.
22 V.I.C. § 952 Standard provisions required, life insurance
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(a) No policy of life insurance other than industrial, group and pure endowments with or without return of premiums or of premiums and interest, shall be delivered or issued for delivery in this territory unless it contains in substance all of the provisions required by sections …
22 V.I.C. § 953 Grace period
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There shall be a provision that the insured is entitled to a grace period of one month, but not less than 30 days, within which the payment of any premium after the first may be made, subject at the option of the insurer to an interest charge not in excess of 6 percent per annum …
22 V.I.C. § 954 Entire contract, representations
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In all such policies other than those containing a clause making the policy incontestable from date of issue, there shall be a provision that the policy and the application therefor, if a copy thereof has been endorsed upon or attached to the policy at issue and made a part there…
22 V.I.C. § 955 Incontestability
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There shall be a provision that the policy shall be incontestable after it has been in force during the lifetime of the insured for a period of two years from its date of issue, except for nonpayment of premiums and except, at the option of the insurer, as to provisions relative …
22 V.I.C. § 956 Misstatement of age
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There shall be a provision that if it is found that the age of the insured (or the age of any other individual considered in determining the premium) has been misstated, the amount payable under the policy shall be such as the premium would have purchased at the correct age or ag…
22 V.I.C. § 957 Participation in surplus
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(a) In all policies which provide for participation in the insurer's surplus, there shall be a provision that the policy shall so participate annually in the insurer's divisible surplus as apportioned by the insurer, beginning not later than the end of the third policy year. Any …
22 V.I.C. § 958 Policy loans
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(a) Except on extended term insurance policies and on policies with no cash surrender value, there shall be a provision that after three full years' premiums have been paid thereon, the insurer at any time, while the policy is in force, will advance, on proper assignment or pledg…
22 V.I.C. § 959 Table of values and options
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There shall be a table showing in figures the loan value, if any, and any options available under the policy each year upon default in premium payments, during at least the first 20 years of the policy, or for its life if maturity or expiry occurs in less than 20 years.
22 V.I.C. § 960 Nonforfeiture options
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There shall be a provision specifying the option to which the policyholder is automatically entitled in the absence of the election of other nonforfeiture options upon default in premium payment after nonforfeiture values become available.
22 V.I.C. § 961 Table of installments
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If the policy provides for payment of its proceeds in installments or as an annuity, a table showing the amount and period of such installments or annuity shall be included in the policy. Except, that if in the judgment of the Commissioner it is not practical to include certain t…
22 V.I.C. § 962 Reinstatement
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There shall be a provision that the policy may be reinstated at any time within three years after the date of default in the payment of any premium, unless the policy has been surrendered for its cash value, or the period of any extended insurance provided by the policy has expir…
22 V.I.C. § 963 Settlement on proof of death
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There shall be a provision that when a policy becomes a claim by the death of the insured, settlement shall be made upon receipt of due proof of death and surrender of the policy.
22 V.I.C. § 964 Standard provisions; annuities, pure endowment contracts
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No annuity or pure endowment contract, other than reversionary annuities, or survivorship annuities, or group annuities, shall be delivered or issued for delivery in this territory unless it contains in substance each of the provisions specified in sections 965–971, inclusive, of…
22 V.I.C. § 965 Annuities; grace period
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In such contracts, there shall be a provision that there shall be a period of grace of one month, but not less than 30 days, within which any stipulated payment to the insurer falling due after the first may be made, subject at the option of the insurer, to an interest charge the…
22 V.I.C. § 966 Incontestability; annuities, pure endowments
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If any statements, other than those relating to age, sex, and identity, are required as a condition to issuing such an annuity or pure endowment contract, and subject to section 968 of this title, there shall be a provision that the contract shall be incontestable after it has be…
22 V.I.C. § 967 Entire contract; annuities, pure endowments
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In such contracts there shall be a provision that the contract shall constitute the entire contract between the parties, or, if a copy of the application is endorsed upon or attached to the contract when issued, a provision that the contract and the application therefor shall con…
22 V.I.C. § 968 Misstatement of age or sex; annuities, pure endowments
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In such contracts there shall be a provision that if the age or sex of the person or persons upon whose life or lives the contract is made, or of any of them has been misstated, the amount payable or benefit accruing under the contract shall be such as the stipulated payment or p…
22 V.I.C. § 969 Dividends; annuities, pure endowments
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If such contract is participating, there shall be a provision that the insurer shall annually ascertain and apportion any divisible surplus accruing on the contract.
22 V.I.C. § 970 Nonforfeiture benefits; annuities, pure endowments
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(1) Such contracts issued after the operative date of section 984 of this title shall contain—(1) a provision that in the event of default in any stipulated payment, the insurer will grant a paid-up nonforfeiture benefit on a plan stipulated in the contract, effective as of such …
22 V.I.C. § 971 Reinstatement; annuities, pure endowments
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In such contracts there shall be a provision that the contract may be reinstated at any time within one year from the date of default in making stipulated payments to the insurer, unless the cash surrender value has been paid, but all overdue stipulated payments and any indebtedn…
22 V.I.C. § 972 Standard provisions; reversionary annuities
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No contract for a reversionary annuity shall be delivered or issued for delivery in this territory unless it contains in substance each of the provisions specified in sections 973 and 974 of this title. Any of such provisions not applicable to single premium annuities shall not, …
22 V.I.C. § 973 Sections applicable
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Any such reversionary annuity contract shall contain the provisions specified in sections 965–969, inclusive, of this title, except that under section 965 the insurer may at its option provide for an equitable reduction of the amount of the annuity payments in settlement of an ov…
22 V.I.C. § 974 Reinstatement, reversionary annuities
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In such reversionary annuity contracts there shall be a provision that the contract may be reinstated at any time within three years from the date of default in making stipulated payments to the insurer, upon production of evidence of insurability satisfactory to the insurer, and…
22 V.I.C. § 975 Supplemental benefits
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The Commissioner may make reasonable rules and regulations concerning the conditions in provisions granting additional benefits in event of the insured's accidental death, or in event the insured becomes totally and permanently disabled, which are a part of or supplemental to lif…
22 V.I.C. § 976 Limitation of liability
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(a) The insurer may in any life insurance policy or annuity or pure endowment contract limit its liability to a determinable amount not less than the full reserve of the policy and of dividend additions thereto in event only of death occurring—(1) as a result of war, or any act o…
22 V.I.C. § 977 Incontestability after reinstatement
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The reinstatement of any policy of life insurance or contract of annuity hereafter delivered or issued for delivery in this territory may be contestable on account of fraud or misrepresentation of acts material to the reinstatement only for the same period following reinstatement…
22 V.I.C. § 978 Premium deposits
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(a) A life insurer may, under such policy provisions or agreements as have been approved by the Commissioner consistent with this section, contract for and accept premium deposits in addition to the regular premiums specified in the policy, for the purpose of paying future premiu…
22 V.I.C. § 979 Policy settlements
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A life insurer shall have the power to hold under agreement the proceeds of any policy issued by it, upon such terms and restrictions as to revocation by the policyholder and control by beneficiaries, and with such exemptions from the claims of creditors of beneficiaries other th…
22 V.I.C. § 980 Deduction of indebtedness
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(1) In determining the amount due under any life insurance heretofore or hereafter issued, deduction may be made of—(1) any unpaid premiums or installments thereof for the current policy year due under the terms of the policy; and(2) the amount of principal and accrued interest o…
22 V.I.C. § 981 Miscellaneous proceeds
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(1) Upon the death of the insured and except as is otherwise expressly provided by the policy or premium deposit agreement, a life insurer may pay to the surviving spouse, children, beneficiary, or other person other than the insured's estate, appearing to the insurer to be equit…
22 V.I.C. § 982 Trafficking in dividend rights
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No life insurer nor any of its representatives, agents, or affiliates, shall buy, take by assignment other than in connection with policy loans, or otherwise deal or traffic in any rights to dividends existing under participating life insurance policies issued by the insurer.
22 V.I.C. § 983 Prohibited policy plan
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(1) No life insurer shall hereafter issue for delivery or deliver in this territory any life insurance policy—(1) issued under any plan for the segregation of policyholders into mathematical groups and providing benefits for a surviving policyholder of a group arising out of the …
22 V.I.C. § 984 Standard nonforfeiture law, life insurance
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(a) Short title: This section constitutes and may be cited as the Standard Nonforfeiture Law of the Virgin Islands. (b) Nonforfeiture provisions—Life: In the case of policies issued on or after the operative date of this section as defined in subsection (i) of this section, no po…
22 V.I.C. § 991 Short title
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This subchapter shall be known as “the Standard Nonforfeiture Law of 2018 for Life Insurance.”
22 V.I.C. § 992 Definitions
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The term “operative date of the valuation manual” means January 1st of the first calendar year that the valuation manual as defined in the Standard Valuation Law of 2018 is effective.
22 V.I.C. § 993 Applicability of prior law
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Notwithstanding any other requirements provided in the subchapter, the Standard Nonforfeiture Law adopted on March 29, 1968 and codified in section 984 of title 22 of the Virgin Islands Code, is applicable to nonforfeiture benefits under all life insurance policies issued before …
22 V.I.C. § 994 Nonforfeiture benefits
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(a) No life insurance policy issued on or after the effective date of this subchapter, except as stated in section 1000a, shall be delivered or issued for delivery in the Virgin Islands unless it contains in substance the provisions in paragraphs (1) through (6), or corresponding…
22 V.I.C. § 995 Computation of cash surrender value
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(a) Any cash surrender value available under the policy in the event of default in a premium payment due on any policy anniversary, whether or not required by section 994, is an amount not less than the excess, if any, of the present value, on the anniversary, of the future guara…
22 V.I.C. § 996 Computation of paid-up nonforfeiture benefits
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Any paid-up nonforfeiture benefit available under the policy in the event of default in a premium payment due on any policy anniversary is such that its present value as of the anniversary is at least equal to the cash surrender value then provided for by the policy or, if none i…
22 V.I.C. § 997 Calculations of adjusted premiums by the nonforfeiture net level premium method
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(a) This section applies to all policies issued on or after the effective date of this section. Except as provided in section subsection (h), the adjusted premiums for any policy is calculated on an annual basis and must be an uniform percentage of the respective premiums specifi…
22 V.I.C. § 998 Nonforfeiture benefits for indeterminate premium plans
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(1) Any plan of life insurance which provides for future premium determination, the amounts of which are to be determined by the insurance company based on estimates of future experience or for any plan of life insurance which is of such a nature that minimum values cannot be det…
22 V.I.C. § 999 Proration of values; net value of paid-up additions
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(1) Any cash surrender value and any paid up nonforfeiture benefit, valuable under the policy in the event of default in a premium payment due at any time other than the policy anniversary, are calculated with allowance for the lapse of time and the payment of fractional premiums…