Title 22 — Insurance
49 chapters · 1,014 sections in this title.
22 V.I.C. § 1031 Applicability
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(a) This chapter applies to all life insurance companies and fraternal benefit societies doing business in this territory and to all life insurance companies and fraternal benefit societies that are authorized to reinsure life insurance, annuities or accident and health insurance…
22 V.I.C. § 1032 Definitions
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(1) “Actuarial Opinion” means the opinion of an appointed actuary regarding the adequacy of the reserves and related actuarial items based on an asset adequacy analysis in accordance with section 1035 and with applicable Actuarial Standards of Practice. (2) “Actuarial Standards B…
22 V.I.C. § 1033 General requirements
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(a) Submission of Statement of Actuarial Opinion. There must be included on or attached to page one of the annual statement for each year beginning with the year in which this chapter becomes effective the statement of an appointed actuary, entitled “Statement of Actuarial Opinio…
22 V.I.C. § 1034 Liabilities to be covered
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(a) Under authority of section 535 of this title, the statement of actuarial opinion applies to all in-force business on the statement date, whether directly issued or assumed, regardless of when or where issued (e.g., reserves of Exhibits 5, 6 and 7), and claim liabilities in Ex…
22 V.I.C. § 1035 Statement of actuarial opinion based on an asset adequacy analysis
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(a) General Description. The statement of actuarial opinion submitted in accordance with this section must consist of:(1) A paragraph identifying the appointed actuary and the actuary’s qualifications;(2) A scope paragraph identifying the subjects on which an opinion is to be exp…
22 V.I.C. § 1036 Description of actuarial memorandum including an asset adequacy analysis and regulatory asset adequacy issues summary
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(a) In accordance with section 535 of this title, the appointed actuary shall prepare a memorandum to the company describing the analysis done in support of the appointed actuary’s opinion regarding the reserves. The memorandum must be made available for examination by the Commis…
22 V.I.C. § 1037 Details of the memorandum section documenting asset adequacy analysis
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(a) When an actuarial opinion is provided, the memorandum must demonstrate that the analysis has been done in accordance with the standards for asset adequacy referred to in section 1033(d) and any additional standards under this chapter. It must specify:(1) For reserves(A) Produ…