Title 22 — Insurance
49 chapters · 1,014 sections in this title.
22 V.I.C. § 1051 Over-insurance prohibited
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(a) Over-insurance shall be deemed to exist if property or an insurable interest therein is insured by one or more insurance contracts against the same hazard in any amount in excess of the cash value of the property or of such interest, as determined as of the effective date of …
22 V.I.C. § 1052 Replacement insurance
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By any contract of insurance of property or of any insurable interest therein, the insurer may in connection with a special provision or endorsement made a part of the policy insure the cost of repair or replacement of such property, if damaged or destroyed by a hazard insured ag…
22 V.I.C. § 1054 Statement of actuarial opinion
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Every property and casualty insurance company doing business in the Virgin Islands, unless otherwise exempted by the domiciliary Commissioner of Insurance, shall annually submit the opinion of an Appointed Actuary entitled “Statement of Actuarial Opinion.” This opinion must be fi…
22 V.I.C. § 1055 Actuarial opinion summary
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(a) Every property and casualty insurance company domiciled in the Virgin Islands that is required to submit a Statement of Actuarial Opinion shall annually submit an Actuarial Opinion Summary written by the company’s appointed actuary, as a document supporting the Actuarial Stat…
22 V.I.C. § 1056 Actuarial report and work papers
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(a) An Actuarial Report and underlying work papers, as required by the appropriate NAIC Property and Casualty Annual Statement Instructions, must be prepared to support each Actuarial Opinion. (b) If the insurance company fails to provide a supporting Actuarial Report or work pap…
22 V.I.C. § 1057 Limitation on liability of appointed actuary to third parties
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The appointed actuary is not liable for damages to any person, other than the insurance company and the Commissioner, for any act, error, omission, decision or conduct with respect to the actuary’s opinion, except in cases of fraud or willful misconduct on the part of the appoint…
22 V.I.C. § 1058 Confidentiality
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(a) The Statement of Actuarial Opinion must be provided with the Annual Statement in accordance with the appropriate NAIC Property and Casualty Annual Statement Instructions and must be treated as a public document. (b) (1) Documents, materials or other information in the possess…