Title 22 — Insurance
49 chapters · 1,014 sections in this title.
22 V.I.C. § 1201 Unfair practices in general
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(a) No person engaged in the business of insurance shall engage in unfair methods of competition or in unfair or deceptive acts or practices in the conduct of such business as such methods, acts, or practices are defined pursuant to subsection (b) of this section. (b) In addition…
22 V.I.C. § 1202 Anticompact law
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(a) No person shall either within or outside this territory enter into any contract, understanding or combination with any other person to do jointly or severally any act or engage in any practice for any of the following purposes:(1) controlling the rates to be charged for insur…
22 V.I.C. § 1203 False financial statements
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No person shall knowingly file with any public official nor knowingly make, publish, or disseminate any financial statement of an insurer which does not accurately state the insurer's financial condition.
22 V.I.C. § 1204 False information and advertising
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No person shall knowingly make, publish, or disseminate any false, deceptive or misleading representation or advertising in the conduct of the business of insurance or relative to any person engaged therein.
22 V.I.C. § 1205 Advertising must show name and domicile
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Every advertisement of, by, or on behalf of an insurer shall set forth the name in full of the insurer and the location of its home office or principal office, if any, in the United States (if an alien insurer).
22 V.I.C. § 1206 Insurer name, deceptive use prohibited
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No person who is not an insurer shall assume or use any name which deceptively infers or suggests that it is an insurer.
22 V.I.C. § 1207 Advertising of financial condition
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(a) Every advertisement by or on behalf of any insurer purporting to show its financial condition may be in a condensed form but shall in substance correspond with the insurer's last verified statement filed with the Commissioner. (b) No insurer or person in its behalf shall adve…
22 V.I.C. § 1208 Defamation of insurer
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No person shall make, publish, or disseminate, or aid, abet or encourage the making, publishing, or dissemination of any information or statement which is false or maliciously critical and which is designed to injure in its reputation or business any authorized insurer or any dom…
22 V.I.C. § 1209 Misrepresentation of policies
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No person shall make, issue or circulate, or cause to be made, issued or circulated any misrepresentation of the terms of any policy or the benefits or advantages promised thereby, or the dividends or share of surplus to be received thereon, or use any name or title of any policy…
22 V.I.C. § 1210 Dividends not to be guaranteed
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No insurer, agent, broker, solicitor, or other person, shall guarantee or agree to the payment of future dividends or future refunds of unused premiums or savings in any specific or approximate amounts or percentages on account of any insurance contract.
22 V.I.C. § 1211 Political contributions
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(a) No insurer or fraternal benefit society doing business in this territory shall directly or indirectly pay or use, or offer, consent or agree to pay or use any money or thing of value for or in aid of any political party; nor for or in aid of any candidate for any political of…
22 V.I.C. § 1212 Misconduct of officers, employers
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(1) No director, officer, agent, attorney in fact, or employee of an insurer shall—(1) knowingly receive or possess himself of any of its property, otherwise than in payment for a just demand, and with intent to defraud, omit to make or to cause or direct to be made, a full and t…
22 V.I.C. § 1213 Presumption of knowledge of director
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A director of an insurer is deemed to have such knowledge of its affairs as to enable him to determine whether any act, proceeding, or omission of its directors is a violation of any provision of this chapter. If present at a meeting of directors at which any act, proceeding, or …
22 V.I.C. § 1214 Rebating
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(a) Except to the extent provided for in an applicable filing with the Commissioner then in effect, no insurer, general agent, agent, broker, or solicitor shall, as an inducement to insurance, or after insurance has been effected, directly or indirectly, offer, promise, allow, gi…
22 V.I.C. § 1215 Illegal inducements
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(a) No insurer, general agent, agent, broker, solicitor, or other person shall, as an inducement to insurance, or in connection with any insurance transaction, provide in any policy for, or offer, or sell, buy, or offer or promise to buy or give, or promise, or allow to the insur…
22 V.I.C. § 1216 Life or disability insurers, insurance as inducement to purchase of goods, etc
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No life or disability insurer shall directly or indirectly participate in any plan to offer or effect any kind or kinds of insurance in this territory as an inducement to the purchase by the public of any goods, securities, commodities, services or subscriptions to publications. …
22 V.I.C. § 1217 Rebating, license revocation
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The Commissioner shall revoke the certificates of authority or licenses of any insurer, general agent, agent, broker, or solicitor guilty of violating any provision contained in sections 1214 and 1215 of this title. No such insurer, general agent, agent, broker, or solicitor shal…
22 V.I.C. § 1218 Rebate, acceptance prohibited
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(a) No insured person shall receive or accept, directly or indirectly, any rebate of premium or part thereof, or any favor, advantage, share in dividends, or other benefit, or any valuable consideration or inducement not specified or provided for in the policy, or any commission …
22 V.I.C. § 1219 Twisting prohibited
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No person shall by misrepresentation or by misleading comparisons, induce or tend to induce any insured to lapse, terminate, forfeit, surrender, retain, or convert any insurance policy.
22 V.I.C. § 1220 Illegal dealing in premiums
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(a) No person shall wilfully collect any sum as premium for insurance, which insurance is not then provided or is not in due course to be provided by an insurance policy issued by an insurer as authorized by this title. (b) No person shall wilfully collect as premium for insuranc…
22 V.I.C. § 1221 Hypothecation of premium notes
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It shall be unlawful for any insurer or its representative, or any agent or broker, to hypothecate, sell, or dispose of any promissory note, received in payment for any premium or part thereof on any contract of life insurance or of disability insurance applied for, prior to deli…
22 V.I.C. § 1222 Misrepresentation in application for insurance
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Any agent, solicitor, broker, examining physician or other person who makes a false or fraudulent statement or representation in or relative to an application for insurance in an insurer transacting insurance under the provisions of this title, shall be guilty of a misdemeanor, a…
22 V.I.C. § 1223 Wilful destruction or injury of property
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Any person, who, with intent to defraud or prejudice the insurer thereof, wilfully burns or in any manner injures or destroys property which is insured at the time against loss or damage by fire or by any other casualty, under such circumstances not making the offense arson, is g…
22 V.I.C. § 1224 False claims or proof
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(1) Any person, who, knowing it to be such:(1) presents, or causes to be presented, a false or fraudulent claim, or any proof in support of such claim, for the payment of a loss under a contract of insurance; or(2) prepares, makes or subscribes to any false or fraudulent account,…
22 V.I.C. § 1225 Rate wars prohibited
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(a) Any insurer which precipitates, or aids in precipitating or conducting a rate war and by so doing writes or issues a policy of insurance at a less rate than permitted under its schedules filed with the Commissioner, or below the rate deemed by him to be proper and adequate to…
22 V.I.C. § 1226 Interlocking ownership, management
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(a) Any insurer may retain, invest in or acquire the whole or any part of the capital stock of any other insurer or insurers, or have a common management with any other insurer or insurers, unless such retention, investment, acquisition or common management is inconsistent with a…
22 V.I.C. § 1227 Right of debtor or borrower to select agent, broker, insurer
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Every debtor or borrower, when property insurance of any kind is required in connection with the debt or loan, shall have reasonable opportunity and choice in the selection of the agent, broker, and insurer through whom such insurance is to be placed; but only if the insurance is…
22 V.I.C. § 1228 Penalty for exhibiting false accounts, etc
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Every person who, with intent to deceive, knowingly exhibits any false account, or document, or advertisement, relative to the affairs of any insurer, or of any corporation or syndicate of the kind enumerated in chapter 11 of this title formed or proposed to be formed, shall be g…