Title 22 — Insurance
49 chapters · 1,014 sections in this title.
22 V.I.C. § 101 Purpose
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The purpose of the chapter is to provide an effective and efficient system for examining the activities, operations, financial condition and affairs of all persons transacting the business of insurance in the territory and all persons otherwise subject to the jurisdiction of the …
22 V.I.C. § 102 Definitions
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(a) As used in this title, unless the context requires another meaning:(a) “Commissioner” means the Commissioner of Insurance of the Virgin Islands, his deputies, or the Division of Banking, Insurance and Financial Regulation, as appropriate.(b) “Company” means any person engagin…
22 V.I.C. § 103 Authority, scope and scheduling of examinations
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(a) The Commissioner or any of his examiners may conduct an examination under this chapter of any company as often as the Commissioner in his sole discretion deems appropriate, but shall, at a minimum, conduct an examination of every insurer licensed in the territory not less fre…
22 V.I.C. § 104 Conduct of examinations
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(a) Upon determining that an examination should be conducted, the Commissioner, or the Commissioner's designee, shall issue an examination warrant appointing one or more examiners to perform the examination and instructing them as to the scope of the examination. In conducting th…
22 V.I.C. § 105 Examination reports
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(a) General description. All examination reports shall be comprised of only facts appearing upon the books, records, or other documents of the company, its agents or other persons examined, or as ascertained from the testimony of its officers or agents or other persons examined c…
22 V.I.C. § 106 Conflict of interest
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(1) No examiner may be appointed by the Commissioner if such examiner, either directly or indirectly, has a conflict of interest or is affiliated with the management of, or owns a pecuniary interest in, any person subject to examination under this chapter. This section shall not …
22 V.I.C. § 107 Cost of examination
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The cost of an examination into the affairs and condition of any company or insurer shall be borne by the company or insurer examined, unless remitted by the Commissioner.
22 V.I.C. § 108 Immunity from liability
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(a) No cause of action shall arise nor shall any liability be imposed against the Commissioner, the Commissioner's designee or any examiner appointed by the Commissioner for any statements made or conduct performed in good faith while carrying out the provisions of this chapter. …