Title 22 — Insurance
49 chapters · 1,014 sections in this title.
22 V.I.C. § 1251 Merger or consolidation [Repealed]
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22 V.I.C. § 1251 Statutes current through Act 9046 of the 2025 session of the 36th Legislature, including all code changes through October 25, 2025 Virgin Islands Code AnnotatedCopyright © 2026 All rights reserved.
22 V.I.C. § 1252 Insurer defined
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For the purposes of this chapter, other than as to section 1251 and in addition to persons included under section 1261 the term “insurer” shall be deemed to include all persons purporting to be engaged as insurers in the business of insurance in this territory, and to persons in …
22 V.I.C. § 1253 Grounds for rehabilitation
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(1) The Commissioner may apply to the District Court for an order directing him to rehabilitate a domestic insurer upon one or more of the following grounds: That the insurer—(1) is insolvent;(2) has refused to submit its books, records, accounts or affairs to the reasonable exam…
22 V.I.C. § 1254 Rehabilitation order; termination
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(a) An order to rehabilitate a domestic insurer shall direct the Commissioner forthwith to take possession of the property of the insurer and to conduct the business thereof, and to take such steps toward removal of the causes and conditions which have made rehabilitation necessa…
22 V.I.C. § 1255 Grounds for liquidation
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(1) The Commissioner may apply to the District Court for an order directing him to liquidate the business of a domestic insurer or of the United States branch of an alien insurer having trusteed assets in this territory, regardless of whether or not there has been a prior order d…
22 V.I.C. § 1256 Liquidation order
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(a) An order to liquidate the business of a domestic insurer shall direct the Commissioner forthwith to take possession of the property of the insurer, to liquidate its business, to deal with the insurer's property and business in his own name as Commissioner or in the name of th…
22 V.I.C. § 1257 Alien insurer's liquidation
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An order to liquidate the business of the United States branch of an alien insurer having trusteed assets in this territory shall be in the same terms as those prescribed for domestic insurers, except that only the assets of the business of such United States branch shall be incl…
22 V.I.C. § 1258 Conservation of assets—Foreign insurers
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(1) The Commissioner may apply to the District Court for an order directing him to conserve the assets within this territory of a foreign insurer upon any one or more of the following grounds:(1) upon any of the grounds specified in paragraphs (1) to (9), inclusive, of section 12…
22 V.I.C. § 1259 —Alien insurers
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(1) The Commissioner may apply to the District Court for an order directing him to conserve the assets within this territory of an alien insurer upon any one or more of the following grounds:(1) upon any of the grounds specified in paragraphs (1) to (9), inclusive, of section 125…
22 V.I.C. § 1260 Conservation order, ancillary proceedings
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(a) An order to conserve the assets of a foreign or alien insurer shall direct the Commissioner forthwith to take possession of the property of the insurer within this territory and to conserve it, subject to the further direction of the court. (b) Whenever a domiciliary receiver…
22 V.I.C. § 1261 Uniform Insurers Liquidation Act
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This section and sections 1262–1268, inclusive, of this title, comprise and may be cited as the “Uniform Insurers Liquidation Act.” For the purposes of such Act:“Ancillary state” means any state other than a domiciliary state.“Delinquency proceeding” means any proceeding commence…
22 V.I.C. § 1262 Delinquency proceedings—Domestic insurers
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(a) Whenever under the laws of this territory a receiver is to be appointed in delinquency proceedings for an insurer domiciled in this territory, the court shall appoint the Commissioner as such receiver. The court shall direct the Commissioner forthwith to take possession of th…
22 V.I.C. § 1263 —Foreign insurers
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(a) Whenever under the laws of this territory an ancillary receiver is to be appointed in delinquency proceedings for an insurer not domiciled in this territory, the court shall appoint the Commissioner as ancillary receiver. The Commissioner shall file a petition requesting the …
22 V.I.C. § 1264 Claims of nonresidents against domestic insurer
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(a) In a delinquency proceeding begun in this territory against an insurer domiciled in this territory, claimants residing in reciprocal states may file claims either with the ancillary receivers, if any, in their respective states, or with the domiciliary receiver. All such clai…
22 V.I.C. § 1265 Claims of residents against foreign insurer
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(a) In a delinquency proceeding in a reciprocal state against an insurer domiciled in that state, claimants against such insurer, who reside within this territory may file claims either with the ancillary receiver, if any, appointed in this territory, or with the domiciliary rece…
22 V.I.C. § 1266 Priority of certain claims
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(a) In a liquidation proceeding in this territory involving one or more reciprocal states, territories, or commonwealths, the order of distribution of the domiciliary state shall control as to all claims of residents of this and of reciprocal states, territories, or commonwealths…
22 V.I.C. § 1267 Attachment, garnishment, execution stayed
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During the pendency of delinquency proceedings in this territory or any reciprocal state no action or proceeding in the nature of an attachment, garnishment, or execution shall be commenced or maintained in the courts of this territory against the delinquent insurer or its assets…
22 V.I.C. § 1268 Severability; interpretation
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(a) If any provision of sections 1261–1268, inclusive, of this title, or the application thereof to any person or circumstances is held invalid, such invalidity shall not affect other provisions or applications of such sections which can be given effect without the invalid provis…
22 V.I.C. § 1269 Commencement of proceeding; venue
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(a) Proceedings under this chapter involving a domestic insurer shall be commenced in the District Court. (b) The Commissioner shall commence any such proceeding, the Attorney General representing him, by an application to the court or to any judge thereof for an order directing …
22 V.I.C. § 1270 Injunctions
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(a) Upon application by the Commissioner for such an order to show cause or at any time thereafter, the court may without notice issue an injunction restraining the insurer, its officers, directors, stockholders, members, agents, and all other persons from the transaction of its …
22 V.I.C. § 1271 Deposit of moneys collected
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The moneys collected by the Commissioner in a proceeding under this chapter shall be, from time to time, deposited with the Commissioner of Finance.
22 V.I.C. § 1272 Exemption from filing fees
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The Commissioner shall not be required to pay any fee to any public officer in this territory for filing, recording, issuing a transcript or certificate, or authenticating any paper or instrument pertaining to the exercise by the Commissioner of any of the powers or duties confer…
22 V.I.C. § 1273 Borrowing on pledge of assets
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For the purpose of facilitating the rehabilitation, liquidation, conservation or dissolution of an insurer pursuant to this chapter the Commissioner may, subject to the approval of the court, borrow money and execute, acknowledge and deliver notes or other evidences of indebtedne…
22 V.I.C. § 1274 Report to Governor and Legislature
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The Commissioner shall transmit to the Governor and Legislature in his annual report the names of all insurers proceeded against under this chapter, together with such facts as shall acquaint the policyholders, creditors, stockholders, and the public with the proceedings.
22 V.I.C. § 1275 Liquidation; date rights, liabilities fixed
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The rights and liabilities of the insurer and of its creditors, policyholders, stockholders, members and all other persons interested in its estate shall, unless otherwise directed by the court, be fixed as of the date on which the order directing the liquidation of the insurer i…
22 V.I.C. § 1276 Voidable transfers
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(a) Any transfer of, or lien upon, the property of an insurer which is made or created within four months prior to the granting of an order to show cause under this chapter with the intent of giving to any creditor or of enabling him to obtain a greater percentage of his debt tha…
22 V.I.C. § 1277 Priority of distribution
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1. The priority of distribution of claims from the insurer's estate shall be in accordance with the order in which each class of claims is herein set forth. Every claim in each class shall be paid in full or adequate funds retained for such payment before the members of the next …
22 V.I.C. § 1278 Offsets
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(a) In all cases of mutual debts or mutual credits between the insurer and another person in connection with any action or proceeding under this chapter, such credits and debts shall be set off and the balance only shall be allowed or paid, except as provided in subsection (b) of…
22 V.I.C. § 1278a Domiciliary liquidator's proposal to distribute assets
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(a) Within 120 days of a final determination of insolvency of an insurer by a court of competent jurisdiction of this territory, the liquidator shall make application to the court for approval of a proposal to disburse assets out of marshalled assets, from time to time as such as…
22 V.I.C. § 1279 Allowance of contingent and other claims
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(a) No contingent claim shall share in a distribution of the assets of an insurer which has been adjudicated to be insolvent by an order made pursuant to section 1280 of this title, except that such claims shall be considered, if properly presented, and may be allowed to share wh…
22 V.I.C. § 1280 Time to file claims
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(a) If upon the granting of an order of liquidation under this chapter or at any time thereafter during the liquidation proceeding, the insurer shall not be clearly solvent, the court shall after such notice and hearing as it deems proper, make an order declaring the insurer to b…
22 V.I.C. § 1281 Report for assessment
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(1) Within three years from the date an order of rehabilitation or liquidation of a domestic mutual insurer was filed in the office of the clerk of the court by which such order was made, the Commissioner may make a report to the court setting forth—(1) the reasonable value of th…
22 V.I.C. § 1282 Levy of assessment
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(a) Upon the basis of the report provided for in section 1281 of this title, including any amendment thereof, the court, ex parte, may levy one or more assessments against all members of such insurer who, as shown by the records of the insurer, were members (if a mutual insurer) …
22 V.I.C. § 1283 Order for payment of assessment
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After levy of assessment as provided in section 1282 of this title, upon the filing of a further detailed report by the Commissioner, the court shall issue an order directing each member (if a mutual insurer) if he shall not pay the amount assessed against him to the Commissioner…
22 V.I.C. § 1284 Publication, transmittal of assessment order
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(1) The Commissioner shall cause a notice of such assessment order setting forth a brief summary of the contents of such order to be—(1) published in such manner as shall be directed by the court; and(2) enclosed in a sealed envelope, addressed and mailed postage prepaid to each …
22 V.I.C. § 1285 Judgment upon the assessment
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(a) On the return day of the order to show cause provided for in section 1283 of this title if the member does not appear and serve verified objections upon the Commissioner, the court shall make an order adjudging that such member is liable for the amount of the assessment again…
22 V.I.C. § 1286 Purchase of insolvent domestic insurer; tax benefits
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(a) Any time after the District Court has ordered the Commissioner to rehabilitate an insolvent domestic insurer under this chapter, the Commissioner may enter into an agreement, subject to the approval of the Legislature, with any party qualified to hold a certificate of authori…