Title 22 — Insurance
49 chapters · 1,014 sections in this title.
22 V.I.C. § 1301 Mutual benefit society defined; application of chapter
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A corporation, society or voluntary association organized and carried on for the mutual benefit of its members and their beneficiaries and not for profit, and which makes provision for the payment of benefits in case of sickness, disability or death of its members, or disability …
22 V.I.C. § 1302 Foreign mutual benefit societies; qualification
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Any corporation, society or association coming within the description as set forth in section 1301 of this title organized under the laws of any state, other territory or commonwealth, or district of the United States or of any foreign country, shall be admitted to do business wi…
22 V.I.C. § 1303 Appointment of Commissioner as agent for service of process
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(a) Before a permit is granted to any foreign society to transact business in the Virgin Islands it must file with the Commissioner a resolution adopted by such society and signed by its president and secretary that service of process upon the Commissioner in any action or procee…
22 V.I.C. § 1304 Issuance of permit
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The Commissioner shall upon the application of any mutual benefit society, having the right to do business in the Virgin Islands issue to such society a permit in writing, authorizing it to do business in the Virgin Islands for which permit the society shall pay to the Commission…
22 V.I.C. § 1305 Annual report
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Every mutual benefit society doing business in this territory shall on or before the first day of March of each year make and file with the Commissioner in such form as he may require a statement under oath of its president and secretary, or corresponding officers, of its conditi…
22 V.I.C. § 1306 Examination of societies; payment of expenses of
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(a) The Commissioner, or his deputy or examiner may visit and examine into the affairs of any domestic or foreign mutual benefit society. He may employ assistants for the purpose of such examination, and he or his deputy, or examiner, shall have free access to all the books, pape…
22 V.I.C. § 1307 Failure to comply with law; receivership
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Whenever after examination the Commissioner is satisfied that any society has failed to comply with any provisions of this chapter, or is exceeding its powers, or is not carrying out its contracts in good faith, or is transacting business fraudulently, the Commissioner may presen…
22 V.I.C. § 1308 Bonding of officers; condition of bond; penalty for failure to bond
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(a) Every nonprofit benefit society shall furnish for every officer, agent or person having custody of the principal funds of the association, a good and sufficient fidelity bond for the benefit of the association and its members, and file the same with the Commissioner who is he…
22 V.I.C. § 1309 Investment of funds
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All investments and deposits of any nonprofit benefit society shall be made in the name of the society. It shall invest its funds in securities permitted by the laws of the Virgin Islands for the investments of the assets of insurance companies, and at all times shall have on han…
22 V.I.C. § 1310 Medical examination of members
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Any nonprofit benefit society may admit to beneficial membership any person not less than 18 and not more than 65 years of age, who has been examined by a legally qualified practicing physician, and no person shall be admitted to membership until a certificate duly executed by su…
22 V.I.C. § 1311 Penalty for violation of chapter
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Any person who acts within the Virgin Islands as an officer, agent, or otherwise, for any society or association which shall have failed, neglected or refused to comply with, or shall have violated, any of the provisions of this chapter or shall have failed or neglected to procur…