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Virgin Islands Statutes, Title 22

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Virgin Islands/Statutes

← All Virgin Islands coverage

Title 22, Insurance

49 chapters · 915 sections in this title.

All chapters in Title 22915 Ch 33, The Insurance Contract47 Ch 39, Life Insurance and Annuities46 Ch 31, Virgin Islands Insurance Producer an…44 Ch 66, Alternative Markets Act44 Ch 21, Assets and Liabilities40 Ch 35, Disability Insurance36 Ch 51, Mergers, Rehabilitation, Liquidation36 Ch 9, Insurers; General Requirements33 Ch 23, Investments33 Ch 55, Virgin Islands Captive Insurers Act30 Ch 17, Domestic Mutual Insurers28 Ch 49, Unfair Practices and Frauds28 Ch 63, Ambulance Service Contracts28 Ch 60, Third Party Administrators25

30 sections·Filtered byTitle 22✕Ch 55✕

22 V.I.C. § 1400 Short title
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This chapter shall be known and may be cited as the “Virgin Islands Captive Insurers Act”.
22 V.I.C. § 1401 Definitions
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(a) For purposes of this chapter, the following defined terms shall apply unless defined elsewhere and not otherwise inconsistent:(a) “Actuary” means a person qualified as an actuary by examination of the Institute of Actuaries in England or the Faculty of Actuaries in Scotland, …
22 V.I.C. § 1401a Purpose
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(1) The purpose of this chapter is to:(1) Allow for the statutory organization of captive insurance companies, as defined in this chapter;(2) Prohibit international insurers from licensure under this chapter, and(3) Prohibit captive insurers from converting into or being licensed…
22 V.I.C. § 1402 Applicability of other laws
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(a) Any captive insurer and any Captive Insurer Support Business licensed by the Commissioner under this chapter shall be exempt from all other insurance laws of the Virgin Islands other than those contained in this chapter or contained in specific references contained in this Ti…

22 V.I.C. § 1403 Licensing authority; residency requirements

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(a) A captive insurer, before commencing business, shall obtain a license from the SAM to do any and all insurance comprised in section 1417 of this chapter; provided, however, that:(1) no Single-Parent Captive Insurer may insure directly risks other than those of its parent(s) a…

22 V.I.C. § 1404 Application fee; annual license fee

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Each captive insurer shall pay to the SAM a nonrefundable application fee for examining, investigating, and processing its application for licensure, and the Commissioner is authorized to retain legal, financial, and examination services, the reasonable cost of which may be charg…

22 V.I.C. § 1405 Minimum capital; letter of credit

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(a) No Single-Parent Captive Insurer, Industrial Insured Captive Insurer incorporated as a stock insurer, or Association Captive Insurer incorporated as a stock insurer, shall be issued a license unless it shall possess and thereafter maintain unimpaired paid-in capital of:(1) in…

22 V.I.C. § 1406 Minimum surplus; letter of credit

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(1) No captive insurer shall be issued a license unless it shall possess and thereafter maintain free surplus of:(1) in the case of a Single-Parent Captive Insurer, not less than $100,000;(2) in the case of an Industrial Insured Captive Insurer incorporated as a stock insurer, no…

22 V.I.C. § 1407 Permissible investments; valuation

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(a) No Single-Parent Captive Insurer or Industrial Insured Captive Insurer shall be subject to any restrictions on allowable investments whatsoever; provided, however, that the SAM may prohibit or limit any investment that threatens the solvency or liquidity of any such company. …

22 V.I.C. § 1408 Segregation of accounts

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(a) A captive insurer that is domiciled or licensed to do business in any State of the United States, or that is otherwise subject to United States federal income taxation as if it were so domiciled or licensed, shall regularly employ in its books of accounts a detailed segregati…

22 V.I.C. § 1409 Formation of captive insurers in the Virgin Islands

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(a) A Single-Parent Captive Insurer shall be incorporated as a stock insurer with its capital divided into shares and held by the stockholders. (b) An Association Captive Insurer or an Industrial Insured Captive Insurer may be incorporated:(1) as a stock insurer with its capital …

22 V.I.C. § 1409A Formation of Branch Captive Insurance Companies in the Virgin Islands

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(a) Any Alien Captive Insurer, or Foreign Insurer seeking to establish a Branch Exempt Captive Insurer, as defined in paragraph (2), shall follow the criteria and procedures set forth in this subsection and section 1415 of the chapter and any regulations promulgated hereunder for…

22 V.I.C. § 1410 Financial reporting

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(a) Any captive insurer licensed under this Chapter shall be required to file within 180 days of the end of its financial year, a balance sheet, income statement, and statement clearly reflecting that adequate reserves are maintained and such other financial statements as the SAM…

22 V.I.C. § 1411 Examinations and investigations

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Other than a Single-Parent Captive Insurer at least once every five (5) years and whenever the SAM determines it to be necessary, prudent, or in the best interests of the Territory, he or his designee shall inspect and examine the affairs of an captive insurer to ascertain its fi…

22 V.I.C. § 1412 Grounds and procedures for suspension or revocation of license

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(a) The license issued to a captive insurer by this Territory may be suspended or revoked by the SAM for any of the following reasons:(1) insolvency or impairment of capital or surplus;(2) failure to meet the requirements of sections 1405 or 1406 of this chapter or any rules and …

22 V.I.C. § 1413 Reinsurance

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(a) Any captive insurer may cede reinsurance to any insurer or reinsurer or reinsurance pool approved by the SAM for this purpose, and may provide reinsurance on risks ceded by any other insurer or reinsurer or reinsurance pool. (b) Any captive insurer shall receive credit for re…

22 V.I.C. § 1414 Captive insurer support business

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( a) Any Captive Insurer Support Business, before commencing business, shall apply to the SAM for a license. The license application shall contain such information, in addition to the information set forth below, as may be required by the SAM pursuant to duly promulgated regulati…

22 V.I.C. § 1415 Tax rates and benefits applicable to any captive insurer

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(a) Each captive insurer may make an Exempt Company Election under chapter 14 of Title 13 of this Code to be an exempt company subject to the provisions of such title and shall thereupon be granted a reduction in the income tax liability shown on its income tax return for each ta…

22 V.I.C. § 1416 Confidentiality

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(a) No proprietary information furnished to the SAM by any applicant or licensed captive insurer, any Captive Insurer Support Business, or any auditor, actuary, agent, broker, or other duly authorized representative acting on behalf of any applicant, licensed captive insurer, or …

22 V.I.C. § 1417 Kinds of insurance authorized

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(1) The following kinds or lines of insurance that may be underwritten by a licensed captive insurer subject to the provisions of this chapter shall be as follows:(1) “Life insurance” means every insurance upon the lives of human beings, and every insurance pertaining thereto, in…

22 V.I.C. § 1418 Rules and regulations

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The SAM may establish, and from time to time amend, such rules and regulations relating to captive insurers and Captive Insurer Support Businesses as are necessary to enable the SAM to carry out the provisions of this chapter.

22 V.I.C. § 1419 Penalties

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Violation of any provision in this chapter shall be subject to the penalties provided for in chapter 1, section 7 of this Title.

22 V.I.C. § 1422 Preservation of right

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Notwithstanding any provision to the contrary, any existing and licensed captive insurer and Captive Insurer Support Business on the effective date of this section shall not be subject to any amended provisions enacted herewith that may adversely affect, impair or limit the benef…

22 V.I.C. § 1431 Purpose

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(a) The purpose of this subchapter is to provide a basis for the creation of protected cells by an Exempt Captive Insurer for one or more of the following uses:(a) As one means of accessing alternative sources of capital and alternative vehicles for insurance programs;(b) For pro…

22 V.I.C. § 1432 Definitions

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(a) As used in this Subchapter:(a) “Captive insurer” means an insurance company established under the provisions of this chapter.(b) “Commissioner” means the Commissioner of Insurance.(c) “Company” means Protected Cell Company.(d) “General Account” means the assets and liabilitie…

22 V.I.C. § 1433 Establishment of protected cells

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(a) A captive insurer may establish one or more protected cells with prior written approval of the SAM of a plan of operation for each protected cell and either:(1) by the allocation of one or more shares in the captive insurer to the owners of the cell. Such shares may be, or be…

22 V.I.C. § 1434 Use and operation of protected cells

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(a) The Protected Cell Assets of any Protected Cell may not be charged with liabilities arising out of any other business of the captive insurer that formed it or of any of the other Protected Cells that are or may be formed by that captive insurer. All contracts or other documen…

22 V.I.C. § 1435 Reach of creditors

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(a) Protected Cell Assets shall only be available to the creditors of the Company who are the creditors in respect of that Protected Cell and shall thereby be entitled, in conformity with the provisions of this subchapter, to have recourse to the Protected Cell Assets attributabl…

22 V.I.C. § 1436 Conservation, rehabilitation or liquidation of protected cell companies

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(a) Notwithstanding any contrary provision of this title, the rules and regulations promulgated thereunder, or any other applicable law or regulation, upon any order of conservation, rehabilitation, or liquidation of a Protected Cell Company, the receiver shall be bound to deal w…

22 V.I.C. § 1437 Authority to adopt regulations

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The SAM may promulgate rules and regulations necessary to effectuate the purposes of this Act.