Title 22 — Insurance
49 chapters · 1,014 sections in this title.
22 V.I.C. § 1441 Short title
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This chapter may be cited as “The Virgin Islands Credit Reinsurance Act”.
22 V.I.C. § 1442 Definitions
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(a) The following terms have the following meaning:(a) An “Assuming insurer” means the company that assumes the risks from the insurance policy portfolio passed from a ceding insurer.(b) A “Ceding insurer” means an insurance company that passes a part or all of its risks from its…
22 V.I.C. § 1443 Credit Allowed a Domestic Ceding Insurer
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(a) Credit for reinsurance is allowed a domestic ceding insurer as either an asset or a reduction from liability on account of reinsurance ceded only when the reinsurer meets the requirements of subsections (c), (d), (e), (f), (g), (h) or (i); but the Commissioner may adopt regul…
22 V.I.C. § 1444 Asset or reduction from liability for reinsurance ceded by a domestic insurer to an assuming insurer not meeting the requirements of section 1443
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An asset or a reduction from liability for the reinsurance ceded by a domestic insurer to an assuming insurer not meeting the requirements of section 545 must be allowed in an amount not exceeding the liabilities carried by the ceding insurer; provided further, that the Commissio…
22 V.I.C. § 1445 Qualified U.S. financial institutions for purposes of section 1444(c)
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(a) A “qualified U.S. financial institution” means an institution that:(1) Is organized or (in the case of a U.S. office of a foreign banking organization) licensed, under the laws of the United States or any state thereof;(2) Is regulated, supervised and examined by U.S. federal…
22 V.I.C. § 1446 Regulations
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(a) The Commissioner may adopt regulations implementing the provisions of this chapter, including regulations applicable to reinsurance arrangements described in subsection (b). (b) A regulation adopted pursuant to this subsection may apply only to reinsurance relating to:(1) Lif…
22 V.I.C. § 1447 Reinsurance agreements affected
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This section applies to all cessions after the effective date of this chapter under reinsurance agreements that have an inception, anniversary or renewal date not less than nine (9) months after the effective date of this chapter.
22 V.I.C. § 1448 Short title
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This subchapter is entitled “Life and Health Reinsurance Agreements”.
22 V.I.C. § 1448a Scope
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This subchapter applies to all domestic life and accident and health insurers and to all other licensed life and accident and health insurers which are not subject to a substantially similar law or regulation in their domiciliary state. This subchapter also similarly applies to l…
22 V.I.C. § 1448b Accounting requirements
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(1) No insurer subject to this subchapter shall, for reinsurance ceded, reduce any liability or establish any asset in any financial statement filed with the Commissioner if, by the terms of the reinsurance agreement, in substance or effect, any of the following conditions exist:…
22 V.I.C. § 1448c Written agreements
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(1) No reinsurance agreement or amendment to any agreement may be used to reduce any liability or to establish any asset in any financial statement filed with the Commissioner, unless the agreement, amendment or a binding letter of intent has been duly executed by both parties no…
22 V.I.C. § 1448d Existing agreements
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Insurers subject to this subchapter shall reduce to zero no later than nine months following the effective date of this subchapter any reserve credits or assets established with respect to reinsurance agreements entered into prior to the effective date of this subchapter which, u…