Title 22 — Insurance
49 chapters · 1,014 sections in this title.
22 V.I.C. § 1480 Commercial self-insurance fund
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(a) Any group of persons may form a commercial self-insurance fund for the purpose of pooling and spreading liabilities of its group members in any commercial property or casualty risk or surety insurance. (b) As used in this chapter, “commercial self-insurance fund” or “fund” me…
22 V.I.C. § 1481 Certificate of authority; violations
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(a) No person shall establish a commercial self-insurance fund unless such fund is issued a certificate of authority by the Commissioner. (b) (1) Any person failing to hold a certificate of authority from the Commissioner while operating or maintaining a commercial self-insurance…
22 V.I.C. § 1482 Application
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(1) All applications for a certificate of authority for a commercial self-insurance fund shall be on a form furnished by the Commissioner, and shall include or have attached the following:(1) The name of the fund and the location of the fund's principal office, which shall be mai…
22 V.I.C. § 1483 Maintaining certificate
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(1) After issuance of its initial certificate of authority, a commercial self-insurance fund shall thereafter meet the following requirements as a condition of maintaining its certificate of authority:(1) Maintenance of competent and trustworthy persons to service the program. Wr…
22 V.I.C. § 1484 Financial statement
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(a) Every commercial self-insurance fund shall, annually within 3 months of the end of the fiscal year, file a financial statement of the fund, including its balance sheet and a statement of operations for the preceding year, verified by the oath of a member of the board of trust…
22 V.I.C. § 1485 Liability
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(a) The liability of each member for obligations of the commercial self-insurance fund shall be individual, several, and proportionate, but not joint, except as provided in this section and section 1487 of this chapter. (b) Each member shall have a contingent assessment liability…
22 V.I.C. § 1486 Dividends
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A commercial self-insurance fund shall obtain the approval of the Commissioner prior to paying any dividend or refund to its members. No such dividend or refund may be approved until twelve months after the last day of the fiscal year for which the dividend or refund is payable, …
22 V.I.C. § 1487 Assessment
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(a) The trustees may assess from time to time members of a commercial self-insurance fund liable therefor under the terms of their policies and pursuant to this section, or the Commissioner may assess the members in the event of liquidation of the fund. (b) Each member's share of…
22 V.I.C. § 1488 Financial impairment
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(a) If the assets of a commercial self-insurance fund are at any time insufficient to comply with the requirements of law or to discharge its liabilities, other than any liability on account of funds contributed by the trustees or others, and to meet the required conditions of fi…
22 V.I.C. § 1489 Agents
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A commercial self-insurance fund shall use an agent or agents licensed under chapter 31 of this title. A commercial self-insurance fund may petition the Commissioner to have agents licensed in accordance with chapter 31 of this title, and the fund and its licensed agents shall be…
22 V.I.C. § 1490 Forms: Filing and approval
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(a) No basic insurance policy or application form where written application is required and is to be a part of the policy or contract, or printed rider or endorsement form, shall be issued by a commercial self-insurance fund unless the form has been filed with and approved by the…
22 V.I.C. § 1491 Rates
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(a) With respect to all classes of insurance which a commercial self-insurance fund shall underwrite, the rates shall not be excessive, inadequate, or unfairly discriminatory. (b) A rate shall be held to be excessive if the expense factors associated with the rate are not justifi…
22 V.I.C. § 1492 Service of process
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A commercial self-insurance fund shall register with and designate the Insurance Commissioner as its agent solely for the purpose of receiving service of legal documents or process.
22 V.I.C. § 1493 Examinations
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Commercial self-insurance funds licensed under this chapter shall be subject to periodic examination by the Commissioner in the same manner and subject to the same terms and conditions applicable to insurers as set forth in chapter 5 of this title.
22 V.I.C. § 1494 Fees and taxes
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Commercial self-insurance funds are subject to the fees and taxes set forth in chapter 25 of this title, except that the premium tax rate shall be one percent (1%) of the gross premiums collected by such self-insurance funds.