Title 22 — Insurance
49 chapters · 1,014 sections in this title.
22 V.I.C. § 1500 Definitions
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(a) As used in this chapter, unless the context clearly requires otherwise:(a) “Authority” means the Virgin Islands Windstorm and Earthquake Insurance Authority created by this chapter;(b) “Board” means the Board of Directors of the Authority or the Interim Board of Directors, as…
22 V.I.C. § 1501 Virgin Islands Windstorm and Earthquake Insurance Authority, established
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There is hereby created a body corporate and politic constituting a public corporation and autonomous governmental instrumentality of the Government of the Virgin Islands, by the name of the “Virgin Islands Windstorm and Earthquake Insurance Authority”. The Authority shall be sub…
22 V.I.C. § 1502 Powers and duties of the Authority
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(a) The Virgin Islands Windstorm and Earthquake Insurance Authority has the following powers and duties:(a) to provide the persons having an insurable interest in eligible property with windstorm and earthquake property insurance at reasonable rates;(b) to insure government owned…
22 V.I.C. § 1503 Board of Directors
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(a) (1) The Authority shall be governed by a Board of Directors consisting of seven persons: the Commissioner of Finance and the Director of the Office of Management and Budget (who shall both serve ex officio), and five other persons appointed by the Governor with the advice and…
22 V.I.C. § 1504 Plan of Operation
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(a) The Authority shall adopt a Plan of Operation and may amend such Plan from time to time as is necessary to assure the fair, reasonable, and equitable provision of windstorm and earthquake property insurance and the operation of the Authority. The Plan of Operation and any ame…
22 V.I.C. § 1505 Policy limitations and guarantees
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(a) No claim under a windstorm and earthquake property insurance policy issued by or on behalf of the Authority may exceed $400,000 increasing annually by an inflation index approved by the Board. (b) Every policy issued by or on behalf of the Authority shall have a minimum deduc…
22 V.I.C. § 1506 Appeals
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Any applicant, current or former policyholder, or other person or entity doing business with the Authority and who is affected by any decision of the Authority may appeal to the Insurance Commissioner in the manner, and by the method, provided for appeals in chapter 7 of this tit…
22 V.I.C. § 1507 Annual reports; periodic examinations
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(a) The Authority shall submit to the Governor and the Legislature annually, after the close of its fiscal year, a report of the business of the Authority for the preceding fiscal year and two sets of annual statements; one prepared in accordance with National Association of Insu…
22 V.I.C. § 1508 Specific powers with respect to bonds
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(a) Pursuant to the authority vested in the Government of the Virgin Islands by section 8(b)(i) of the Revised Organic Act of the Virgin Islands, as amended, the Government of the Virgin Islands hereby grants and empowers the Authority to issue and sell bonds from time to time an…
22 V.I.C. § 1509 Remedies of bondholders; bonds as securities
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(a) Subject to any contractual limitations binding upon the holders of any issue of bonds, or trustees therefor including, but not limited to the restriction of the exercise of any remedy to a specified proportion or percentage of such holders, any holder of bonds, or trustee the…
22 V.I.C. § 1510 Authority exempt from certain taxes; participation in the V.I. Insurance Guaranty Association
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(a) The purpose for which the Authority is created, and the exercise of all powers and duties of the Authority, are a public purpose. The Authority is exempt from the payment of any taxes or assessments on any of the property acquired or to be acquired by it, or on its operations…
22 V.I.C. § 1511 Sunset provision
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(a) The Authority shall be dissolved within six months after a finding by the Board, and ratification by the Legislature of the Virgin Islands, of one or more of the following, provided the requirements of subsection (b) of this section have been met:(1) federal legislation has b…