Title 22 — Insurance
49 chapters · 1,014 sections in this title.
22 V.I.C. § 1621 Premium finance company defined
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(a) An “insurance premium finance company” is:(1) A person engaged, in whole or in part, in the business of acquiring premium finance agreements with insureds; or(2) A person engaged, in whole or in part, in the business of acquiring premium finance agreements from other premium …
22 V.I.C. § 1622 Premium finance agreement defined
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“Premium finance agreement” means a promissory note or other written agreement by which an insured promises or agrees to pay to, or to the order of, a premium finance company the amount advanced or to be advanced under the agreement to an insurer or to an insurance agent, in paym…
22 V.I.C. § 1623 License required
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(a) No person shall engage in the business of a premium finance company unless licensed by the Commissioner of Insurance. Every premium finance company under the provisions of this chapter shall maintain at all times a net worth of $100,000. However, in lieu of having a net worth…
22 V.I.C. § 1624 Levy on deposit
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No judgment creditor or other claimant of a premium finance company shall have the right to levy upon any of the assets or securities held in the Territory as a deposit under section 1623 of this title.
22 V.I.C. § 1625 Approval, disapproval of application; license renewal
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(a) The Commissioner shall issue the license, unless he finds that the management of the premium finance company filing the application is so lacking in managerial experience as to make the proposed operation hazardous or injurious to the public or unless he has good reason to be…
22 V.I.C. § 1626 Grounds for refusal, suspension or revocation of license
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(a) The Commissioner may deny, suspend, revoke, or refuse to renew any license, if he finds:(1) That the licensee has failed to pay the annual license fee or any sum of money lawfully demanded under the authority of any other section of this chapter or has failed to comply with a…
22 V.I.C. § 1627 Administrative fine and probation
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The Commissioner may, in his discretion, in lieu of a suspension, revocation, or refusal to renew or continue any license, impose on the licensee an administrative penalty or place such licensee on probation.
22 V.I.C. § 1628 Examinations
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(a) The Commissioner may conduct examinations and investigations of premium finance companies under the provisions of chapter 5 of this title. (b) As often as it is deemed necessary and not less frequently than every three years, the Commissioner shall examine each licensed premi…
22 V.I.C. § 1629 Excessive premium finance charge; penalty
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Any person, premium finance company, or other legal entity who or which knowingly takes, receives, reserves, or charges a premium finance charge other than that authorized by this chapter shall forfeit the entire premium finance charge to which such person, premium finance compan…
22 V.I.C. § 1630 Licensee's books and records; reports
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(a) The licensee shall keep and use in his business such books, accounts, and records as will enable the Commissioner to determine whether the licensee is complying with the provisions of this chapter and with the regulations pertaining thereto. Every licensee shall preserve book…
22 V.I.C. § 1631 Rebates and inducements prohibited
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No premium finance company, officer, director, or employee shall offer to pay or allow in any manner to any person, either as inducement to the financing of any insurance policy with the premium finance company or after any such policy has been financed, any rebate, or shall give…
22 V.I.C. § 1632 Filing and approval of forms; service charges
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(a) No premium finance agreement form or related form shall be used in the territory by a premium finance company unless it has been filed with and approved by the Commissioner. Every filing shall be made within 30 days of issuance or use. (b) Each premium finance company shall f…
22 V.I.C. § 1633 Form and content of premium finance agreement
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(a) A premium finance agreement shall be in writing, dated, and signed by or on behalf of the insured and the printed portion shall be in at least 8-point type. (b) The premium finance agreement shall contain the entire agreement of the parties with respect to the insurance contr…
22 V.I.C. § 1634 Limitation on service and other charges
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(a) A premium finance company shall not charge, contract for, receive, or collect a service charge other than as permitted by this chapter. (b) A premium finance company may, in a premium finance agreement, contract for, charge, receive, and collect a service charge for financing…
22 V.I.C. § 1635 Prohibited premium financing
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(1) No premium finance company shall, in a premium finance agreement, provide for the cost of:(1) A membership in an automobile club. The term “automobile club” means a legal entity which, in consideration of dues, assessments, or periodic payments of money, promises its members …
22 V.I.C. § 1636 Delinquency, collection, cancellation and check return charges; attorney's fees
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(a) A premium finance agreement may provide for the payment by the insured of a delinquency and collection charge on each installment in default for a period of not less than 5 days in an amount not to exceed $10 or 5 percent (5%) of the delinquent installment, whichever, is grea…
22 V.I.C. § 1637 Restrictions on premium finance agreements
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(1) No premium finance agreement or contract ancillary thereto shall contain any provision by which:(1) In the absence of default of the insured, the premium finance company holding the agreement may, arbitrarily and without reasonable cause, accelerate the maturity of any part o…
22 V.I.C. § 1638 Delivery of copy of premium finance agreement
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Before the due date of the first installment payable under a premium finance agreement, the premium finance company holding the agreement or the insurance agent shall deliver to the insured, or mail to him at his address as shown in the agreement, a copy thereof or, if the agreem…
22 V.I.C. § 1639 Assignment of premium finance agreement
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(a) A premium finance company may purchase or otherwise acquire a premium finance agreement from another premium finance company with recourse against the other premium finance company on such terms and conditions as may be mutually agreed upon. (b) No filing of an assignment or …
22 V.I.C. § 1640 Statement of account; receipts
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(a) At any time after the execution of a premium finance agreement, but not later than 1 year after the last payment, the premium finance company holding the premium finance agreement shall, upon written request of the insured, give or mail to him a written statement of the dates…
22 V.I.C. § 1641 Extensions or deferrals
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A premium finance company may, upon agreement with the insured, extend the scheduled due date or defer the scheduled payment of all or any part of any installment or installments payable thereunder. The agreement for such extension or deferment must be in writing and signed by th…
22 V.I.C. § 1642 Cancellation of insurance contract upon default
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(1) When a premium finance agreement contains a power of attorney or other authority enabling the premium finance company to cancel any insurance contract listed in the agreement, the insurance contract shall not be cancelled unless cancellation is in accordance with the followin…
22 V.I.C. § 1643 Fees
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The Commissioner shall collect in advance the following fees:(1) Annual license (A) Issuance$250.00 (B) Renewal200.00(2) Investigation of Applicant100.00(3) Filing of Annual Report25.00(4) Filing of Forms25.00 (1) Annual license (A) Issuance$250.00 (B) Renewal200.00(2) Investigat…