Title 22, Insurance
49 chapters · 915 sections in this title.
22 V.I.C. § 253 Solicitation permit
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(a) No person forming or proposing to form in this territory an insurer, or insurance holding corporation, or stock corporation to finance an insurer or insurance production therefor, or corporation to manage an insurer, or a syndicate for any of such purposes, shall advertise, o…
22 V.I.C. § 254 Application for solicitation permit
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(a) To apply for a solicitation permit the applicant shall file with the Commissioner a request therefor showing—(1) name, type, and purpose of insurer, corporation or syndicate proposed to be formed;(2) names, addresses, and business records of each person associated or to be as…
22 V.I.C. § 255 Procedure upon application
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(a) The Commissioner shall expeditiously examine the application for a solicitation permit and make any investigation relative thereto deemed necessary. If the Commissioner finds that—(1) the application is complete;(2) the documents therewith filed are equitable in terms and pro…
22 V.I.C. § 256 Issuance of permit, bond
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Upon the filing of any bond required by section 261 of this title and after notice by the Commissioner, the Commissioner shall file the articles of incorporation of the proposed incorporated insurer with the Lieutenant Governor, and issue to the applicant a solicitation permit.
22 V.I.C. § 257 Duration of permit; contents
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(1) Every solicitation permit issued by the Commissioner shall—(1) expire two years from its date, unless earlier terminated by the Commissioner, and shall so state;(2) state the securities for which subscriptions are to be solicited, the number, classes, par value, and selling p…
22 V.I.C. § 258 Permit as inducement
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The granting of a solicitation permit is permissive only and shall not constitute an endorsement by the Commissioner of any person or thing related to the proposed insurer, corporation, or syndicate and the existence of the permit shall not be advertised or used as an inducement …
22 V.I.C. § 259 Solicitation by individuals
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Solicitation for sale of securities to members of the public under a solicitation permit shall be made only by individuals licensed therefor, when such license is required pursuant to the provisions of any applicable federal or Virgin Islands securities act or “blue sky law”.
22 V.I.C. § 260 Modification, revocation of permit
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(a) The Commissioner may, for cause, modify a solicitation permit, or may, after a hearing, revoke any solicitation permit for violation of any provision of this title, or of the terms of the permit, or of any proper order of the Commissioner, or for misrepresentation. (b) The Co…
22 V.I.C. § 261 Bond; cash deposit
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(a) The Commissioner shall not issue a solicitation permit until the person applying therefor files with him a corporate surety bond in the penalty of $10,000, in favor of the Government of the Virgin Islands and for the use and benefit of such Government and of subscribers and c…
22 V.I.C. § 262 Escrow of funds
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(a) All funds received pursuant to a solicitation permit shall be deposited and held in escrow in a bank or trust company under an agreement approved by the Commissioner. No part of any such deposit shall be withdrawn, except—(1) for the payment of promotion and organization expe…
22 V.I.C. § 263 Liability of organizers; organization expense
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(a) The incorporators of any insurer or other corporation, or the persons proposing to form a reciprocal insurer, or a syndicate, shall be jointly and severally liable for its debts or liabilities until it has secured a certificate of authority, if an insurer, or has completed it…
22 V.I.C. § 264 Payment for subscriptions, forfeiture
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(a) No such proposed stock insurer, corporation, or syndicate shall issue any share of stock or participation agreement except for payment in cash or in securities eligible for investment of funds of insurers. No such shares or agreement shall be issued until all subscriptions re…
22 V.I.C. § 265 Mutual insurers, insurance applications
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(1) All applications for insurance obtained in forming a mutual insurer shall provide that—(1) issuance of the policy is contingent upon completion of organization of the insurer and issuance to it of a certificate of authority;(2) the prepaid premium or deposit will be refunded …
22 V.I.C. § 266 Procedure on failure to complete organization or to qualify
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The Commissioner shall withdraw all funds held in escrow and refund to subscribers or applicants all sums paid in on stock or syndicate subscriptions, less that part of such sums paid in on subscriptions as has been allowed and used for promotion and organization expenses, and al…
22 V.I.C. § 267 Subsequent financing
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(a) No domestic insurer, or insurance holding corporation, or stock corporation for financing operations of a mutual insurer, after—(1) it has received a certificate of authority, if an insurer; or(2) it has completed its initial organization and financing, if a corporation other…
22 V.I.C. § 268 Incorporation; articles of; contents
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(a) This section applies to insurers hereafter incorporated in this territory. (b) The incorporators shall be individuals who are United States citizens, of whom two-thirds shall be residents of this territory. The number of incorporators shall be not less than five if a stock in…
22 V.I.C. § 301 Application of title to existing insurers
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Existing authorized domestic insurers shall continue to insure only in accordance with the provisions of this title.
22 V.I.C. § 302 Principal office
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Every domestic insurer shall establish and maintain in this territory its principal office and place of business.
22 V.I.C. § 303 Application of general corporation laws
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The laws of this territory relating to private corporations, except where inconsistent with the express provisions of this title, shall govern the corporate powers, duties, and relationships of incorporated domestic insurers.
22 V.I.C. § 304 Annual meeting
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Each incorporated domestic insurer shall, in the month of January, or February, or March, hold the annual meeting of its shareholders or members for the purpose of receiving reports of its affairs, to elect directors, and to act upon such other matters as properly be brought befo…
22 V.I.C. § 305 Directors, qualifications
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Not less than three-fourths of the directors of an incorporated domestic insurer shall be United States citizens, and a majority of the board of directors shall be residents of this territory.
22 V.I.C. § 306 Corrupt practices; penalty
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No person shall buy or sell or barter a vote or proxy, relative to any meeting of shareholders or members of an incorporated domestic insurer, or engage in any corrupt or dishonest practice in or relative to the conduct of any such meeting. Violation of this section shall constit…
22 V.I.C. § 307 Amendment of articles of incorporation
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(a) Amendments to the articles of incorporation of a domestic insurer shall be made by a majority vote of its board of directors and the vote or written assent of two-thirds of its voting capital stock, or two-thirds of the members (if a mutual insurer) voting at a valid meeting …
22 V.I.C. § 308 Guarantee of officers' obligations prohibited
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No domestic insurer or its affiliates or subsidiaries shall guarantee the financial obligation of any director or officer of such insurer or affiliate or subsidiary in his personal capacity, and any such guaranty attempted shall be void. This prohibition shall not apply to obliga…
22 V.I.C. § 309 Management and exclusive agency contracts
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(a) No incorporated domestic insurer shall enter into any contract the effect of which would be to grant or surrender the control and management of the insurer to any person. (b) No incorporated domestic insurer shall make any contract whereby any person is granted or is to enjoy…
22 V.I.C. § 310 Vouchers for expenditures
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(a) No domestic insurer shall make any disbursement of $25 or more, unless evidenced by a voucher correctly describing the consideration for the payment and supported by a check or receipt endorsed or signed by or on behalf of the person receiving the money. (b) If the disburseme…
22 V.I.C. § 311 Depositaries
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The funds of a domestic insurer shall not be deposited in any bank or banking institution which has not first been approved as a depositary by the insurer's board of directors or by a committee thereof designated for the purpose.
22 V.I.C. § 312 Restrictions upon pecuniary interest of director
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(a) No person having any authority in the investment or disposition of the funds of a domestic insurer shall accept, except for the insurer, or be the beneficiary of any fee, brokerage, gift, or other emolument because of any investment, loan, deposit, purchase, sale, payment, or…
22 V.I.C. § 313 Compliance with foreign laws
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Any domestic insurer doing business in another territory, state or sovereignty may design and issue insurance contracts and transact insurance in such territory, state or sovereignty as required or permitted by the laws thereof, any provision of the insurer's articles of incorpor…
22 V.I.C. § 314 Solicitation in reciprocating states
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(a) No domestic insurer shall knowingly solicit insurance business in any reciprocating state in which it is not then licensed as an authorized insurer. (b) This section shall not prohibit advertising through publications and radio and television broadcasts originating outside su…
22 V.I.C. § 320 Short title
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This chapter may be cited as “The Virgin Islands Insurance Holding Company System Regulatory Act”.
22 V.I.C. § 321 Definitions
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(a) As used in this chapter:(a) “Affiliate” means a person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the person specified.(b) “Commissioner” means the Commissioner of Insurance of the Virgin Is…
22 V.I.C. § 322 Subsidiaries of insurers
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(a) Any domestic insurer, either by itself or in cooperation with one or more persons. may organize or acquire one or more subsidiaries engaged in the following kinds of business:(1) any kind of insurance business authorized by the jurisdiction in which it is incorporated;(2) act…
22 V.I.C. § 323 Acquisition of control of or merger with domestic insurer
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(a) (1) No person other than the issuer may make a tender offer for or a request or invitation for tenders of, or enter into any agreement to exchange securities for, seek to acquire, or acquire, in the open market or otherwise, any voting security of a domestic insurer if, after…
22 V.I.C. § 324 Acquisitions involving insurers not otherwise covered
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(a) The following definitions apply for the purposes of this section only:(1) “Acquisition” means any agreement, arrangement or activity the consummation of which results in a person’s acquiring directly or indirectly the control of another person, and includes but is not limited…
22 V.I.C. § 325 Registration of insurers
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(a) Every insurer authorized to do business in the Territory and is a member of an insurance holding company system shall register with the Commissioner, except a foreign insurer subject to registration requirements and standards adopted by statute or regulation in the jurisdicti…
22 V.I.C. § 326 Standards and management of an insurer within an insurance holding company system
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(a) (1) Transactions within an insurance holding company system to which an insurer subject to registration is a party are subject to the following standards:(A) The terms must be fair and reasonable;(B) Agreements for cost sharing services and management must include provisions …
22 V.I.C. § 327 Examination
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(a) Subject to the limitation contained in this section and in addition to the powers which the Commissioner has under chapters 3 and 5 of this title relating to the examination of insurers, the Commissioner has the power to examine any insurer registered under section 325 and it…
22 V.I.C. § 328 Supervisory colleges
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(a) With respect to any insurer registered under section 325, and in accordance with subsection (c), the Commissioner may participate in a supervisory college for any domestic insurer that is part of an insurance holding company system with international operations in order to de…
22 V.I.C. § 329 Group-wide supervision of internationally active insurance groups
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(a) The Commissioner may act as the group-wide supervisor for any internationally active insurance group in accordance with the provisions of this section. However, the Commissioner may otherwise acknowledge another regulatory official as the group-wide supervisor where the inter…
22 V.I.C. § 330 Confidential treatment
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(a) Documents, materials or other information in the possession or control of the Division of Banking, Insurance and Financial Regulations that are obtained by or disclosed to the Commissioner or any other person in the course of an examination or investigation made pursuant to s…
22 V.I.C. § 331 Rules and regulations
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The Commissioner may, upon notice and opportunity for all interested persons to be heard, issue such rules, regulations and orders as are necessary to carry out the provisions of this chapter.
22 V.I.C. § 332 Injunctions, prohibitions against voting securities, sequestration of voting securities
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(a) Whenever it appears to the Commissioner that any insurer or any director, officer, employee or agent thereof has committed or is about to commit a violation of this chapter or of any rule, or order issued by the Commissioner, the Commissioner may, in accordance with the provi…
22 V.I.C. § 333 Sanctions
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(a) Any insurer failing, without just cause, to file any registration statement as required in this chapter shall, after notice and hearing, pay a penalty of not more than $1,000 for each day’s delay, to be recovered by the Commissioner of Insurance and the penalty so recovered m…
22 V.I.C. § 334 Receivership
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Whenever it appears to the Commissioner that any person has committed a violation of this chapter which so impairs the financial condition of a domestic insurer as to threaten insolvency or make the further transaction of business by it hazardous to its policyholders, creditors, …
22 V.I.C. § 335 Recovery
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(a) If an order for liquidation or rehabilitation of a domestic insurer has been entered, the receiver appointed under the order shall have a right to recover on behalf of the insurer: (1) from any parent corporation or holding company or person or affiliate who otherwise control…
22 V.I.C. § 336 Revocation, suspension, or nonrenewal of insurer’s license
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Whenever it appears to the Commissioner that any person has committed a violation of this chapter that makes the continued operation of an insurer contrary to the interests of policy holders or the public, the Commissioner may, after giving notice and an opportunity to be heard, …
22 V.I.C. § 337 Judicial review
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Any person aggrieved by determination, rule, regulation or order or any other action of the Commissioner pursuant to this chapter may appeal in accordance with the procedures set forth in chapter 7 of this title.
22 V.I.C. § 338 Conflict with other laws
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All laws and parts of laws of the Territory inconsistent with this chapter are superseded with respect to matters covered by this chapter.
22 V.I.C. § 339 Separability of provisions
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If any provision of this chapter or the application thereof to any person or circumstances is held invalid, the invalidity does not affect other provisions or applications of this chapter which can be given effect without the invalid provisions or application, and for this purpos…