Title 22 — Insurance
49 chapters · 1,014 sections in this title.
22 V.I.C. § 6662 Authority to enter into contracts; contents
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(a) An SPFC, at any given time, may enter into and effectuate an SPFC contract with a counterparty, if the SPFC contract obligates the SPFC to indemnify the counterparty for losses and that contingent obligations of the SPFC under the SPFC contract are securitized through an SPFC…
22 V.I.C. § 6663 Securities issued by SPFC as insurance contract; underwriters or selling agents as insurance producers
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Securities issued by an SPFC pursuant to an insurance securitization may not be considered to be insurance or reinsurance contracts. An investor in these securities or a holder of these securities, by sole means of this investment or holding, may not be considered to be transacti…
22 V.I.C. § 6664 Requirements and guidelines for asset management
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(a) In fulfilling its function, the SPFC must adhere to the following requirements and, to the extent of its powers, must ensure that contracts obligating other parties to perform certain functions incident to its operations are substantively and materially consistent with the fo…
22 V.I.C. § 6665 Trust agreements for assets held in trust or pledged to secure obligations
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(a) Assets of the SPFC held in trust to secure obligations under the SPFC contract must at all times be held in:(1) cash and cash equivalents;(2) securities listed by the Securities Valuation Office of the NAIC and qualifying as admitted assets under statutory accounting conventi…
22 V.I.C. § 6666 Payment of dividends
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(a) An SPFC may not declare or pay dividends in any form to its owners other than in accordance with the insurance securitization transaction agreements, and in no extent may the dividends decrease the capital of the SPFC below two hundred fifty thousand dollars, and, after givin…
22 V.I.C. § 6667 Material changes of SPFC'S plan; filing of audit and statement of operations; examination of records
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(a) Any material change of the SPFC's plan of operation pursuant to the section 6654 of this suchapter, whether or not through an SPFC protected cell, requires prior approval of the SAM, provided however:(1) if initially approved in the plan of operation, securities subsequently …
22 V.I.C. § 6668 Examinations by the SAM; confidentiality of examination reports
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(a) At least once every three years, and if the SAM determines it to be prudent, the SAM, or his designee, shall visit each SPFC and thoroughly inspect and examine its affairs to ascertain its financial condition, its ability to fulfill its obligations, and whether it has complie…
22 V.I.C. § 6669 Expiration of authority granted by the SAM on cessation of business; suspension or revocation of license; penalties; administrative hearing
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(a) At the cessation of business of an SPFC following termination or cancellation of an SPFC contract and the redemption of any related securities issued in connection with them, the authority granted by the SAM expires or, in the case of retiring and surviving protected cells, b…
22 V.I.C. § 6670 Tax rates and payment schedules
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(a) An SPFC shall pay to the SAM by April 15 of each year, a tax at the rate of four tenths of one percent on the first $20,000,000 and three tenths of one percent on each dollar after the first $20,000,000, subject to a minimum annual tax of $5,000 and a maximum annual tax of $7…
22 V.I.C. § 6671 Conditions for SPFC contract being granted credit for reinsurance treatment or otherwise qualifying as asset or reduction from liability for benefit of counterparty
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(a) An SPFC contract meeting the provisions of this subchapter must be granted credit for reinsurance treatment or otherwise qualifies as an asset or a reduction from liability for reinsurance ceded by a domestic insurer to an SPFC as an assuming insurer for the benefit of the co…
22 V.I.C. § 6672 Conservation, rehabilitation, or liquidation of SPFC
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(a) Except as otherwise modified in this section, the terms and conditions set forth in this chapter pertaining to administrative supervision of insurers and the rehabilitation, receiverships, and liquidation of insurers apply in full to SPFCs or each of the SPFC's protected cell…
22 V.I.C. § 6673 Disclosure of information by the SAM
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(a) Information submitted pursuant to this subchapter is confidential and may not be made public by the SAM or an agent or employee of the SAM without the prior written consent of the SPFC, except that:(a) information submitted pursuant to this subchapter is discoverable by a par…
22 V.I.C. § 6674 Standards and criteria applicable in contested case brought by third party and certain actions by the SAM; asset protection
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(a) A contested case brought by a third party based on a decision of the SAM pursuant to this subchapter is governed by applicable law of the Territory except that the third party shall:(1) prove its case by a clear and convincing evidence standard;(2) demonstrate irreparable har…
22 V.I.C. § 6675 Promulgation of regulations
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The SAM may, in accordance with Title 3, Chapter 35, Virgin Islands Code, promulgate regulations necessary to effectuate the purposes of this subchapter. Regulations promulgated pursuant to this section do not affect an SPFC insurance securitization in effect at the time of the p…