Title 22 — Insurance
49 chapters · 1,014 sections in this title.
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…
22 V.I.C. § 351 Increase of capital stock
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(a) Increase of the capital stock of a domestic stock insurer shall be by amendment of its articles of incorporation. The increase shall not be effective unless and until within six months after filing such amendment with the Lieutenant Governor, as required by section 307 of thi…
22 V.I.C. § 352 Reduction of capital stock
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(a) Reduction of the capital stock of a domestic stock insurer shall be by amendment of its articles of incorporation. No such reduction shall be made which results in capital stock less in amount than the minimum required by this title for the kinds of insurance thereafter to be…
22 V.I.C. § 353 Dividends to stockholders
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(a) No domestic stock insurer shall pay any cash dividend to stockholders except out of that part of its available surplus funds which is derived from any realized net profit on its business. (b) Such an insurer may pay a stock dividend out of any available surplus funds. (c) Pay…
22 V.I.C. § 354 Illegal dividends, reductions; penalty against directors
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Any director of a domestic stock insurer who votes for or concurs in the declaration or payment of any dividend to stockholders or a reduction of capital stock not authorized by law shall, in addition to any other liability imposed by law, be guilty of a gross misdemeanor.
22 V.I.C. § 355 Impairment of capital
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(a) If the capital stock of a domestic stock insurer becomes impaired, the Commissioner shall at once determine the amount of the deficiency and serve notice upon the insurer to require its stockholders to make good the deficiency within 90 days after service of such notice. (b) …
22 V.I.C. § 356 Repayment of contributions to surplus
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Contributions to the surplus of a domestic stock insurer other than resulting from sale of its capital stock shall not be subject to repayment except out of surplus in excess of the minimum surplus initially required of such an insurer transacting like kinds of insurance.
22 V.I.C. § 357 Participating policies
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(a) Any domestic stock insurer may, if its charter so provides, issue policies entitled to participate from time to time in the earnings of the insurer through dividends. (b) Any classification of its participating policies and of risks assumed thereunder which the insurer may ma…
22 V.I.C. § 358 Mutualization of stock insurers
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(a) Any domestic stock insurer may become a domestic mutual insurer pursuant to such plan and procedure as are approved by the Commissioner in advance of such mutualization. (b) The Commissioner shall not approve any such plan, procedure, or mutualization unless—(1) it is equitab…
22 V.I.C. § 401 Initial qualifications
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(a) The Commissioner shall not issue a certificate of authority to a domestic mutual insurer unless it has fully qualified therefor under this title, and unless it has met the minimum requirements for the kind of insurance it proposes to transact as provided in this chapter. (b) …
22 V.I.C. § 402 Requirements; kinds of insurance
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(a) When newly organized a domestic mutual insurer may be authorized to transact any one of the kinds of insurance listed in the schedule contained in subsection (b) of this section. (b) When applying for an original certificate of authority the insurer must be otherwise qualifie…
22 V.I.C. § 403 Additional kinds of insurance
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A domestic mutual insurer may be authorized to transact kinds of insurance in addition to that for which it was originally authorized, if it has otherwise complied with the provisions of this title therefor, and while it possesses and maintains surplus funds in aggregate amount n…
22 V.I.C. § 404 Minimum surplus
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(1) A domestic mutual insurer on the cash premium plan shall at all times have and maintain surplus funds, representing the excess of its assets over its liabilities, in amount not less than the aggregate of —(1) the amount of any surplus funds deposited by it with the Commission…
22 V.I.C. § 405 Membership
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(a) Each holder of one or more insurance contracts issued by a domestic mutual insurer, other than a contract of reinsurance, is a member of the insurer, with the rights and obligations of such membership, and each insurance contract so issued shall effectively so stipulate. (b) …
22 V.I.C. § 406 Rights of members
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(a) A domestic mutual insurer is owned by and shall be operated in the interest of its members. (b) Each member is entitled to one vote in the election of directors and on matters coming before corporate meetings of members, subject to such reasonable minimum requirements as to d…
22 V.I.C. § 407 Bylaws
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A domestic mutual insurer shall adopt bylaws for the conduct of its affairs. Such bylaws, and any modification thereof, shall forthwith be filed with the Commissioner. The Commissioner shall disapprove any such bylaws, or modifications thereof, if he finds after a hearing thereon…
22 V.I.C. § 408 Notice of annual meeting
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(a) Notice of the time and place of the annual meeting of members of a domestic mutual insurer shall be given by imprinting such notice plainly on the policies issued by the insurer. (b) Except as provided in subsection (c) of this section, any change of the time or place of the …
22 V.I.C. § 409 Voting, proxies
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(a) A member of a domestic mutual insurer may vote in person or by proxy given another member on any matter coming before a corporate meeting of members; Provided, however, That an officer of the insurer shall not hold or vote the proxy of any member. (b) No such proxy shall be v…
22 V.I.C. § 410 Directors; disqualification
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No individual shall be disqualified to be a director of a domestic mutual insurer by reason of his holding public office. Adjudication as a bankrupt or taking the benefit of any insolvency law or making a general assignment for the benefit of creditors disqualifies an individual …
22 V.I.C. § 411 Limitation of expenses as to property and casualty insurance
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(a) For any calendar year after its first two full calendar years of operation, no domestic mutual insurer on the cash premium plan, other than one issuing nonassessable policies, shall incur any costs or expense in the writing or administration of property, disability, and casua…
22 V.I.C. § 412 Procedure upon violation of limitation
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The officers and directors of an insurer violating section 411 of this title shall be jointly and severally liable to the insurer for any excess of expenses incurred. If the insurer fails to exercise reasonable diligence or refuses to enforce such liability, the Commissioner may …
22 V.I.C. § 413 Limitation of action on officer's and director's salary
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No action to recover, or on account of, any salary or other compensation due or claimed to be due any officer or director of a domestic mutual insurer, or on any note or agreement relative thereto, shall be brought against such insurer after 12 months after the date on which such…
22 V.I.C. § 414 Contingent liability of members
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(a) Each member of a domestic mutual insurer, except as otherwise provided in this chapter, shall have a contingent liability, pro rata and not one for another, for the discharge of its obligations. The contingent liability shall be in such maximum amount as is stated in the insu…
22 V.I.C. § 415 Assessment of members
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(a) If at anytime the assets of a domestic mutual insurer doing business on the cash premium plan are less than its liabilities and the minimum surplus, if any, required of it by this title as prerequisite for continuance of its certificate of authority, and the deficiency is not…
22 V.I.C. § 416 Contingent liability of members of assessment insurer
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The contingent liability of members of a domestic mutual insurer doing business on the assessment premium plan shall be called upon and enforced by its directors as provided in its bylaws.
22 V.I.C. § 417 Contingent liability as asset
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Any contingent liability of members of a domestic mutual insurer to assessment does not constitute an asset of the insurer in any determination of its financial condition.
22 V.I.C. § 418 Liability as lien on policy reserves
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As to life insurance, any portion of an assessment of contingent liability upon a policyholder which remains unpaid following notice of such assessment, demand for payment, and lapse of a reasonable waiting period as specified in such notice, may, if approved by the Commissioner,…
22 V.I.C. § 419 Nonassessable policies
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(a) A domestic mutual insurer on the cash premium plan, after it has established a surplus not less in amount than the minimum capital funds required of a domestic stock insurer to transact like kinds of insurance, and for so long as it maintains such surplus, may extinguish the …
22 V.I.C. § 420 Qualification on issuance of nonassessable policies
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The Commissioner shall not authorize a domestic mutual insurer so to extinguish the contingent liability of any of its members or in any of its policies to be issued, unless it qualifies to and does extinguish such liability of all its members and in all such policies for all kin…
22 V.I.C. § 421 Revocation of right to issue nonassessable policies
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(a) The Commissioner shall revoke the authority of a domestic mutual insurer so to extinguish the contingent liability of its members if—(1) at any time the insurer's assets are less than the sum of its liabilities and the surplus required for such authority; or(2) the insurer, b…
22 V.I.C. § 422 Dividends
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(a) The directors of a domestic mutual insurer on the cash premium plan may from time to time apportion and pay to its members as entitled thereto, dividends only out of that part of its surplus funds which are in excess of its required minimum surplus and which represent net rea…
22 V.I.C. § 423 Nonparticipating policies
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(a) If its articles of incorporation so provide, a domestic mutual insurer on the cash premium plan may, while it is authorized to issue policies without contingent liability to assessment, issue policies not entitled to participate in the insurer's savings and earnings. (b) Such…
22 V.I.C. § 424 Borrowed capital
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(a) A domestic mutual insurer on the cash premium plan may, with the Commissioner's advance approval and without the pledge of any of its assets, borrow money to defray the expenses of its organization or for any purpose required by its business, upon an agreement that such money…
22 V.I.C. § 425 Repayment of borrowed capital
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(a) The insurer may repay any loan received pursuant to section 424 of this title, or any part thereof as approved by the Commissioner, only out of its funds which represent such loan or realized net earned surplus. No repayment shall be made which reduces the insurer's surplus b…
22 V.I.C. § 426 Impairment of surplus
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(a) If the assets of a domestic mutual insurer on the cash premium plan fall below the amount of its liabilities, plus the amount of any surplus required by this title for the kinds of insurance authorized to be transacted, the Commissioner shall at once ascertain the amount of t…
22 V.I.C. § 427 Mutual may not reorganize as stock insurer; reinsurance
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(a) No domestic mutual insurer shall hereafter be converted, changed, or reorganized as a stock corporation. (b) Such an insurer may be wholly reinsured in and its assets transferred to and its liabilities assumed by another mutual or stock insurer under such terms and conditions…
22 V.I.C. § 428 Distribution of assets upon liquidation
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(a) Upon the liquidation of a domestic mutual insurer, its assets remaining after discharge of its indebtedness and policy obligations shall be distributed to its members who were such within the 36 months prior to the last termination of its certificate of authority. (b) The dis…
22 V.I.C. § 431 Exchange of contracts authorized; law exclusive
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Individuals, partnerships, trustees and all corporations of this Territory, herein designated “subscribers”, are hereby authorized to exchange reciprocal or interinsurance contracts with each other and with individuals, partnerships, trustees and corporations of other States, dis…
22 V.I.C. § 432 Attorney in fact; exchange
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Such contracts may be executed by an attorney in fact, herein designated “attorney”, duly authorized and acting for such subscribers, and such attorney may be a corporation. The office or offices of such attorney, herein defined as an “exchange”, shall be maintained at such place…
22 V.I.C. § 433 Declaration to be filed by attorney in fact
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(a) Such attorney shall file with the Commissioner of Insurance of this Territory a declaration, verified by the oath of its president or oaths of its treasurer and secretary setting forth:(a) The name of the attorney and the name or designation of the exchange under which such c…
22 V.I.C. § 434 Instrument authorizing service of process on Commissioner of Insurance to be filed; service fee
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Concurrently with the filing of the declaration provided for by section 433 of this chapter, the attorney shall file with the Commissioner of Insurance an instrument in writing duly executed by him for said subscribers, conditioned that upon the issuance of a Certificate of Autho…
22 V.I.C. § 435 Reinsurance reserve; surplus; claim or loss reserve
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There shall be maintained at all times by the exchange, a reinsurance reserve in cash or securities authorized by the laws of the jurisdiction in which the principal office of the attorney is located for the investment of similar funds of insurance companies doing the same kind o…