Title 22 — Insurance
49 chapters · 1,014 sections in this title.
22 V.I.C. § 436 General deposit with Commissioner
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Each domestic and foreign exchange transacting business in this Territory shall keep and maintain with the Commissioner of Insurance a bond as required by section 207 of this title.
22 V.I.C. § 437 Report of financial condition to Commissioner; examination of records, affairs and financial condition
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Such attorney shall, within the time limited for filing the annual statement by insurance companies, transacting the same kind of business, make a report, under oath, to the Commissioner of Insurance for each calendar year in such form as he may prescribe, showing the financial c…
22 V.I.C. § 438 Power to exchange contracts; insurance of trust property
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(a) Any corporation now or hereafter organized under the laws of this Territory shall, in addition to the rights, powers and franchises specified in its articles of incorporation, have full power and authority as a subscriber to exchange insurance contracts of the kind and charac…
22 V.I.C. § 439 Misdemeanor; solicitation of powers of attorney and applications for insurance contracts; injunction; appointment of receiver
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Any attorney who shall exchange any contracts of insurance of the kind and character specified in this chapter, or any attorney or representative of such attorney who shall solicit or negotiate any applications for same, without the attorney first complying with the foregoing pro…
22 V.I.C. § 440 Certificate of Authority
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Before issuing any such contracts in this Territory, the attorney shall procure from the Commissioner of Insurance a Certificate of Authority showing that the exchange has complied with all the requirements of this chapter and is authorized to transact business in this Territory,…
22 V.I.C. § 441 Authority of attorney to insert in policy provisions or conditions
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The attorney may insert in any form of policy any provisions or conditions required by the plan of reciprocal or inter-insurance; provided, however, that the same shall not be in conflict with the laws of this Territory.
22 V.I.C. § 442 Fees and taxes
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Such exchanges shall be subject to the same fees and taxes, as are provided by the laws of the Territory, now or hereafter enacted, applicable to insurance companies organized or admitted to do the same kind or kinds of business under the laws of this Territory. Exchanges or reci…
22 V.I.C. § 443 Application of law as to appointment, licensing and regulation of insurance agents and solicitors
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The provisions of the general insurance laws of this Territory regarding the appointment, licensing, qualification and regulation of insurance agents and solicitors shall not apply to an exchange or its attorney, or executive officer of such attorney, if a corporation, but shall …
22 V.I.C. § 451 Kinds of insurance; capital and surplus requirements
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(a) Domestic stock insurers may transact different kinds of insurance in the territory upon qualifying therefor and by having paid-in capital and surplus represented by assets, as follows: MinimumcapitalrequiredMinimumsurplusinitiallyrequired(1) Life insurance$1,000,000500,000(2)…
22 V.I.C. § 452 Life insurance defined
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“Life insurance” is insurance on human lives and insurances appertaining thereto or connected therewith. For the purposes of this title the transacting of life insurance includes the granting of annuities and endowment benefits; additional benefits in event of death by accident; …
22 V.I.C. § 453 Disability insurance defined
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“Disability insurance” is insurance against bodily injury, disablement or death by accident, against disablement resulting from sickness, and every insurance appertaining thereto.
22 V.I.C. § 454 Property insurance defined
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“Property insurance” is insurance against loss of or damage to real or personal property of every kind and any interest therein, from any or all hazard or cause, and against loss consequential upon such loss or damage.
22 V.I.C. § 455 Marine and transportation insurance defined
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(a) “Marine and transportation insurance” is insurance against loss of or damage to—(1) vessels, craft, aircraft, vehicles, goods, freights, cargoes, merchandise, effects, disbursements, profits, moneys, securities, choses in action, evidences of debt, valuable papers, bottomry, …
22 V.I.C. § 456 Vehicle insurance defined
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(a) “Vehicle insurance” is insurance against loss or damage to any land vehicle or aircraft or any draft or riding animal or to property while contained therein or thereon or being loaded or unloaded therein or therefrom, and against any loss or liability resulting from or incide…
22 V.I.C. § 457 General casualty insurance defined
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(1) “General casualty insurance” includes vehicle insurance as defined in section 456 of this title and in addition is insurance—(1) against legal liability for the death, injury, or disability of any human being, or for damage to property;(2) of medical, hospital, surgical and f…
22 V.I.C. § 458 Surety insurance defined
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(1) “Surety insurance” includes—(1) credit insurance as defined in section 457(9) of this title;(2) bail bond insurance as defined in section 459 of this title;(3) fidelity insurance, which is insurance guaranteeing the fidelity of persons holding positions of public or private t…
22 V.I.C. § 459 Bail bond insurance defined
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“Bail bond insurance” is the guaranteeing that any person, in or in connection with any proceedings in any court, will attend in court when required, or will obey the orders or judgment of the court, as a condition to the release of such person from confinement, and the execution…
22 V.I.C. § 460 Title insurance defined
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“Title insurance” is insurance of owners of property or others having an interest therein, against loss by encumbrance, or defective titles, or adverse claim to title, and services connected therewith.
22 V.I.C. § 461 Authority to transact additional kinds of insurance
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(1) Authority shall be granted or denied insurers, already authorized to transact one kind of insurance, to transact additional kinds of insurance as follows:(1) an insurer authorized to transact life insurance may also transact disability insurance and may be authorized to trans…
22 V.I.C. § 462 Capital, surplus required for additional insuring powers
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(a) Insurers, except as provided in section 461 of this title, shall be authorized to transact kinds of insurance in addition to kinds already authorized upon otherwise qualifying therefor, and subject to special surplus requirements set forth in subsection (c) of this section, p…
22 V.I.C. § 463 Reinsurance powers
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A domestic mutual assessment insurer shall not have authority to accept reinsurance. Any other domestic insurer may accept reinsurance only of such kinds of insurance as it is authorized to transact direct.
22 V.I.C. § 464 Limitation of single risk
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(a) No insurer, other than a title insurer, may retain any risk on any one subject of insurance, regardless of where located or to be performed, in an amount exceeding 10 percent of its surplus to policyholders. (b) For the purposes of this section, a “subject of insurance” as to…
22 V.I.C. § 465 Use of surplus by domestic stock insurers
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After qualifying for authority to transact a kind of insurance, a domestic stock insurer may make use of its surplus for the development of its business, subject to subsection (b) of section 462 of this title.
22 V.I.C. § 466 Capital funds of foreign and alien insurers
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(a) Subject to the special surplus requirements of subsection (b) of section 462 of this title, foreign stock insurers may be authorized to transact insurance in this territory upon otherwise qualifying therefor and while possessing capital stock in amount not less than the minim…
22 V.I.C. § 470 Short title
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This chapter may be cited as “The Virgin Islands Risk-Based Capital for Insurers Act” or “The RBC Act”.
22 V.I.C. § 471 Definitions
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(a) As used in this chapter:(a) “Adjusted RBC Report” means Risk-Based Capital report that has been adjusted by the Commissioner of Insurance in accordance with section 472(e).(b) “Commissioner” means the Commissioner of Insurance.(c) “Corrective order” means an order issued by t…
22 V.I.C. § 472 Risk-based capital reports
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(a) Every domestic insurer on or before each filing date shall prepare and submit to the Commissioner a report of its RBC Levels as of the end of the calendar year just ended, in a form and containing such information as is required by the RBC instructions. In addition, every dom…
22 V.I.C. § 473 Company Action Level Event
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(a) “Company Action Level Event” means any of the following events:(1) The filing of an RBC Report by an insurer that indicates that:(A) The insurer’s total adjusted capital is greater than or equal to its Regulatory Action Level RBC, but less than its Company Action Level RBC;(B…
22 V.I.C. § 474 Regulatory Action Level Event
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(a) “Regulatory Action Level Event” means, with respect to any insurer, any of the following events:(1) the filing of an RBC Report by the insurer that indicates that the insurer’s total adjusted capital is greater than or equal to its Authorized Control Level RBC but less than i…
22 V.I.C. § 475 Authorized Control Level Event
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(a) “Authorized Control Level Event” means any of the following events:(1) the filing of an RBC Report by the insurer which indicates that the insurer’s total adjusted capital is greater than or equal to its Mandatory Control Level RBC, but less than its Authorized Control Level …
22 V.I.C. § 476 Mandatory Control Level Event
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(a) “Mandatory Control Level Event” means any of the following events:(1) the filing of an RBC Report that indicates that the insurer’s total adjusted capital is less than its Mandatory Control Level RBC;(2) notification by the Commissioner to the insurer of an Adjusted RBC Repor…
22 V.I.C. § 477 Hearings
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(a) The insurer has the right to a confidential departmental hearing, on a record, where the insurer may challenge any determination or action taken by the Commissioner upon any of the following:(1) notification to an insurer by the Commissioner of an Adjusted RBC Report; or(2) n…
22 V.I.C. § 478 Confidentiality; prohibition on announcements, prohibition on use in ratemaking
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(a) Except information that is required to be set forth in a publicly available annual statement schedule or RBC Plans, all RBC Reports are confidential and privileged and are not subject to examination by the public, to a subpoena, to discovery or admissible as evidence in any p…
22 V.I.C. § 479 Supplemental provisions; rules; exemption
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(a) The provisions of this chapter are supplemental to any other law of the Territory, and may not preclude or limit any other powers or duties of the Commissioner under the laws, including, but not limited to, the powers and duties bestowed upon the Commissioner in chapter 3 of …
22 V.I.C. § 480 Foreign insurers
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(a) Any foreign insurer shall, upon the written request of the Commissioner, submit to the Commissioner an RBC Report as of the end of the calendar year just ended the later of:(1) the date an RBC Report is required to be filed by a domestic insurer under this chapter; or(2) fift…
22 V.I.C. § 481 Immunity
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No liability or cause of action arises against the Commissioner or the insurance division or its employees or agents for any action taken by them in the performance of their duties under this chapter.
22 V.I.C. § 482 Severability clause
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If any provision of this chapter, or its application to any person or circumstance is held invalid, that determination does not affect the other provision or applications of this chapter that can be given effect without the invalid provision or application.
22 V.I.C. § 483 Notices
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All notices by the Commissioner to an insurer that results in regulatory action are effective upon dispatch, if transmitted by registered or certified mail. Any other transmission is effective upon the insurer’s receipt of the notice.
22 V.I.C. § 485 Purpose and scope
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The Legislature of the Virgin Islands finds and declares that, in accordance with the goals and objectives of the National Association of Insurance Commissioners (“NAIC”) for insurance companies to achieve greater financial solvency, there exists the need for insurance companies …
22 V.I.C. § 486 Applicability
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(a) This chapter shall apply to:(1) All insurers domiciled in the Territory, unless exempted pursuant to section 491;(2) All foreign insurers as defined in section 201(2) of this title that are not subject to the requirements and standards as adopted by statute in their jurisdict…
22 V.I.C. § 487 Definitions
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(a) “Commissioner” means the Commissioner of Insurance of the Virgin Islands. (b) “Insurer” has the same meaning as set forth in section 4 of this title, except that it shall not include agencies, authorities or instrumentalities of the United States, its possessions and territor…
22 V.I.C. § 488 Risk management framework
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An insurer shall maintain a risk management framework to assist the insurer with identifying, assessing, monitoring, managing and reporting on its material and relevant risks. This requirement may be satisfied if the insurance group of which the insurer is a member maintains a ri…
22 V.I.C. § 489 ORSA requirement
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Subject to the exemptions in section 491, an insurer, or the insurance group of which the insurer is a member, shall regularly conduct an ORSA consistent with a process comparable to the ORSA Guidance Manual. The ORSA shall be conducted no less than annually but also at any time …
22 V.I.C. § 490 ORSA Summary Report
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(a) Upon the Commissioner’s request, and no more than once each year following the completion of its internal strategic planning process, an insurer shall submit to the Commissioner an ORSA Summary Report or any combination of reports that together contain the information describ…
22 V.I.C. § 491 Exemption
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(a) An insurer shall be exempt from the requirements of this chapter, if:(1) The insurer has annual direct written and unaffiliated assumed premium, including international direct and assumed premium, but excluding premiums reinsured with the Federal Crop Insurance Corporation an…
22 V.I.C. § 492 Contents of ORSA Summary Report
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(a) The insurer shall prepare the ORSA Summary Report consistent with the ORSA Guidance Manual, subject to the requirements of subsection (b) of this section. The insurer shall maintain documentation and supporting information and make them available upon examination or upon requ…
22 V.I.C. § 493 Confidentiality
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(a) Documents, materials or other information, including the ORSA Summary Report, in the possession of, or control of, the Division of Banking, Insurance and Financial Regulation that are obtained by, created by, or disclosed to the Commissioner or any other person under this cha…
22 V.I.C. § 494 Sanctions
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Any insurer failing, without just cause, to timely file the ORSA Summary Report as required in this chapter shall be required, after notice and a hearing, to pay a penalty of $500.00 for each day’s delay, to be recovered by the Commissioner and the penalty so recovered shall be p…
22 V.I.C. § 495 Severability clause
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If any provision of this chapter, or the application thereof to any person or circumstance, is held invalid, such determination shall not affect the provisions or applications of this chapter which can be given effect without the invalid provision or application, and to that end …
22 V.I.C. § 496 Effective date
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The first filing of the ORSA Summary Report shall be in the year in which this chapter becomes law and in accordance with section 490 of this chapter.