Title 22 — Insurance
49 chapters · 1,014 sections in this title.
22 V.I.C. § 635 Internal audit function requirements
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(a) Exemption — An insurer is exempt from the requirements of this subsection 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 Corpora…
22 V.I.C. § 636 Conduct of insurer in connection with the preparation of required reports and documents
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(a) No director or officer of an insurer shall, directly or indirectly:(1) Make or cause to be made a materially false or misleading statement to an accountant in connection with any audit, review or communication required under this chapter; or(2) Omit to state, or cause another…
22 V.I.C. § 637 Management’s report of internal control over financial reporting
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(a) Every insurer required to file an audited financial report pursuant to this chapter that has annual direct written and assumed premiums, excluding premiums reinsured with the Federal Crop Insurance Corporation and Federal Flood Program, of $500,000,000 or more, shall prepare …
22 V.I.C. § 638 Discretionary grant of exemptions and effective dates
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(a) Upon written application of any insurer, the Commissioner may grant an exemption from compliance with any and all provisions of this Chapter if the Commissioner finds, upon review of the application, that compliance with this Chapter would constitute a financial or organizati…
22 V.I.C. § 639 Required filings for alien insurers
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(a) Canadian, British and all other alien insurers shall file each year an audited financial report with the Commissioner on or before September 30 for the year ended December 31 immediately preceding. The Commissioner may waive any provision of this section which may be inapplic…
22 V.I.C. § 640 Severability provision
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If any section or portion of a section of this Law or its applicability to any person or circumstance is held invalid by a court, the remainder of this Chapter or the applicability of the provision to other persons or circumstances are not affected.
22 V.I.C. § 651 Solicitation by unauthorized insurer prohibited; penalty
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(a) An insurer not thereunto authorized by the Commissioner shall not solicit insurance business in this territory, nor transact insurance business in this territory except as provided in this chapter. (b) No person may, in this territory, represent an unauthorized insurer or sol…
22 V.I.C. § 652 Validity of contracts illegally effectuated
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(a) No contract of insurance placed by a surplus line broker shall be binding upon the insured and no premium charged therefor shall be due and payable until the surplus line broker shall have notified the insured in writing, a copy of which shall be maintained by the broker with…
22 V.I.C. § 653 Surplus line coverage
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(a) If certain insurance coverages cannot be procured from authorized insurers, such coverages, hereinafter designated as “surplus lines,” may be procured from unauthorized insurers subject to the following conditions:(1) the insurance must be procured through a licensed surplus …
22 V.I.C. § 654 Endorsement of contract
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Every insurance contract procured and delivered as a surplus line coverage pursuant to this chapter shall be initialed by or bear the name of the surplus line broker who procured it and shall have the following language stamped upon it: “This contract is registered and delivered …
22 V.I.C. § 655 Validity of contracts
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Insurance contracts procured as surplus line coverage from unauthorized insurers in accordance with this chapter shall be fully valid and enforceable as to all parties, and shall be given recognition in all matters and respects to the same effect as like contracts issued by autho…
22 V.I.C. § 656 Surplus line brokers; licensing
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(1) Any person deemed by the Commissioner to be competent and trustworthy and while maintaining an office at a designated location in this territory may be licensed as a surplus line broker, as follows:(1) application to the Commissioner for the license shall be made on forms fur…
22 V.I.C. § 657 Broker may accept business
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A licensed surplus line broker may accept and place surplus line business for any insurance agent or broker licensed in this territory for the kind of insurance involved, and may compensate such agent or broker therefor.
22 V.I.C. § 658 Liability of insurer assuming direct risks
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(a) If pursuant to the surplus lines provisions of this chapter an insurer has assumed direct risk under a coverage and the premium therefor has been paid to the broker who placed such insurance, the insurer shall be liable to the insured for unearned premiums payable upon cancel…
22 V.I.C. § 659 Solvent insurer required
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(a) A surplus line broker shall not place any coverage with an unauthorized insurer unless, at the same time of placement, such insurer:(1) has established satisfactory evidence of good repute and financial integrity;(2) has caused to be provided to the Commissioner, no more than…
22 V.I.C. § 660 Record of surplus line broker
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(a) Each licensed surplus line broker shall keep a full and true record of each surplus line contract procured by him including a copy of the daily report, if any, showing such of the following items as may be applicable:(1) amount of the insurance;(2) gross premiums charged;(3) …
22 V.I.C. § 661 Broker's annual statement
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(a) Each surplus line broker shall on or before the first day of March of each year file with the Commissioner a verified statement of all surplus line insurance transacted by him during the preceding calendar year. (b) The statement shall be on forms as prescribed and furnished …
22 V.I.C. § 662 Premium tax; surplus lines
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(a) On or before the first day of February, May, August and November of each year, each surplus line broker shall remit to the Commissioner of Insurance a tax of five percent (5%) on the quarterly premiums of surplus line insurance transacted by him on risks located in the territ…
22 V.I.C. § 663 Penalty for default
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If any surplus line broker fails to file his annual statement, or fails to remit the tax provided by section 662 of this title, he shall be subject to the terms and conditions of the penalties set forth in chapter 25, section 604 of this title. The tax may be collected by distrai…
22 V.I.C. § 664 Revocation of broker's license
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(a) The Commissioner shall revoke any surplus line broker's license if the broker fails to file his annual statement or to remit the tax as required by this chapter; or if the broker fails to maintain an office in this territory, or to keep the records, or to allow the Commission…
22 V.I.C. § 665 Legal process against surplus line insurer
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(a) An unauthorized insurer may be sued, upon any cause of action arising in this territory under any contract issued by it as a surplus line contract, pursuant to this chapter, in the District Court of the Virgin Islands in that judicial division in which the cause of action aro…
22 V.I.C. § 666 Exemptions from surplus line requirements
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(a) The provisions of this chapter controlling the placing of insurance with unauthorized insurers shall not apply to reinsurance or to the following insurances when so placed by licensed agents or brokers of this territory:(1) ocean marine and foreign trade insurances;(2) insura…
22 V.I.C. § 667 Records of insured; inspection
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Every person for whom insurance has been placed with an unauthorized insurer pursuant to or in violation of this chapter shall, upon the Commissioner's order, produce for his examination all policies and other documents evidencing the insurance, and shall disclose to the Commissi…
22 V.I.C. § 668 Definitions
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(a) As used in this chapter:(a) “Eligible Surplus Lines Insurer” means an unauthorized insurer which in accordance with section 659 has been deemed eligible by the Commissioner of Insurance through the Division of Banking, Insurance and Financial Regulation to develop new coverag…
22 V.I.C. § 701 Deposits of insurers
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(1) The Commissioner of Finance shall accept, when made through the Commissioner of Insurance, deposits of securities or funds by insurers as follows:(1) Deposits in amount as required to be made as prerequisite to a certificate of authority to transact insurance in this territor…
22 V.I.C. § 702 Deposits to be held in trust
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Each such deposit shall be held by the Commissioner of Finance in trust for the protection of all policyholders in the United States of the insurer making it; except that deposits of alien insurers shall be so held for the security of such insurer's obligations arising out of its…
22 V.I.C. § 703 Securities eligible for deposit
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All such deposits shall consist of cash funds or other assets comprised of securities which are eligible for the investment of the funds of insurers under chapter 23 of this title, and representing public obligations, corporate bonds, and mortgages on real property located in thi…
22 V.I.C. § 704 Receipt; records
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(a) The Commissioner of Finance shall deliver to the insurer a receipt for all funds and securities so deposited by it. (b) The Commissioner of Insurance shall keep a record in permanent form of all funds and securities so deposited. This record shall be open to the inspection of…
22 V.I.C. § 705 Transfer of securities
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(a) No transfer of any funds or security so held on deposit, whether voluntary or by operation of law, shall be valid unless approved in writing by the Commissioner of Insurance and countersigned by the Commissioner of Finance or by his authorized deputy or agent. (b) A statement…
22 V.I.C. § 706 Depositaries
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The Commissioner of Finance may designate any solvent trust company or other solvent financial institution having trust powers domiciled in this territory, as the Commissioner of Finance's depositary to receive and hold any such deposit of a domestic or foreign insurer, or of an …
22 V.I.C. § 707 Liability for safekeeping
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The Government of the Virgin Islands shall be responsible for the safekeeping and return of all funds and securities deposited pursuant to this chapter with the Commissioner of Finance or in any such depositary so designated by him.
22 V.I.C. § 708 Dividends and substitutions
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While solvent and complying with this title an insurer shall be entitled to collect and receive interest and dividends accruing on the securities so held on deposit for its account, and from time to time exchange and substitute for any of such securities, other securities eligibl…
22 V.I.C. § 709 Release of deposits, generally
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(a) Any such required deposit shall be released in these instances only:(1) upon extinguishment of all liabilities of the insurer for the security of which the deposit is held, by reinsurance contract or otherwise;(2) if any such deposit or portion thereof is no longer required u…
22 V.I.C. § 710 Release of existing deposits
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Any part of any deposit of an insurer held by the Commissioner of Finance on the effective date of this title which is in amount in excess of the deposit required or permitted to be made by such insurer under this title, shall, upon written order of the Commissioner of Insurance,…
22 V.I.C. § 711 Voluntary excess deposits
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An insurer may deposit and maintain on deposit with the Commissioner of Finance through the Commissioner of Insurance funds and eligible securities in amount exceeding its required deposit under this title by not more than $100,000, for the purpose of absorbing fluctuations in th…
22 V.I.C. § 712 Immunity from levy
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No judgment creditor or other claimant of an insurer shall levy upon any deposit held pursuant to this chapter, or upon any part thereof.
22 V.I.C. § 751 Purpose and scope
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(a) This chapter governs the qualifications and procedures for the licensing of insurance producers and adjusters. It simplifies and organizes some statutory language to improve efficiency, permits the use of new technology and reduces costs associated with issuing and renewing i…
22 V.I.C. § 751a Definitions
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(1) As used in this chapter:(1) “Adjuster” means any person who, for compensation as an independent contractor or as an employee of an independent contractor, or for fee or commission, investigates or reports to the adjuster’s principal relative to claims arising under insurance …
22 V.I.C. § 752 License required
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(a) It is unlawful for a person to perform any act as an insurance producer in the Virgin Islands unless then licensed in the Virgin Islands. (b) It is unlawful for a person to sell, solicit or negotiate insurance in the Virgin Islands for any class or classes of insurance unless…
22 V.I.C. § 753 Unlicensed activities; acts committed in the Virgin Islands; Sanctions 24
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(a) For the purpose of section 752, an act is committed in the Virgin Islands if it is committed, in whole or in part, in the Virgin Islands, or affects persons or property within the Virgin Islands and relates to or involves an insurance contract, health care services contract, …
22 V.I.C. § 754 Exceptions to licensing
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(a) Nothing in this chapter may be construed to require an insurer to obtain an insurance producer license. In this section, the term “insurer” does not include an insurer’s officers, directors, employees, subsidiaries or affiliates. (b) A license as an insurance producer is not …
22 V.I.C. § 755 Application of chapter to insurance producers appointed by health care service contractors, health maintenance organizations, or both
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The provisions of this chapter apply to insurance producers appointed by either health care service contractors or health maintenance organizations.
22 V.I.C. § 756 Determining whether authorization exists; burden on insurance producer
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(1) Any insurance producer soliciting, negotiating, or procuring an application for insurance or health care services in the Territory must make a good faith effort to determine whether the entity that is issuing the coverage is:(1) authorized as an admitted insurer to transact h…
22 V.I.C. § 757 Application for examination
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(a) Unless exempt pursuant to section 765 of this chapter, a resident individual applying for an insurance producer license or an adjuster license shall take and pass a written examination about the Territory’s insurance law. This requirement does not apply to:(1) applicants for …
22 V.I.C. § 758 Application for license
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(a) Any corporation, firm or individual having a place of business in the Virgin Islands and acting as an agent may be licensed by the Commissioner as a resident insurance producer to solicit, accept applications, write, issue, deliver or place policies or contracts of direct ins…
22 V.I.C. § 759 License
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(a) Unless denied licensure pursuant to section 776, persons who have met the requirements of sections 757 and 758 must be issued an insurance producer license. An insurance producer may receive qualification for a license in one or more of the following lines of authority:(1) li…
22 V.I.C. § 760 Broker’s authority
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(a) A broker’s license must be issued to cover all lines of insurance. The Commissioner may not issue a broker’s license limited to a particular line of insurance. (b) A broker is not an agent or other representative of an insurer and may not bind the insurer upon any risk or wit…
22 V.I.C. § 761 Agent-broker combinations
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A licensed agent may be licensed as a broker and be a broker as to insurers for which he is not then licensed as agent. A licensed broker may be licensed as and be an agent as to insurers appointing him as agent. The sole relationship between a broker and an insurer as to which h…
22 V.I.C. § 762 Solicitor
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(a) The Commissioner shall issue a solicitor’s license only upon application by the applicant and the request of the agent or broker to be represented, upon such forms as the Commissioner shall prescribe and furnish. (b) The fee for issuance or renewal of a solicitor’s license mu…
22 V.I.C. § 763 Nonresident licensing
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(a) Unless denied licensure under section 776, a nonresident applicant shall receive a nonresident insurance producer license if the applicant:(1) is currently licensed as a resident and in good standing in the applicant’s home state;(2) is licensed in the applicant’s home state …