Title 22 — Insurance
49 chapters · 1,014 sections in this title.
22 V.I.C. § 764 Reciprocity
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(a) The Commissioner shall waive any requirement for a nonresident license applicant with a valid license from the applicant’s home state except the requirements imposed by section 763 if the applicant’s home state awards nonresident licenses to residents of the Virgin Islands on…
22 V.I.C. § 765 Exemption from examination
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(a) An individual who applies for an insurance producer license in the Virgin Islands who was previously licensed for the same lines of authority in another state is not required to complete any pre-licensing education or examination of the Virgin Islands. This exemption is avail…
22 V.I.C. § 766 Producer to file for change of address
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(a) If a person licensed as an insurance producer under section 758 changes the person’s address within the Virgin Islands, the person shall, not later than 30 days after making that change, file a change of address with the Commissioner or the Commissioner’s designee. (b) (1) If…
22 V.I.C. § 767 Separate licenses
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(a) The Commissioner may license an individual concurrently as an independent adjuster and as a public adjuster. A separate application is required for each type of adjuster license. The full license fee must be paid for each license. (b) An adjuster has authority under the licen…
22 V.I.C. § 768 Public adjuster’s bond
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(a) Prior to the issuance of a license as a public adjuster, the applicant shall file with the Commissioner and shall maintain in force while so licensed a surety bond in favor of the people of the Virgin Islands, executed by an authorized corporate surety approved by the Commiss…
22 V.I.C. § 769 Report of losses
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(a) Every adjuster who investigates any fire loss claim under any insurance contract covering property located in the Virgin Islands shall promptly report to the Commissioner any facts or circumstances found and from which he believes fraud has been committed or attempted. (b) Up…
22 V.I.C. § 770 Continuing education courses and requirements
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(a) (1) Producers are required to complete 24 credits of continuing education for each biennial compliance period. Three of the 24 credits must be in ethics.(2) The Commissioner shall by regulations establish minimum continuing education requirements for the renewal or reissuance…
22 V.I.C. § 771 Managing general agent license requirement
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(a) (1) No person may act as a managing general agent representing an insurer licensed in the Virgin Islands with respect to risks located in the Virgin Islands unless the person is licensed as a managing general agent pursuant to the subsection (c) or (d).(2) No person may act a…
22 V.I.C. § 772 Responsibilities of managing general agent
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(a) It is unlawful for any person acting in the capacity of a managing general agent to place business with an insurer, unless there is in force a written contract between the parties which sets forth the responsibilities of each party; specifies the separation of responsibilitie…
22 V.I.C. § 773 Independent financial examination of each managing general agent
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(a) The insurer shall have on file, in a form acceptable to the Commissioner, an independent financial examination of each managing general agent with which it has done business. (b) If a managing general agent establishes loss reserves, the insurer shall obtain annually the opin…
22 V.I.C. § 774 Acts of managing general agent deemed Acts of Insurer of examinations
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(a) The acts of a managing general agent are the acts of the insurer on whose behalf it is acting. (b) A managing general agent may be examined pursuant to chapter 5 of this title, as if it were the insurer. The managing general agent shall pay the expenses incurred in the conduc…
22 V.I.C. § 775 Assumed names and address
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(a) An insurance producer doing business under any name other than the producer’s legal name must seek approval from the Commissioner prior to using the assumed name. (b) Any person violating this section is liable for a fine not to exceed $500.
22 V.I.C. § 776 License refusal, nonrenewal, suspension or revocation
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(a) The Commissioner may suspend, revoke or refuse to issue or renew an insurance producer’s license or may levy a civil penalty in accordance with this chapter or any combination of actions, for any one or more of the following causes:(1) providing incorrect, misleading, incompl…
22 V.I.C. § 777 Hearing to determine administrative action modification
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(a) Upon written application of a person who was refused a license or whose license was not renewed or was revoked, or surrendered for cause under section 776, the Commissioner shall hold a hearing to determine whether the administrative action imposing the refusal, nonrenewal, r…
22 V.I.C. § 778 Fine in lieu of license suspension, revocation, or refusal
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(a) Upon the hearing of an appeal from an order suspending, revoking, or refusing to renew any license issued, the court, if it finds that the licensee is guilty of violation of the law and if it finds the suspension, revocation, or refusal too severe a penalty under the facts as…
22 V.I.C. § 779 Appointments
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(a) (1) An insurance producer may not act as an agent of an insurer unless the insurance producer becomes an appointed agent of that insurer.(2) An insurance producer may not act as a solicitor of an agent or broker unless the insurance producer becomes an appointed solicitor of …
22 V.I.C. § 780 Notification of insurance Commissioner of termination
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(a) An insurer or authorized representative of the insurer who terminates the appointment, employment, contract or other insurance business relationship with a producer shall notify the Commissioner not more than 15 days after the effective date of the termination, using a format…
22 V.I.C. § 781 Records of agents, brokers, adjusters
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(a) Every producer or adjuster shall keep at the producer’s address as shown on the producer’s license, a record of all transactions consummated under the producer’s license. This record must be in organized form and must include:(1) if an agent or broker—(A) a record of each ins…
22 V.I.C. § 782 Reporting and accounting for premiums, penalty
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(a) An agent or any other representative of an insurer involved in the procuring or issuance of an insurance contract shall report to the insurer the exact amount of consideration charged as premium for such contract, and the amount must likewise be shown in the contract and in t…
22 V.I.C. § 783 Prohibition
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It is unlawful for managing general agent, insurer, or other person to violate, or fail to comply with any provision of sections 771, 772, 773, 774, 780, or 782 of this chapter.
22 V.I.C. § 784 Penalties for violations
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(a) If the Commissioner, after a hearing conducted in accordance with chapter 7 of this title, finds a violation of the types of infractions listed in section 753(e) of this chapter, the Commissioner may order any of the following:(1) for each separate violation committed by an i…
22 V.I.C. § 785 Rights not limited or restricted
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Nothing in this chapter is intended, in any manner, to limit or restrict the rights of policyholders and claimants of any insurer on whose behalf a managing general agent is acting, or of auditors, accountants, examiners, or other persons that conduct examinations of insurers.
22 V.I.C. § 786 Reporting of actions
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(a) A producer shall report to the Commissioner any administrative action taken against the producer in another jurisdiction or by another governmental agency in the Virgin Islands not more than 30 days after the final disposition of the matter. This report must include a copy of…
22 V.I.C. § 787 Service of process on nonresident agent or broker
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(a) Every nonresident agent or broker by obtaining a license in the Virgin Islands may be sued in the Virgin Islands in the district of the plaintiff’s property, residence or principal office or place of business upon any cause of action, arising out of or based upon any business…
22 V.I.C. § 788 Compensation disclosure
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(a) (1) Where any insurance producer or any affiliate of the producer receives any compensation from the customer for the placement of insurance or represents the customer with respect to that placement, neither that producer nor any affiliate shall accept or receive any compensa…
22 V.I.C. § 789 Paying unlawful consideration
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(a) It is unlawful for an insurer or an insurance producer to pay a commission, service fee, brokerage fee, or other type of consideration for selling, soliciting, or negotiating insurance in the Virgin Islands, if the person is required to be licensed under this chapter but is n…
22 V.I.C. § 790 Regulations
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The Commissioner may, in accordance with this title, promulgate reasonable regulations necessary or proper to carry out the purposes of this chapter.
22 V.I.C. § 791 Immunity
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The Commissioner, the Director, and employees of the Division of Banking and Insurance and Financial Regulation are immune from any civil liability while acting within the scope of this chapter.
22 V.I.C. § 792 Centralized agent License registry
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The Commissioner may participate, in whole or in part, with the NAIC or any of its affiliates or subsidiaries, in a centralized agent license registry in which insurance producers acting as agents appointments are centrally or simultaneously electronically stored for all states t…
22 V.I.C. § 793 Severability
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If any provision of this chapter, or the application of a provision to any person or circumstances is held invalid, the remainder of the provisions and the application of the provision to persons or circumstances other than those to which it is held invalid are not affected.
22 V.I.C. § 801 Scope of chapter
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The applicable provisions of this chapter shall apply to insurances other than ocean marine and foreign trade insurances, but this chapter shall not apply to life or disability insurance policies not issued for delivery in this territory nor delivered in this territory.
22 V.I.C. § 802 Power to contract
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(a) Any person of competent legal capacity may contract for insurance. (b) A minor fifteen (15) years of age or older may, notwithstanding such minority, contract for life or disability insurance on his own life or body, for his own benefit or for the benefit of his father, mothe…
22 V.I.C. § 803 Insurable interest—Personal insurances
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(a) Any individual of competent legal capacity may procure or effect an insurance contract upon his own life or body for the benefit of any person. But no person shall procure or cause to be procured any insurance contract upon the life or body of another individual unless the be…
22 V.I.C. § 804 —Property insurances
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(a) No contract of insurance on property or of any interest therein or arising therefrom shall be enforceable except for the benefit of persons having an insurable interest in the things insured. (b) “Insurable interest” as used in this section means any lawful and substantial ec…
22 V.I.C. § 805 Named insured
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When the name of a person intended to be insured is specified in the policy, such insurance can be applied only to his own proper interest. This section shall not apply to life and disability insurances.
22 V.I.C. § 806 Application
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(1) No life or disability insurance contract upon an individual, except a contract of group life insurance or of group or blanket disability insurance, as defined in this title, shall be made or effectuated unless at the time of the making of the contract the individual insured, …
22 V.I.C. § 807 Alteration of application
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(a) Any application for insurance in writing by the applicant shall be altered solely by the applicant or by his written consent, except that insertions may be made by the insurer for administrative purposes only in such manner as to indicate clearly that such insertions are not …
22 V.I.C. § 808 Application as evidence
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(a) No application for the issuance of any insurance policy or contract shall be admissible in evidence in any action relative to such policy or contract, unless a true copy of the application was attached to or otherwise made a part of the policy when issued and delivered. This …
22 V.I.C. § 809 Warranties and misrepresentations, effect of
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(a) Except as provided in subsection (b) of this section, no oral or written misrepresentation or warranty made in the negotiation of an insurance contract, by the insured or in his behalf, shall be deemed material or defeat or avoid the contract or prevent it attaching, unless t…
22 V.I.C. § 810 Forms of policies; filing and approval
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(a) No insurance policy form other than surety bond forms, or application form where written application is required and is to be attached to the policy, or printed life or disability rider or endorsement form shall be issued, delivered, or used unless it has been filed with and …
22 V.I.C. § 811 Grounds for disapproval
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(a) The Commissioner shall disapprove any such form of policy, application, rider, or endorsement, or withdraw any previous approval thereof, only as follows:(1) if it is in any respect in violation of or does not comply with this title;(2) if it does not comply with any controll…
22 V.I.C. § 812 Standard forms
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(a) The standard insurance policy of the State of Washington or the State of New York, or The Standard Foreign Policy (English Foreign Form) as authorized and on file in the Office of the Commissioner of Insurance of the State of Washington or of New York on January 1, 1952, toge…
22 V.I.C. § 813 Standard provisions
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(a) Insurance contracts shall contain such standard provisions as are required by the applicable chapters of this title pertaining to contracts of particular kinds of insurance. The Commissioner may waive the required use of a particular standard provision in a particular insuran…
22 V.I.C. § 814 Content of policies in general
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(a) The written instrument, in which a contract of insurance is set forth, is the policy. (b) A policy shall specify—(1) the name of the parties to the contract, the insurer's name and type of organization shall be clearly shown in the policy;(2) the subject of the insurance;(3) …
22 V.I.C. § 815 Additional contents
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(a) A policy may contain additional provisions, which are not inconsistent with this title, and which are—(1) required to be so inserted by the laws of the insurer's domicile; or(2) necessary, on account of the manner in which the insurer is constituted or operated, to state the …
22 V.I.C. § 816 Charter or bylaw provisions
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No policy shall contain any provision purporting to make any portion of the charter, bylaws, or other constituent document of the insurer a part of the contract unless such portion is set forth in full in the policy. Any policy provision in violation of this section shall be inva…
22 V.I.C. § 817 Premium defined
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“Premium” as used in this title means all sums charged, received, or deposited as consideration for an insurance contract or the continuance thereof. Any assessment, or any “membership”, “policy”, “survey”, “inspection”, “service” or similar fee or charge made by the insurer in c…
22 V.I.C. § 818 Stated premium must include all charges
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(a) The premium stated in the policy shall be inclusive of all fees, charges, premiums, or other consideration charged for the insurance or for the procurement thereof. (b) No insurer or its officer, employee, agent, solicitor, or other representative shall charge or receive any …
22 V.I.C. § 819 Policy must contain entire contract
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No agreement in conflict with, modifying, or extending any contract of insurance shall be valid unless in writing and made a part of the policy.
22 V.I.C. § 820 Limiting actions, jurisdiction
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(a) No insurance contract delivered or issued for delivery in this territory and covering subjects located, resident, or to be performed in this territory, shall contain any condition, stipulation, or agreement which—(1) requires it to be construed according to the laws of any ot…