Title 22 — Insurance
49 chapters · 1,014 sections in this title.
22 V.I.C. § 203 Certificate of authority, qualifications
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(1) To qualify for and hold a certificate of authority an insurer must —(1) be a stock or mutual insurer of the same general type as may be formed as a domestic insurer under the provisions of chapter 11 of this title; or be a Lloyd's Insurer;(2) have capital funds as required by…
22 V.I.C. § 204 Charter defined
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“Charter” means articles of incorporation, articles of agreement, articles of association of a corporation, or other basic constituent document of a corporation.
22 V.I.C. § 205 Capital funds defined
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“Capital funds” means the excess of the assets of an insurer over its liabilities. Capital stock, if any, shall not be deemed to be a liability for the purposes of this section.
22 V.I.C. § 206 Application for certificate of authority
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(1) To apply for an original certificate of authority an insurer shall:(1) file with the Commissioner its request therefor, showing—(A) its name, home office location, type of insurer, organization date, and state or country of its domicile;(B) the kinds of insurance it proposes …
22 V.I.C. § 207 Foreign and alien insurers bonds or deposits required
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(a) All foreign and alien insurers shall file with the Commissioner as a condition of doing business in the Virgin Islands, and for the protection of policyholders in the Virgin Islands, the sum of not less than five hundred thousand dollars ($500,000) which may be in the form of…
22 V.I.C. § 208 Same, conditions and limitations
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(a) Each bond filed pursuant to section 207 of this chapter shall be with condition that the surety or sureties on the bond shall be answerable to the amount of the bond for all judgments, decrees, or orders given, made or rendered against the principal on the bond by any court o…
22 V.I.C. § 209 Issuance of certificate of authority
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(a) If the Commissioner finds that an insurer has met the requirements for and is fully entitled thereto under this title, he shall issue to it a proper certificate of authority. If the Commissioner does not so find, the authority shall be refused within a reasonable length of ti…
22 V.I.C. § 210 Certificate of authority; expiration, renewal, amendment
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(a) All certificates of authority shall expire on the 31st day of December next succeeding the date of issue or renewal, and if the insurer qualifies therefor its certificate shall be renewed annually for a period of not more than one year. (b) The Commissioner may amend a certif…
22 V.I.C. § 211 Certificate of authority; mandatory refusal, revocation, suspension
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(1) The Commissioner shall refuse to renew or shall revoke or suspend an insurer's certificate of authority, in addition to other grounds therefor in this title, if the insurer—(1) is a foreign or alien insurer and no longer qualifies or meets the requirements of the authority; o…
22 V.I.C. § 212 Certificate of authority; discretionary refusal, revocation, suspension
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(1) The Commissioner may refuse, suspend, or revoke an insurer's certificate of authority, in addition to other grounds therefor in this title, if the insurer—(1) fails to comply with any provision of this title other than those for violation of which refusal, suspension, or revo…
22 V.I.C. § 213 Notice of intention to refuse, revoke or suspend
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The Commissioner shall give an insurer notice of his intention to suspend, revoke, or refuse to renew its certificate of authority not less than ten days before the order of suspension, revocation or refusal is to become effective; except that no advance notice of intention is re…
22 V.I.C. § 214 Period of suspension
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The Commissioner shall not suspend an insurer's certificate of authority for a period in excess of one year, and he shall state in his order of suspension the period during which it shall be effective.
22 V.I.C. § 215 Limitation upon reauthorization
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No insurer whose certificate of authority has been suspended, revoked, or refused shall subsequently be authorized unless the grounds for such suspension, revocation, or refusal no longer exist and the insurer is otherwise fully qualified.
22 V.I.C. § 216 Notice of refusal, revocation, suspension; effect upon agents' authority
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Upon the suspension, revocation, or refusal of an insurer's certificate of authority, the Commissioner shall give notice thereof to the insurer and shall likewise suspend, revoke or refuse the authority of its agents to represent it in this territory and give notice thereof to th…
22 V.I.C. § 217 Name of insurer
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(a) Every insurer shall conduct its business in its own legal name. (b) No insurer shall assume or use a name deceptively similar to that of any other authorized insurer.
22 V.I.C. § 218 Commissioner as agent for service of process; resident agent service of process
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(a) Before a certificate of authority to transact business in the Virgin Islands is issued to any domestic, foreign or alien insurance company it must file with the Commissioner a resolution adopted by its board of directors consenting that service of process upon the Commissione…
22 V.I.C. § 219 Service of process; procedure
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(a) Every process left with the Commissioner shall be in triplicate. He shall return the original copy with his certificate of service which shall be accepted as proof of service of process. One copy shall be forwarded at once by mail to the company addressed to its principal off…
22 V.I.C. § 220 Countersignature of policies
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(a) No insurer shall issue an insurance contract covering a subject of insurance resident, located, or to be performed in this territory unless the insurance contract is countersigned by its licensed agent, or manager or general agent, except as provided in section 221 of this ti…
22 V.I.C. § 221 Exceptions to countersignature requirement
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(1) The provisions of section 220 of this title shall not apply to reinsurance contracts between insurers, to life or disability insurances, or to insurance contracts—(1) issued as a surplus line under section 653 of this title, or exempted under section 666 of this title;(2) cov…
22 V.I.C. § 222 Annual statement
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(a) Each authorized insurer shall annually, before the 31st day of March, file with the Commissioner a true statement of its financial condition, transactions, and affairs as at the 31st day of December preceding. The statement shall be on forms and shall contain information as r…
22 V.I.C. § 222a Annual audit [Repealed]
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22 V.I.C. § 222a Statutes current through Act 9046 of the 2025 session of the 36th Legislature, including all code changes through October 25, 2025 Virgin Islands Code AnnotatedCopyright © 2026 All rights reserved.
22 V.I.C. § 223 Records and accounts of insurers
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Every insurer shall keep full and adequate accounts and records of its assets, obligations, transactions, and affairs.
22 V.I.C. § 224 Withdrawal of insurer; reinsurance
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(a) No insurer shall withdraw from this territory until its direct liability to its policyholders and obligees under all its insurance contracts then in force in this territory has been assumed by another authorized insurer under an agreement approved by the Commissioner. In the …
22 V.I.C. § 225 Alien reinsurers; limitations
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(1) No credit shall be allowed to any insurer, as an asset or as a deduction from liability for reinsurance ceded to an alien insurer, other than under a contract of ocean marine insurance, covering a subject of insurance resident, located, or to be performed in this territory un…
22 V.I.C. § 226 General agents, managers; appointment; powers; licensing
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(a) An insurer appointing any person as its general agent or manager to represent it as such in this territory shall file notice of the appointment with the Commissioner on forms prescribed and furnished by the Commissioner. (b) Any such general agent or manager shall have such a…
22 V.I.C. § 227 Reports of fire losses
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(a) Each authorized insurer shall promptly report to the Commissioner, upon forms as prescribed and furnished by him, each fire loss of property in this territory reported to it and of undetermined origin. (b) As may be requested by the Commissioner, each such insurer shall likew…
22 V.I.C. § 228 Payment of claims
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(a) Effective 90 days after February 24, 1984, insurance companies doing business in the Virgin Islands shall have thirty (30) calendar days from the date on which an agreement to settle is signed or a proof of claim has been filed, whichever comes last, to make payment of all su…
22 V.I.C. § 229 Periodic automobile premium payments
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(a) Any insurer providing a person with motor vehicle insurance coverage shall permit the person to pay any premium with respect to such coverage in semi-annual payments. (b) Any insurer who fails to comply with subsection (a) of this section may, upon complaint to the Commission…
22 V.I.C. § 230 Filing requirements
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(a) Each domestic, foreign and alien insurer who is authorized to transact insurance in the Territory shall on or before March 1 of each year, file with the NAIC, a copy of its annual statement convention blank, along with such additional filings, including any quarterly statemen…
22 V.I.C. § 230a Immunity
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In the absence of actual malice, members of the NAIC, their duly authorized committees, sub-committees, and task forces, their delegates, NAIC employees, and all others charged with the responsibility of collecting, reviewing, analyzing and disseminating the information developed…
22 V.I.C. § 230b Confidentiality
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All financial analysis ratios and examination synopses concerning insurance companies that are submitted to the Division by the NAIC Insurance Regulatory Information System are confidential and may not be disclosed by the Insurance Division.
22 V.I.C. § 230c Membership in Federal Home Loan Bank
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(a) Insurers duly organized under the laws of any State, eligible for membership, may become a member of a Federal Home Loan Bank and upon becoming a member, may:(1) purchase stock in; obtain advances from; sell loans to; pledge collateral to; and perform such acts which are nece…
22 V.I.C. § 231 Purpose
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The purpose of this chapter is to provide a mechanism for the payment of covered claims under certain insurance policies, to avoid excessive delay in payment and to avoid financial loss to claimants or policyholders because of the insolvency of an insurer, to assist in the detect…
22 V.I.C. § 232 Scope
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This chapter shall apply to all kinds of direct insurance, except title, surety, credit, mortgage guaranty and ocean marine insurance.
22 V.I.C. § 233 Construction
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This chapter shall be liberally construed to effect the purpose propounded in section 231 of this title which shall constitute an aid and guide to interpretation.
22 V.I.C. § 234 Definitions
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(a) As used in this chapter, unless the context clearly indicates otherwise:(a) “Association” means the Virgin Islands Insurance Guaranty Association created in section 235 of this title.(b) “Commissioner” means the Commissioner of Insurance.(c) “Covered claim” means an unpaid cl…
22 V.I.C. § 235 Creation of Association
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There is created a nonprofit unincorporated legal entity to be known as the Virgin Islands Insurance Guaranty Association. All insurers defined as member insurers by subsection (e) of section 234 of this title shall be and remain members of the Association as a condition of their…
22 V.I.C. § 236 Board of Directors
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(a) The Board of Directors of the Association shall consist of not less than five nor more than nine persons serving terms as established in the plan of operation. The members of the Board shall be selected by member insurers subject to the approval of the Commissioner. Vacancies…
22 V.I.C. § 237 Powers and duties of the Association
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(a) The Association shall:(1) Be obligated to the extent of the covered claims existing prior to the determination of insolvency, or arising within 30 days after the determination of insolvency, before the policy expiration date if less than 30 days after the determination, or be…
22 V.I.C. § 238 Plan of operation
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(a) (1) The Association shall submit to the Commissioner a plan of operation and any amendments thereto necessary or suitable to assure the fair, reasonable, and equitable administration of the Association. The plan of operation or any amendments thereto shall become effective up…
22 V.I.C. § 239 Duties and powers of the Commissioner
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(a) The Commissioner shall:(1) Notify the Association of the existence of an insolvent insurer not later than three days after he receives notice of the determination of the insolvency;(2) Upon request of the Board of Directors, provide the Association with a statement of the net…
22 V.I.C. § 240 Effect of paid claims
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(a) Any person recovering under this chapter shall be deemed to have assigned his rights under the policy to the Association to the extent of his recovery from the Association. Every insured or claimant seeking the protection of this chapter shall cooperate with the Association t…
22 V.I.C. § 241 Nonduplication of recovery
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(a) Any person having a claim against an insurer under any provision in his insurance policy which is also a covered claim shall be required to exhaust first his right under such policy. Any amount payable on a covered claim pursuant to this chapter shall be reduced by the amount…
22 V.I.C. § 242 Prevention of insolvencies
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The Board of Directors of the Association may make recommendations to the Commissioner for the detection and prevention of insurer insolvencies.
22 V.I.C. § 243 Examination of the Association
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The Association shall be subject to examination and regulation by the Commissioner. The Board of Directors shall submit, not later than March 30 of each year, a financial report for the preceding calendar year in a form approved by the Commissioner.
22 V.I.C. § 244 Tax exemption
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The Association shall be exempt from payment of all fees and all taxes levied by this territory except taxes levied on real or personal property.
22 V.I.C. § 245 Immunity
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There shall be no liability on the part of and no cause of action of any nature shall arise against any member insurer, the Association or its agents or employees, the Board of Directors, or the Commissioner or his representatives for any authorized action taken by them in perfor…
22 V.I.C. § 246 Stay of proceedings; reopening of default judgment
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Except as provided in section 1256 of this title, all proceedings in which the insolvent insurer is a party in any court in this territory shall be stayed for 60 days from the date the insolvency is determined to permit proper defense by the Association of all pending causes of a…
22 V.I.C. § 247 Severability clause
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(a) Except as provided in subsection (b) of this section, the provisions of this chapter are severable. If any provision of this chapter or its application to any person or circumstances is held invalid, the invalidity shall not affect other provisions or applications of this cha…
22 V.I.C. § 248 Prospective application
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This chapter shall not apply to any life and health insurer, with respect to which an order, decree, judgement or finding of insolvency, whether preliminary or temporary in nature, or order of rehabilitation or conservation has been issued by a court of competent jurisdiction pri…