Title 22 — Insurance
49 chapters · 1,014 sections in this title.
22 V.I.C. § 874 —No. 19, unpaid premium
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There may be a provision as follows:“Unpaid premium: Upon the payment of a claim under this policy, any premium then due and unpaid or covered by any note or written order may be deducted therefrom.” “Unpaid premium: Upon the payment of a claim under this policy, any premium then…
22 V.I.C. § 875 —No. 20, cancellation
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There may be a provision as follows:“Cancellation: The insurer may cancel this policy at any time by written notice delivered to the insured, or mailed to his last address as shown by the records of the insurer, stating when, not less than five days thereafter, such cancellation …
22 V.I.C. § 876 —No. 21, conformity with statutes
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There may be a provision as follows:“Conformity with statutes: Any provision of this policy which, on its effective date, is in conflict with the statutes of the territory or state in which the insured resides on such date is hereby amended to conform to the minimum requirements …
22 V.I.C. § 877 —No. 22, illegal occupation
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There may be a provision as follows:“Illegal occupation: The insurer shall not be liable for any loss to which a contributing cause was the insured's commission of or attempt to commit a felony or to which a contributing cause was the insured's being engaged in an illegal occupat…
22 V.I.C. § 878 —No. 23, intoxicants and narcotics
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There may be a provision as follows:“Intoxicants and narcotics: The insurer shall not be liable for any loss sustained or contracted in consequence of the insured's being intoxicated or under the influence of any narcotic unless administered on the advice of a physician.” “Intoxi…
22 V.I.C. § 879 Order of certain policy provisions
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The provisions which are the subject of sections 855–878, inclusive, of this title, or any corresponding provisions which are used in lieu thereof in accordance with such sections, shall be printed in the consecutive order of the provisions in such sections or, at the insurer's o…
22 V.I.C. § 880 Third party ownership
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The word “insured,” as used in this chapter, shall not be construed as preventing a person other than the insured with a proper insurable interest from making application for and owning a policy covering the insured or from being entitled under such a policy to any indemnities, b…
22 V.I.C. § 881 Requirements of other jurisdictions
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(a) Any policy of a foreign or alien insurer, when delivered or issued for delivery to any person in this territory, may contain any provision which is not less favorable to the insured or to the beneficiary than the provisions of this chapter and which is prescribed or required …
22 V.I.C. § 882 Age limit
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If any such policy contains a provision establishing, as an age limit or otherwise, a date after which the coverage provided by the policy will not be effective, and if such date falls within a period for which premium is accepted by the insurer or if the insurer accepts a premiu…
22 V.I.C. § 883 Family expense disability insurance, general provisions
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(a) Family expense disability insurance is that covering members of any one family including one or both spouses and dependents provided under a master policy issued to the head of the family. (b) Any authorized disability insurer may issue family expense disability insurance. (c…
22 V.I.C. § 884 Franchise plan, general provisions
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(a) Disability insurance on a franchise plan is that issued to—(1) five or more employees of a common employer; or(2) ten or more members of any bona fide trade or professional association or labor union, which association or union was formed and exists for purposes other than th…
22 V.I.C. § 885 Extended disability benefit
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A disability insurance contract which provides a reasonable amount of disability indemnity for both accidental injuries and sickness, other than a contract of group or blanket insurance, may provide a benefit in amount not exceeding $200 payable in event of death from any causes.…
22 V.I.C. § 886 Incontestability after reinstatement
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The reinstatement of any policy of noncancellable disability insurance delivered or issued for delivery in this territory after the effective date of this title shall be contestable only on account of fraud or misrepresentation of facts material to the reinstatement and only for …
22 V.I.C. § 901 Group disability insurance defined
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Group disability insurance is that form of disability insurance provided by a master policy issued to an employer, to a trustee appointed by an employer or employers, or to an association of employers formed for purposes other than obtaining such insurance, covering, with or with…
22 V.I.C. § 902 Employees, employer defined
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The term “employees” as used in this chapter shall be deemed to include as employees of a single employer, the compensated officers, managers, and employees of the employer and of subsidiary or affiliated corporations of a corporation employer, and the individual proprietors, par…
22 V.I.C. § 903 Health care groups
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A policy of group disability insurance may be issued to a corporation, as policyholder, existing primarily for the purpose of assisting individuals who are its subscribers in securing medical, hospital, dental, and other health care services for themselves and their dependents, c…
22 V.I.C. § 904 Blanket disability insurance defined
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(a) Any policy or contract or disability insurance which conforms with the description and complies with the requirements contained in one of the following paragraphs of this subsection shall be deemed a blanket disability insurance policy:(1) a policy issued to any common carrie…
22 V.I.C. § 905 Standard provisions required
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Every policy of group or blanket disability insurance shall contain in substance the provisions as set forth in sections 906–909 and section 913, inclusive, of this title, or provisions which in the opinion of the Commissioner are more favorable to the individuals insured, or at …
22 V.I.C. § 906 Contract; representations
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There shall be a provision that a copy of the application, if any, of the policyholder shall be attached to the policy when issued; that all statements made by the policyholder or by the individuals insured shall in the absence of fraud be deemed representations and not warrantie…
22 V.I.C. § 907 Payment of premiums
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There shall be a provision that all premiums due under the policy shall be remitted by the employer or employers of the persons insured, by the policyholder, or by some other designated person acting on behalf of the association or group insured, to the insurer on or before the d…
22 V.I.C. § 908 Certificates of coverage
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In group disability insurance policies there shall be a provision that the insurer shall issue to the employer, the policyholder, or other person or association in whose name such policy is issued, for delivery to each insured employee or member, a certificate setting forth in su…
22 V.I.C. § 909 Age limitations
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There shall be a provision specifying the ages, if any there be, to which the insurance provided therein shall be limited, and the ages, if any there be, for which additional restrictions are placed on benefits, and the additional restrictions placed on the benefits at such ages.
22 V.I.C. § 910 Examination and autopsy
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There may be a provision that the insurer shall have the right and opportunity to examine the person of the insured employee, member or dependent when and so often as it may reasonably require during the pendency of claim under the policy and also the right and opportunity to mak…
22 V.I.C. § 911 Payment of benefits
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(a) The benefits payable under any policy or contract of group or blanket disability insurance shall be payable to the employee or other insured member of the group or to the beneficiary designated by him, other than the policyholder, employer or the association or any officer th…
22 V.I.C. § 912 Readjustment of premiums; dividends
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Any contract of group disability insurance may provide for the readjustment of the rate of premium based on the experience thereunder at the end of the first year or of any subsequent year of insurance thereunder, and such readjustment may be made retroactive only for such policy…
22 V.I.C. § 913 Limited extension of benefits
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Every policy of group disability insurance issued or subsequently renewed by agreement between the insurer and the policyholder issued under the provisions of this chapter shall contain a provision such that in the event that the insured employee leaves the group covered by such …
22 V.I.C. § 1000 Consistency of progression of cash surrender values with increasing policy duration
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(a) Any cash surrender value available under the policy in the event of default in a premium payment due on any policy anniversary is in an amount which does not differ by more than two tenths of one percent of either the amount of insurance at the beginning of each of the first …
22 V.I.C. § 1000a Exceptions
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(a) This subchapter does not apply to any of the following:(1) Reinsurance;(2) Group insurance;(3) Pure endowment;(4) Annuity or reversionary annuity contract;(5) A term policy of uniform amount, which provides no guaranteed nonforfeiture or endowment benefits, or renewal thereof…
22 V.I.C. § 1000b Approval by Commissioner
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Notwithstanding the requirements set forth in chapter 33, section 810 of this title or the requirement of any other provision in the laws of the Virgin Islands, any policy, contract or certificate providing life insurance under any plan must be affirmatively approved by the Commi…
22 V.I.C. § 951 Scope of chapter
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The provisions of this chapter apply to contracts of life insurance and annuities other than group life insurance, group annuities, and, except sections 976, 977, 983 and 984 of this title, other than industrial life insurance.
22 V.I.C. § 952 Standard provisions required, life insurance
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(a) No policy of life insurance other than industrial, group and pure endowments with or without return of premiums or of premiums and interest, shall be delivered or issued for delivery in this territory unless it contains in substance all of the provisions required by sections …
22 V.I.C. § 953 Grace period
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There shall be a provision that the insured is entitled to a grace period of one month, but not less than 30 days, within which the payment of any premium after the first may be made, subject at the option of the insurer to an interest charge not in excess of 6 percent per annum …
22 V.I.C. § 954 Entire contract, representations
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In all such policies other than those containing a clause making the policy incontestable from date of issue, there shall be a provision that the policy and the application therefor, if a copy thereof has been endorsed upon or attached to the policy at issue and made a part there…
22 V.I.C. § 955 Incontestability
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There shall be a provision that the policy shall be incontestable after it has been in force during the lifetime of the insured for a period of two years from its date of issue, except for nonpayment of premiums and except, at the option of the insurer, as to provisions relative …
22 V.I.C. § 956 Misstatement of age
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There shall be a provision that if it is found that the age of the insured (or the age of any other individual considered in determining the premium) has been misstated, the amount payable under the policy shall be such as the premium would have purchased at the correct age or ag…
22 V.I.C. § 957 Participation in surplus
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(a) In all policies which provide for participation in the insurer's surplus, there shall be a provision that the policy shall so participate annually in the insurer's divisible surplus as apportioned by the insurer, beginning not later than the end of the third policy year. Any …
22 V.I.C. § 958 Policy loans
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(a) Except on extended term insurance policies and on policies with no cash surrender value, there shall be a provision that after three full years' premiums have been paid thereon, the insurer at any time, while the policy is in force, will advance, on proper assignment or pledg…
22 V.I.C. § 959 Table of values and options
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There shall be a table showing in figures the loan value, if any, and any options available under the policy each year upon default in premium payments, during at least the first 20 years of the policy, or for its life if maturity or expiry occurs in less than 20 years.
22 V.I.C. § 960 Nonforfeiture options
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There shall be a provision specifying the option to which the policyholder is automatically entitled in the absence of the election of other nonforfeiture options upon default in premium payment after nonforfeiture values become available.
22 V.I.C. § 961 Table of installments
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If the policy provides for payment of its proceeds in installments or as an annuity, a table showing the amount and period of such installments or annuity shall be included in the policy. Except, that if in the judgment of the Commissioner it is not practical to include certain t…
22 V.I.C. § 962 Reinstatement
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There shall be a provision that the policy may be reinstated at any time within three years after the date of default in the payment of any premium, unless the policy has been surrendered for its cash value, or the period of any extended insurance provided by the policy has expir…
22 V.I.C. § 963 Settlement on proof of death
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There shall be a provision that when a policy becomes a claim by the death of the insured, settlement shall be made upon receipt of due proof of death and surrender of the policy.
22 V.I.C. § 964 Standard provisions; annuities, pure endowment contracts
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No annuity or pure endowment contract, other than reversionary annuities, or survivorship annuities, or group annuities, shall be delivered or issued for delivery in this territory unless it contains in substance each of the provisions specified in sections 965–971, inclusive, of…
22 V.I.C. § 965 Annuities; grace period
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In such contracts, there shall be a provision that there shall be a period of grace of one month, but not less than 30 days, within which any stipulated payment to the insurer falling due after the first may be made, subject at the option of the insurer, to an interest charge the…
22 V.I.C. § 966 Incontestability; annuities, pure endowments
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If any statements, other than those relating to age, sex, and identity, are required as a condition to issuing such an annuity or pure endowment contract, and subject to section 968 of this title, there shall be a provision that the contract shall be incontestable after it has be…
22 V.I.C. § 967 Entire contract; annuities, pure endowments
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In such contracts there shall be a provision that the contract shall constitute the entire contract between the parties, or, if a copy of the application is endorsed upon or attached to the contract when issued, a provision that the contract and the application therefor shall con…
22 V.I.C. § 968 Misstatement of age or sex; annuities, pure endowments
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In such contracts there shall be a provision that if the age or sex of the person or persons upon whose life or lives the contract is made, or of any of them has been misstated, the amount payable or benefit accruing under the contract shall be such as the stipulated payment or p…
22 V.I.C. § 969 Dividends; annuities, pure endowments
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If such contract is participating, there shall be a provision that the insurer shall annually ascertain and apportion any divisible surplus accruing on the contract.
22 V.I.C. § 970 Nonforfeiture benefits; annuities, pure endowments
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(1) Such contracts issued after the operative date of section 984 of this title shall contain—(1) a provision that in the event of default in any stipulated payment, the insurer will grant a paid-up nonforfeiture benefit on a plan stipulated in the contract, effective as of such …
22 V.I.C. § 971 Reinstatement; annuities, pure endowments
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In such contracts there shall be a provision that the contract may be reinstated at any time within one year from the date of default in making stipulated payments to the insurer, unless the cash surrender value has been paid, but all overdue stipulated payments and any indebtedn…