Title 22 — Insurance
49 chapters · 1,014 sections in this title.
22 V.I.C. § 972 Standard provisions; reversionary annuities
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No contract for a reversionary annuity shall be delivered or issued for delivery in this territory unless it contains in substance each of the provisions specified in sections 973 and 974 of this title. Any of such provisions not applicable to single premium annuities shall not, …
22 V.I.C. § 973 Sections applicable
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Any such reversionary annuity contract shall contain the provisions specified in sections 965–969, inclusive, of this title, except that under section 965 the insurer may at its option provide for an equitable reduction of the amount of the annuity payments in settlement of an ov…
22 V.I.C. § 974 Reinstatement, reversionary annuities
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In such reversionary annuity contracts there shall be a provision that the contract may be reinstated at any time within three years from the date of default in making stipulated payments to the insurer, upon production of evidence of insurability satisfactory to the insurer, and…
22 V.I.C. § 975 Supplemental benefits
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The Commissioner may make reasonable rules and regulations concerning the conditions in provisions granting additional benefits in event of the insured's accidental death, or in event the insured becomes totally and permanently disabled, which are a part of or supplemental to lif…
22 V.I.C. § 976 Limitation of liability
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(a) The insurer may in any life insurance policy or annuity or pure endowment contract limit its liability to a determinable amount not less than the full reserve of the policy and of dividend additions thereto in event only of death occurring—(1) as a result of war, or any act o…
22 V.I.C. § 977 Incontestability after reinstatement
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The reinstatement of any policy of life insurance or contract of annuity hereafter delivered or issued for delivery in this territory may be contestable on account of fraud or misrepresentation of acts material to the reinstatement only for the same period following reinstatement…
22 V.I.C. § 978 Premium deposits
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(a) A life insurer may, under such policy provisions or agreements as have been approved by the Commissioner consistent with this section, contract for and accept premium deposits in addition to the regular premiums specified in the policy, for the purpose of paying future premiu…
22 V.I.C. § 979 Policy settlements
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A life insurer shall have the power to hold under agreement the proceeds of any policy issued by it, upon such terms and restrictions as to revocation by the policyholder and control by beneficiaries, and with such exemptions from the claims of creditors of beneficiaries other th…
22 V.I.C. § 980 Deduction of indebtedness
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(1) In determining the amount due under any life insurance heretofore or hereafter issued, deduction may be made of—(1) any unpaid premiums or installments thereof for the current policy year due under the terms of the policy; and(2) the amount of principal and accrued interest o…
22 V.I.C. § 981 Miscellaneous proceeds
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(1) Upon the death of the insured and except as is otherwise expressly provided by the policy or premium deposit agreement, a life insurer may pay to the surviving spouse, children, beneficiary, or other person other than the insured's estate, appearing to the insurer to be equit…
22 V.I.C. § 982 Trafficking in dividend rights
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No life insurer nor any of its representatives, agents, or affiliates, shall buy, take by assignment other than in connection with policy loans, or otherwise deal or traffic in any rights to dividends existing under participating life insurance policies issued by the insurer.
22 V.I.C. § 983 Prohibited policy plan
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(1) No life insurer shall hereafter issue for delivery or deliver in this territory any life insurance policy—(1) issued under any plan for the segregation of policyholders into mathematical groups and providing benefits for a surviving policyholder of a group arising out of the …
22 V.I.C. § 984 Standard nonforfeiture law, life insurance
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(a) Short title: This section constitutes and may be cited as the Standard Nonforfeiture Law of the Virgin Islands. (b) Nonforfeiture provisions—Life: In the case of policies issued on or after the operative date of this section as defined in subsection (i) of this section, no po…
22 V.I.C. § 991 Short title
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This subchapter shall be known as “the Standard Nonforfeiture Law of 2018 for Life Insurance.”
22 V.I.C. § 992 Definitions
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The term “operative date of the valuation manual” means January 1st of the first calendar year that the valuation manual as defined in the Standard Valuation Law of 2018 is effective.
22 V.I.C. § 993 Applicability of prior law
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Notwithstanding any other requirements provided in the subchapter, the Standard Nonforfeiture Law adopted on March 29, 1968 and codified in section 984 of title 22 of the Virgin Islands Code, is applicable to nonforfeiture benefits under all life insurance policies issued before …
22 V.I.C. § 994 Nonforfeiture benefits
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(a) No life insurance policy issued on or after the effective date of this subchapter, except as stated in section 1000a, shall be delivered or issued for delivery in the Virgin Islands unless it contains in substance the provisions in paragraphs (1) through (6), or corresponding…
22 V.I.C. § 995 Computation of cash surrender value
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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, whether or not required by section 994, is an amount not less than the excess, if any, of the present value, on the anniversary, of the future guara…
22 V.I.C. § 996 Computation of paid-up nonforfeiture benefits
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Any paid-up nonforfeiture benefit available under the policy in the event of default in a premium payment due on any policy anniversary is such that its present value as of the anniversary is at least equal to the cash surrender value then provided for by the policy or, if none i…
22 V.I.C. § 997 Calculations of adjusted premiums by the nonforfeiture net level premium method
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(a) This section applies to all policies issued on or after the effective date of this section. Except as provided in section subsection (h), the adjusted premiums for any policy is calculated on an annual basis and must be an uniform percentage of the respective premiums specifi…
22 V.I.C. § 998 Nonforfeiture benefits for indeterminate premium plans
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(1) Any plan of life insurance which provides for future premium determination, the amounts of which are to be determined by the insurance company based on estimates of future experience or for any plan of life insurance which is of such a nature that minimum values cannot be det…
22 V.I.C. § 999 Proration of values; net value of paid-up additions
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(1) Any cash surrender value and any paid up nonforfeiture benefit, valuable under the policy in the event of default in a premium payment due at any time other than the policy anniversary, are calculated with allowance for the lapse of time and the payment of fractional premiums…
22 V.I.C. § 1001 Scope of chapter
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The provisions of this chapter apply only to industrial life insurance contracts.
22 V.I.C. § 1002 Industrial life insurance defined
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“Industrial” life insurance is any life insurance provided by an individual insurance contract issued in face amount of not more than $1,000, under which premiums are payable monthly or more often, and bearing the words “industrial policy” printed upon the policy as a part of the…
22 V.I.C. § 1003 Compliance enjoined
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No policy of industrial life insurance shall be delivered or be issued for delivery in this territory after Sept. 30, 1968, except in compliance with the provisions of this chapter and with other applicable provisions of this title.
22 V.I.C. § 1004 Standard provisions
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No such policy shall be so issued or delivered unless it contains in substance the provisions as required by this chapter, or provisions which in the opinion of the Commissioner are more favorable to the policyholder.
22 V.I.C. § 1005 Grace period
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There shall be a provision that the insured is entitled to a grace period of four weeks within which the payment of any premium after the first may be made, except that in policies the premiums for which are payable monthly, the period of grace shall be one month but not less tha…
22 V.I.C. § 1006 Entire contract
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There shall be a provision that the policy shall constitute the entire contract between the parties, or, if a copy of the application is endorsed upon or attached to the policy when issued, a provision that the policy and the application therefor shall constitute the entire contr…
22 V.I.C. § 1007 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 supplemental provisi…
22 V.I.C. § 1008 Misstatement of age
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There shall be a provision that if it is found that the age of the individual insured, or the age of any other individual considered in determining the premium, has been misstated, any amount payable or benefit accruing under the policy shall be such as the premium would have pur…
22 V.I.C. § 1009 Dividends
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If a participating policy, there shall be a provision that the insurer shall annually ascertain and apportion any divisible surplus accruing on the policy, and that dividends arising from such apportionment shall be credited annually beginning not later than the fifth contract ye…
22 V.I.C. § 1010 Nonforfeiture benefits
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There shall be a provision for nonforfeiture benefits as required by section 984 of this title.
22 V.I.C. § 1011 Cash surrender value
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There shall be a provision for a cash surrender value as required by section 984 of this title.
22 V.I.C. § 1012 Reinstatement
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There shall be a provision that the policy may be reinstated at any time within two years from the due date of the premium in default unless the cash surrender value has been paid, or the extension period expired, upon the production of evidence of insurability satisfactory to th…
22 V.I.C. § 1013 Settlement
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There shall be a provision that when the policy becomes a claim by the death of the insured, settlement shall be made upon receipt of due proof of death or after a specified period not exceeding two months after receipt of such proof.
22 V.I.C. § 1014 Authority to alter policy
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There shall be a provision that no agent shall have the power or authority to waive, change or alter any of the terms or conditions of any policy; except that, at the option of the insurer, the terms or conditions may be changed by an endorsement signed by a duly authorized offic…
22 V.I.C. § 1015 Beneficiary
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(a) Each such policy shall have a space on the front or back page of the policy for the name of the beneficiary designated with a reservation of the right to designate or change the beneficiary after the issuance of the policy. (b) The policy may also provide that no designation …
22 V.I.C. § 1016 Facility of payment clause
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Such a policy may also provide that if the beneficiary designated in the policy does not surrender the policy with due proof of death within the period stated in the policy, which shall not be less than 30 days after the death of the insured, or if the beneficiary is the estate o…
22 V.I.C. § 1017 Payment of premiums direct
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In the case of weekly premium policies, there may be a provision that upon proper notice to the insurer while premiums on the policy are not in default beyond the grace period, of the intention to pay future premiums directly to the insurer at its home office or any office design…
22 V.I.C. § 1018 Conversion
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There may be a provision in the case of industrial policies granting to the insured, upon proper written request and upon presentation of evidence of insurability satisfactory to the insurer, the privilege of converting any industrial insurance policy to any form of life insuranc…
22 V.I.C. § 1019 Title to be stated on face of policy
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There shall be a title on the face of each such policy briefly describing its form.
22 V.I.C. § 1020 Application to term and specified insurance
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Any of the provisions required by this chapter or any portion thereof which are not applicable to single premium or term policies or to policies issued or granted pursuant to nonforfeiture provisions, shall to that extent not be incorporated therein.
22 V.I.C. § 1021 Prohibited provisions
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(1) No such policy shall contain—(1) a provision giving the insurer the right to declare the policy void because the insured has had any disease or ailment, whether specified or not, or because the insured has received institutional, hospital, medical or surgical treatment or att…
22 V.I.C. § 1022 Limitation of liability
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The insurer may in any such policy limit its liability for the same causes and to the same extent as is provided in section 976 of this title for other life insurance contracts.
22 V.I.C. § 1031 Applicability
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(a) This chapter applies to all life insurance companies and fraternal benefit societies doing business in this territory and to all life insurance companies and fraternal benefit societies that are authorized to reinsure life insurance, annuities or accident and health insurance…
22 V.I.C. § 1032 Definitions
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(1) “Actuarial Opinion” means the opinion of an appointed actuary regarding the adequacy of the reserves and related actuarial items based on an asset adequacy analysis in accordance with section 1035 and with applicable Actuarial Standards of Practice. (2) “Actuarial Standards B…
22 V.I.C. § 1033 General requirements
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(a) Submission of Statement of Actuarial Opinion. There must be included on or attached to page one of the annual statement for each year beginning with the year in which this chapter becomes effective the statement of an appointed actuary, entitled “Statement of Actuarial Opinio…
22 V.I.C. § 1034 Liabilities to be covered
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(a) Under authority of section 535 of this title, the statement of actuarial opinion applies to all in-force business on the statement date, whether directly issued or assumed, regardless of when or where issued (e.g., reserves of Exhibits 5, 6 and 7), and claim liabilities in Ex…
22 V.I.C. § 1035 Statement of actuarial opinion based on an asset adequacy analysis
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(a) General Description. The statement of actuarial opinion submitted in accordance with this section must consist of:(1) A paragraph identifying the appointed actuary and the actuary’s qualifications;(2) A scope paragraph identifying the subjects on which an opinion is to be exp…
22 V.I.C. § 1036 Description of actuarial memorandum including an asset adequacy analysis and regulatory asset adequacy issues summary
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(a) In accordance with section 535 of this title, the appointed actuary shall prepare a memorandum to the company describing the analysis done in support of the appointed actuary’s opinion regarding the reserves. The memorandum must be made available for examination by the Commis…