Title 22, Insurance

This subchapter shall be known as “the Standard Nonforfeiture Law of 2018 for Life Insurance.”

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.

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 …

(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…

(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…

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…

(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…

(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…

(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…

The provisions of this chapter apply only to industrial life insurance contracts.

“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…

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.

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.

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…

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…

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…

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…

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…

There shall be a provision for nonforfeiture benefits as required by section 984 of this title.

There shall be a provision for a cash surrender value as required by section 984 of this title.

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…

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.

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…

(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 …

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…

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…

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…

There shall be a title on the face of each such policy briefly describing its form.

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.

(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…

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.

(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…

(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…

(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…

(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…

(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…

(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…

(a) When an actuarial opinion is provided, the memorandum must demonstrate that the analysis has been done in accordance with the standards for asset adequacy referred to in section 1033(d) and any additional standards under this chapter. It must specify:(1) For reserves(A) Produ…

(a) Over-insurance shall be deemed to exist if property or an insurable interest therein is insured by one or more insurance contracts against the same hazard in any amount in excess of the cash value of the property or of such interest, as determined as of the effective date of …

By any contract of insurance of property or of any insurable interest therein, the insurer may in connection with a special provision or endorsement made a part of the policy insure the cost of repair or replacement of such property, if damaged or destroyed by a hazard insured ag…

Every property and casualty insurance company doing business in the Virgin Islands, unless otherwise exempted by the domiciliary Commissioner of Insurance, shall annually submit the opinion of an Appointed Actuary entitled “Statement of Actuarial Opinion.” This opinion must be fi…

(a) Every property and casualty insurance company domiciled in the Virgin Islands that is required to submit a Statement of Actuarial Opinion shall annually submit an Actuarial Opinion Summary written by the company’s appointed actuary, as a document supporting the Actuarial Stat…

(a) An Actuarial Report and underlying work papers, as required by the appropriate NAIC Property and Casualty Annual Statement Instructions, must be prepared to support each Actuarial Opinion. (b) If the insurance company fails to provide a supporting Actuarial Report or work pap…

The appointed actuary is not liable for damages to any person, other than the insurance company and the Commissioner, for any act, error, omission, decision or conduct with respect to the actuary’s opinion, except in cases of fraud or willful misconduct on the part of the appoint…

(a) The Statement of Actuarial Opinion must be provided with the Annual Statement in accordance with the appropriate NAIC Property and Casualty Annual Statement Instructions and must be treated as a public document. (b) (1) Documents, materials or other information in the possess…

(a) For purpose of this section, the following terms have the following meanings:(a) “Commissioner” shall have the following meaning ascribed to it in 22 V.I.C., section 51;(b) “Customer” means a person who purchases portable electronics or services;(c) “Enrolled Customer” means …