Title 22, Insurance

An order to liquidate the business of the United States branch of an alien insurer having trusteed assets in this territory shall be in the same terms as those prescribed for domestic insurers, except that only the assets of the business of such United States branch shall be incl…

(1) The Commissioner may apply to the District Court for an order directing him to conserve the assets within this territory of a foreign insurer upon any one or more of the following grounds:(1) upon any of the grounds specified in paragraphs (1) to (9), inclusive, of section 12…

(1) The Commissioner may apply to the District Court for an order directing him to conserve the assets within this territory of an alien insurer upon any one or more of the following grounds:(1) upon any of the grounds specified in paragraphs (1) to (9), inclusive, of section 125…

(a) An order to conserve the assets of a foreign or alien insurer shall direct the Commissioner forthwith to take possession of the property of the insurer within this territory and to conserve it, subject to the further direction of the court. (b) Whenever a domiciliary receiver…

This section and sections 1262–1268, inclusive, of this title, comprise and may be cited as the “Uniform Insurers Liquidation Act.” For the purposes of such Act:“Ancillary state” means any state other than a domiciliary state.“Delinquency proceeding” means any proceeding commence…

(a) Whenever under the laws of this territory a receiver is to be appointed in delinquency proceedings for an insurer domiciled in this territory, the court shall appoint the Commissioner as such receiver. The court shall direct the Commissioner forthwith to take possession of th…

(a) Whenever under the laws of this territory an ancillary receiver is to be appointed in delinquency proceedings for an insurer not domiciled in this territory, the court shall appoint the Commissioner as ancillary receiver. The Commissioner shall file a petition requesting the …

(a) In a delinquency proceeding begun in this territory against an insurer domiciled in this territory, claimants residing in reciprocal states may file claims either with the ancillary receivers, if any, in their respective states, or with the domiciliary receiver. All such clai…

(a) In a delinquency proceeding in a reciprocal state against an insurer domiciled in that state, claimants against such insurer, who reside within this territory may file claims either with the ancillary receiver, if any, appointed in this territory, or with the domiciliary rece…

(a) In a liquidation proceeding in this territory involving one or more reciprocal states, territories, or commonwealths, the order of distribution of the domiciliary state shall control as to all claims of residents of this and of reciprocal states, territories, or commonwealths…

During the pendency of delinquency proceedings in this territory or any reciprocal state no action or proceeding in the nature of an attachment, garnishment, or execution shall be commenced or maintained in the courts of this territory against the delinquent insurer or its assets…

(a) If any provision of sections 1261–1268, inclusive, of this title, or the application thereof to any person or circumstances is held invalid, such invalidity shall not affect other provisions or applications of such sections which can be given effect without the invalid provis…

(a) Proceedings under this chapter involving a domestic insurer shall be commenced in the District Court. (b) The Commissioner shall commence any such proceeding, the Attorney General representing him, by an application to the court or to any judge thereof for an order directing …

(a) Upon application by the Commissioner for such an order to show cause or at any time thereafter, the court may without notice issue an injunction restraining the insurer, its officers, directors, stockholders, members, agents, and all other persons from the transaction of its …

The moneys collected by the Commissioner in a proceeding under this chapter shall be, from time to time, deposited with the Commissioner of Finance.

The Commissioner shall not be required to pay any fee to any public officer in this territory for filing, recording, issuing a transcript or certificate, or authenticating any paper or instrument pertaining to the exercise by the Commissioner of any of the powers or duties confer…

For the purpose of facilitating the rehabilitation, liquidation, conservation or dissolution of an insurer pursuant to this chapter the Commissioner may, subject to the approval of the court, borrow money and execute, acknowledge and deliver notes or other evidences of indebtedne…

The Commissioner shall transmit to the Governor and Legislature in his annual report the names of all insurers proceeded against under this chapter, together with such facts as shall acquaint the policyholders, creditors, stockholders, and the public with the proceedings.

The rights and liabilities of the insurer and of its creditors, policyholders, stockholders, members and all other persons interested in its estate shall, unless otherwise directed by the court, be fixed as of the date on which the order directing the liquidation of the insurer i…

(a) Any transfer of, or lien upon, the property of an insurer which is made or created within four months prior to the granting of an order to show cause under this chapter with the intent of giving to any creditor or of enabling him to obtain a greater percentage of his debt tha…

1. The priority of distribution of claims from the insurer's estate shall be in accordance with the order in which each class of claims is herein set forth. Every claim in each class shall be paid in full or adequate funds retained for such payment before the members of the next …

(a) In all cases of mutual debts or mutual credits between the insurer and another person in connection with any action or proceeding under this chapter, such credits and debts shall be set off and the balance only shall be allowed or paid, except as provided in subsection (b) of…

(a) Within 120 days of a final determination of insolvency of an insurer by a court of competent jurisdiction of this territory, the liquidator shall make application to the court for approval of a proposal to disburse assets out of marshalled assets, from time to time as such as…

(a) No contingent claim shall share in a distribution of the assets of an insurer which has been adjudicated to be insolvent by an order made pursuant to section 1280 of this title, except that such claims shall be considered, if properly presented, and may be allowed to share wh…

(a) If upon the granting of an order of liquidation under this chapter or at any time thereafter during the liquidation proceeding, the insurer shall not be clearly solvent, the court shall after such notice and hearing as it deems proper, make an order declaring the insurer to b…

(1) Within three years from the date an order of rehabilitation or liquidation of a domestic mutual insurer was filed in the office of the clerk of the court by which such order was made, the Commissioner may make a report to the court setting forth—(1) the reasonable value of th…

(a) Upon the basis of the report provided for in section 1281 of this title, including any amendment thereof, the court, ex parte, may levy one or more assessments against all members of such insurer who, as shown by the records of the insurer, were members (if a mutual insurer) …

After levy of assessment as provided in section 1282 of this title, upon the filing of a further detailed report by the Commissioner, the court shall issue an order directing each member (if a mutual insurer) if he shall not pay the amount assessed against him to the Commissioner…

(1) The Commissioner shall cause a notice of such assessment order setting forth a brief summary of the contents of such order to be—(1) published in such manner as shall be directed by the court; and(2) enclosed in a sealed envelope, addressed and mailed postage prepaid to each …

(a) On the return day of the order to show cause provided for in section 1283 of this title if the member does not appear and serve verified objections upon the Commissioner, the court shall make an order adjudging that such member is liable for the amount of the assessment again…

(a) Any time after the District Court has ordered the Commissioner to rehabilitate an insolvent domestic insurer under this chapter, the Commissioner may enter into an agreement, subject to the approval of the Legislature, with any party qualified to hold a certificate of authori…

A corporation, society or voluntary association organized and carried on for the mutual benefit of its members and their beneficiaries and not for profit, and which makes provision for the payment of benefits in case of sickness, disability or death of its members, or disability …

Any corporation, society or association coming within the description as set forth in section 1301 of this title organized under the laws of any state, other territory or commonwealth, or district of the United States or of any foreign country, shall be admitted to do business wi…

(a) Before a permit is granted to any foreign society to transact business in the Virgin Islands it must file with the Commissioner a resolution adopted by such society and signed by its president and secretary that service of process upon the Commissioner in any action or procee…

The Commissioner shall upon the application of any mutual benefit society, having the right to do business in the Virgin Islands issue to such society a permit in writing, authorizing it to do business in the Virgin Islands for which permit the society shall pay to the Commission…

Every mutual benefit society doing business in this territory shall on or before the first day of March of each year make and file with the Commissioner in such form as he may require a statement under oath of its president and secretary, or corresponding officers, of its conditi…

(a) The Commissioner, or his deputy or examiner may visit and examine into the affairs of any domestic or foreign mutual benefit society. He may employ assistants for the purpose of such examination, and he or his deputy, or examiner, shall have free access to all the books, pape…

Whenever after examination the Commissioner is satisfied that any society has failed to comply with any provisions of this chapter, or is exceeding its powers, or is not carrying out its contracts in good faith, or is transacting business fraudulently, the Commissioner may presen…

(a) Every nonprofit benefit society shall furnish for every officer, agent or person having custody of the principal funds of the association, a good and sufficient fidelity bond for the benefit of the association and its members, and file the same with the Commissioner who is he…

All investments and deposits of any nonprofit benefit society shall be made in the name of the society. It shall invest its funds in securities permitted by the laws of the Virgin Islands for the investments of the assets of insurance companies, and at all times shall have on han…

Any nonprofit benefit society may admit to beneficial membership any person not less than 18 and not more than 65 years of age, who has been examined by a legally qualified practicing physician, and no person shall be admitted to membership until a certificate duly executed by su…

Any person who acts within the Virgin Islands as an officer, agent, or otherwise, for any society or association which shall have failed, neglected or refused to comply with, or shall have violated, any of the provisions of this chapter or shall have failed or neglected to procur…

This chapter shall be known and may be cited as the “Virgin Islands Captive Insurers Act”.

(a) For purposes of this chapter, the following defined terms shall apply unless defined elsewhere and not otherwise inconsistent:(a) “Actuary” means a person qualified as an actuary by examination of the Institute of Actuaries in England or the Faculty of Actuaries in Scotland, …

(1) The purpose of this chapter is to:(1) Allow for the statutory organization of captive insurance companies, as defined in this chapter;(2) Prohibit international insurers from licensure under this chapter, and(3) Prohibit captive insurers from converting into or being licensed…

(a) Any captive insurer and any Captive Insurer Support Business licensed by the Commissioner under this chapter shall be exempt from all other insurance laws of the Virgin Islands other than those contained in this chapter or contained in specific references contained in this Ti…