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Virgin Islands Statutes, Title 22

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Your Policy Risk Impact Agent

Virgin Islands/Statutes

← All Virgin Islands coverage

Title 22, Insurance

49 chapters · 915 sections in this title.

All chapters in Title 22915 Ch 33, The Insurance Contract47 Ch 39, Life Insurance and Annuities46 Ch 31, Virgin Islands Insurance Producer an…44 Ch 66, Alternative Markets Act44 Ch 21, Assets and Liabilities40 Ch 35, Disability Insurance36 Ch 51, Mergers, Rehabilitation, Liquidation36 Ch 9, Insurers; General Requirements33 Ch 23, Investments33 Ch 55, Virgin Islands Captive Insurers Act30 Ch 17, Domestic Mutual Insurers28 Ch 49, Unfair Practices and Frauds28 Ch 63, Ambulance Service Contracts28 Ch 60, Third Party Administrators25

915 sections·Filtered byTitle 22✕

22 V.I.C. § 1403 Licensing authority; residency requirements
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(a) A captive insurer, before commencing business, shall obtain a license from the SAM to do any and all insurance comprised in section 1417 of this chapter; provided, however, that:(1) no Single-Parent Captive Insurer may insure directly risks other than those of its parent(s) a…
22 V.I.C. § 1404 Application fee; annual license fee
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Each captive insurer shall pay to the SAM a nonrefundable application fee for examining, investigating, and processing its application for licensure, and the Commissioner is authorized to retain legal, financial, and examination services, the reasonable cost of which may be charg…
22 V.I.C. § 1405 Minimum capital; letter of credit
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(a) No Single-Parent Captive Insurer, Industrial Insured Captive Insurer incorporated as a stock insurer, or Association Captive Insurer incorporated as a stock insurer, shall be issued a license unless it shall possess and thereafter maintain unimpaired paid-in capital of:(1) in…
22 V.I.C. § 1406 Minimum surplus; letter of credit
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(1) No captive insurer shall be issued a license unless it shall possess and thereafter maintain free surplus of:(1) in the case of a Single-Parent Captive Insurer, not less than $100,000;(2) in the case of an Industrial Insured Captive Insurer incorporated as a stock insurer, no…

Showing 701–750 of 915

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22 V.I.C. § 1407 Permissible investments; valuation

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(a) No Single-Parent Captive Insurer or Industrial Insured Captive Insurer shall be subject to any restrictions on allowable investments whatsoever; provided, however, that the SAM may prohibit or limit any investment that threatens the solvency or liquidity of any such company. …

22 V.I.C. § 1408 Segregation of accounts

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(a) A captive insurer that is domiciled or licensed to do business in any State of the United States, or that is otherwise subject to United States federal income taxation as if it were so domiciled or licensed, shall regularly employ in its books of accounts a detailed segregati…

22 V.I.C. § 1409 Formation of captive insurers in the Virgin Islands

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(a) A Single-Parent Captive Insurer shall be incorporated as a stock insurer with its capital divided into shares and held by the stockholders. (b) An Association Captive Insurer or an Industrial Insured Captive Insurer may be incorporated:(1) as a stock insurer with its capital …

22 V.I.C. § 1409A Formation of Branch Captive Insurance Companies in the Virgin Islands

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(a) Any Alien Captive Insurer, or Foreign Insurer seeking to establish a Branch Exempt Captive Insurer, as defined in paragraph (2), shall follow the criteria and procedures set forth in this subsection and section 1415 of the chapter and any regulations promulgated hereunder for…

22 V.I.C. § 1410 Financial reporting

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(a) Any captive insurer licensed under this Chapter shall be required to file within 180 days of the end of its financial year, a balance sheet, income statement, and statement clearly reflecting that adequate reserves are maintained and such other financial statements as the SAM…

22 V.I.C. § 1411 Examinations and investigations

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Other than a Single-Parent Captive Insurer at least once every five (5) years and whenever the SAM determines it to be necessary, prudent, or in the best interests of the Territory, he or his designee shall inspect and examine the affairs of an captive insurer to ascertain its fi…

22 V.I.C. § 1412 Grounds and procedures for suspension or revocation of license

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(a) The license issued to a captive insurer by this Territory may be suspended or revoked by the SAM for any of the following reasons:(1) insolvency or impairment of capital or surplus;(2) failure to meet the requirements of sections 1405 or 1406 of this chapter or any rules and …

22 V.I.C. § 1413 Reinsurance

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(a) Any captive insurer may cede reinsurance to any insurer or reinsurer or reinsurance pool approved by the SAM for this purpose, and may provide reinsurance on risks ceded by any other insurer or reinsurer or reinsurance pool. (b) Any captive insurer shall receive credit for re…

22 V.I.C. § 1414 Captive insurer support business

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( a) Any Captive Insurer Support Business, before commencing business, shall apply to the SAM for a license. The license application shall contain such information, in addition to the information set forth below, as may be required by the SAM pursuant to duly promulgated regulati…

22 V.I.C. § 1415 Tax rates and benefits applicable to any captive insurer

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(a) Each captive insurer may make an Exempt Company Election under chapter 14 of Title 13 of this Code to be an exempt company subject to the provisions of such title and shall thereupon be granted a reduction in the income tax liability shown on its income tax return for each ta…

22 V.I.C. § 1416 Confidentiality

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(a) No proprietary information furnished to the SAM by any applicant or licensed captive insurer, any Captive Insurer Support Business, or any auditor, actuary, agent, broker, or other duly authorized representative acting on behalf of any applicant, licensed captive insurer, or …

22 V.I.C. § 1417 Kinds of insurance authorized

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(1) The following kinds or lines of insurance that may be underwritten by a licensed captive insurer subject to the provisions of this chapter shall be as follows:(1) “Life insurance” means every insurance upon the lives of human beings, and every insurance pertaining thereto, in…

22 V.I.C. § 1418 Rules and regulations

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The SAM may establish, and from time to time amend, such rules and regulations relating to captive insurers and Captive Insurer Support Businesses as are necessary to enable the SAM to carry out the provisions of this chapter.

22 V.I.C. § 1419 Penalties

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Violation of any provision in this chapter shall be subject to the penalties provided for in chapter 1, section 7 of this Title.

22 V.I.C. § 1422 Preservation of right

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Notwithstanding any provision to the contrary, any existing and licensed captive insurer and Captive Insurer Support Business on the effective date of this section shall not be subject to any amended provisions enacted herewith that may adversely affect, impair or limit the benef…

22 V.I.C. § 1431 Purpose

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(a) The purpose of this subchapter is to provide a basis for the creation of protected cells by an Exempt Captive Insurer for one or more of the following uses:(a) As one means of accessing alternative sources of capital and alternative vehicles for insurance programs;(b) For pro…

22 V.I.C. § 1432 Definitions

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(a) As used in this Subchapter:(a) “Captive insurer” means an insurance company established under the provisions of this chapter.(b) “Commissioner” means the Commissioner of Insurance.(c) “Company” means Protected Cell Company.(d) “General Account” means the assets and liabilitie…

22 V.I.C. § 1433 Establishment of protected cells

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(a) A captive insurer may establish one or more protected cells with prior written approval of the SAM of a plan of operation for each protected cell and either:(1) by the allocation of one or more shares in the captive insurer to the owners of the cell. Such shares may be, or be…

22 V.I.C. § 1434 Use and operation of protected cells

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(a) The Protected Cell Assets of any Protected Cell may not be charged with liabilities arising out of any other business of the captive insurer that formed it or of any of the other Protected Cells that are or may be formed by that captive insurer. All contracts or other documen…

22 V.I.C. § 1435 Reach of creditors

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(a) Protected Cell Assets shall only be available to the creditors of the Company who are the creditors in respect of that Protected Cell and shall thereby be entitled, in conformity with the provisions of this subchapter, to have recourse to the Protected Cell Assets attributabl…

22 V.I.C. § 1436 Conservation, rehabilitation or liquidation of protected cell companies

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(a) Notwithstanding any contrary provision of this title, the rules and regulations promulgated thereunder, or any other applicable law or regulation, upon any order of conservation, rehabilitation, or liquidation of a Protected Cell Company, the receiver shall be bound to deal w…

22 V.I.C. § 1437 Authority to adopt regulations

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The SAM may promulgate rules and regulations necessary to effectuate the purposes of this Act.

22 V.I.C. § 1441 Short title

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This chapter may be cited as “The Virgin Islands Credit Reinsurance Act”.

22 V.I.C. § 1442 Definitions

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(a) The following terms have the following meaning:(a) An “Assuming insurer” means the company that assumes the risks from the insurance policy portfolio passed from a ceding insurer.(b) A “Ceding insurer” means an insurance company that passes a part or all of its risks from its…

22 V.I.C. § 1443 Credit Allowed a Domestic Ceding Insurer

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(a) Credit for reinsurance is allowed a domestic ceding insurer as either an asset or a reduction from liability on account of reinsurance ceded only when the reinsurer meets the requirements of subsections (c), (d), (e), (f), (g), (h) or (i); but the Commissioner may adopt regul…

22 V.I.C. § 1444 Asset or reduction from liability for reinsurance ceded by a domestic insurer to an assuming insurer not meeting the requirements of section 1443

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An asset or a reduction from liability for the reinsurance ceded by a domestic insurer to an assuming insurer not meeting the requirements of section 545 must be allowed in an amount not exceeding the liabilities carried by the ceding insurer; provided further, that the Commissio…

22 V.I.C. § 1445 Qualified U.S. financial institutions for purposes of section 1444(c)

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(a) A “qualified U.S. financial institution” means an institution that:(1) Is organized or (in the case of a U.S. office of a foreign banking organization) licensed, under the laws of the United States or any state thereof;(2) Is regulated, supervised and examined by U.S. federal…

22 V.I.C. § 1446 Regulations

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(a) The Commissioner may adopt regulations implementing the provisions of this chapter, including regulations applicable to reinsurance arrangements described in subsection (b). (b) A regulation adopted pursuant to this subsection may apply only to reinsurance relating to:(1) Lif…

22 V.I.C. § 1447 Reinsurance agreements affected

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This section applies to all cessions after the effective date of this chapter under reinsurance agreements that have an inception, anniversary or renewal date not less than nine (9) months after the effective date of this chapter.

22 V.I.C. § 1448 Short title

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This subchapter is entitled “Life and Health Reinsurance Agreements”.

22 V.I.C. § 1448a Scope

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This subchapter applies to all domestic life and accident and health insurers and to all other licensed life and accident and health insurers which are not subject to a substantially similar law or regulation in their domiciliary state. This subchapter also similarly applies to l…

22 V.I.C. § 1448b Accounting requirements

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(1) No insurer subject to this subchapter shall, for reinsurance ceded, reduce any liability or establish any asset in any financial statement filed with the Commissioner if, by the terms of the reinsurance agreement, in substance or effect, any of the following conditions exist:…

22 V.I.C. § 1448c Written agreements

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(1) No reinsurance agreement or amendment to any agreement may be used to reduce any liability or to establish any asset in any financial statement filed with the Commissioner, unless the agreement, amendment or a binding letter of intent has been duly executed by both parties no…

22 V.I.C. § 1448d Existing agreements

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Insurers subject to this subchapter shall reduce to zero no later than nine months following the effective date of this subchapter any reserve credits or assets established with respect to reinsurance agreements entered into prior to the effective date of this subchapter which, u…

22 V.I.C. § 1451 Definitions

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(a) “Applicant” means:(1) In the case of an individual Medicare Supplement policy the person who seeks to contract for insurance benefits; and(2) In the case of a group Medicare Supplement policy the proposed certificate holder. (1) In the case of an individual Medicare Supplemen…

22 V.I.C. § 1452 Applicability and scope

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(a) Except as otherwise specifically provided, this chapter shall apply to:(1) All Medicare supplement policies delivered or issued for delivery in this Territory on or after the effective date hereof; and(2) All certificates issued under group Medicare supplement policies, which…

22 V.I.C. § 1453 Standards for policy provisions and authority to promulgate regulations

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(a) No Medicare supplement insurance policy, contract or certificate in force in the Territory shall contain benefits that duplicate benefits provided by Medicare. (b) The Commissioner shall adopt reasonable regulations to establish specific standards for policy provisions of Med…

22 V.I.C. § 1454 Prohibited policy provisions

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The Commissioner may adopt regulations that specify prohibited policy provisions not otherwise specifically authorized by statute which, in the opinion of the Commissioner, are unjust, unfair or unfairly discriminatory to any person insured or proposed to be insured under a Medic…

22 V.I.C. § 1455 Preexisting condition: denial of claim for losses

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Notwithstanding any other provision of law to the contrary, a Medicare supplement policy or certificate shall not exclude or limit benefits for losses incurred more than six months from the effective date of coverage because it involved a preexisting condition. The policy or cert…

22 V.I.C. § 1457 Loss ratio standards

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Medicare supplement policies shall return to policyholders benefits which are reasonable in relation to the premium charged. The Commissioner shall issue reasonable regulations to establish minimum standards for loss ratios of Medicare supplement policies on the basis of incurred…

22 V.I.C. § 1458 Disclosure standards: outline of coverage

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(a) In order to provide for full and fair disclosure of Medicare supplement policies, no Medicare supplement policy shall be delivered or issued for delivery in the Territory, and no certificate shall be delivered pursuant to a group Medicare supplement policy delivered or issued…

22 V.I.C. § 1459 Notice of free examination

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Medicare supplement policies, certificates, shall have a notice prominently printed on the first page of the policy or certificate, or attached thereto, stating in substance that the applicant shall have the right to return the policy or certificate within thirty days of its deli…

22 V.I.C. § 1460 Filing requirements for advertising

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Every issuer of Medicare supplement insurance, policies or certificates in the Territory shall provide a copy of any Medicare supplement advertisement intended for use in the Territory, whether through written, radio or television medium, to the Commissioner for review or approva…

22 V.I.C. § 1461 Penalties

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In addition to any other applicable penalties for violations of this title, the Commissioner may require issuers violating any provision of this chapter, or regulations promulgated pursuant to this chapter, to cease marketing any Medicare supplement policy or certificate in the T…

22 V.I.C. § 1480 Commercial self-insurance fund

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(a) Any group of persons may form a commercial self-insurance fund for the purpose of pooling and spreading liabilities of its group members in any commercial property or casualty risk or surety insurance. (b) As used in this chapter, “commercial self-insurance fund” or “fund” me…

22 V.I.C. § 1481 Certificate of authority; violations

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(a) No person shall establish a commercial self-insurance fund unless such fund is issued a certificate of authority by the Commissioner. (b) (1) Any person failing to hold a certificate of authority from the Commissioner while operating or maintaining a commercial self-insurance…