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Virgin Islands Statutes, Title 22

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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. § 1621 Premium finance company defined
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(a) An “insurance premium finance company” is:(1) A person engaged, in whole or in part, in the business of acquiring premium finance agreements with insureds; or(2) A person engaged, in whole or in part, in the business of acquiring premium finance agreements from other premium …
22 V.I.C. § 1622 Premium finance agreement defined
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“Premium finance agreement” means a promissory note or other written agreement by which an insured promises or agrees to pay to, or to the order of, a premium finance company the amount advanced or to be advanced under the agreement to an insurer or to an insurance agent, in paym…
22 V.I.C. § 1623 License required
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(a) No person shall engage in the business of a premium finance company unless licensed by the Commissioner of Insurance. Every premium finance company under the provisions of this chapter shall maintain at all times a net worth of $100,000. However, in lieu of having a net worth…
22 V.I.C. § 1624 Levy on deposit
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No judgment creditor or other claimant of a premium finance company shall have the right to levy upon any of the assets or securities held in the Territory as a deposit under section 1623 of this title.

Showing 801–850 of 915

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22 V.I.C. § 1625 Approval, disapproval of application; license renewal

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(a) The Commissioner shall issue the license, unless he finds that the management of the premium finance company filing the application is so lacking in managerial experience as to make the proposed operation hazardous or injurious to the public or unless he has good reason to be…

22 V.I.C. § 1626 Grounds for refusal, suspension or revocation of license

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(a) The Commissioner may deny, suspend, revoke, or refuse to renew any license, if he finds:(1) That the licensee has failed to pay the annual license fee or any sum of money lawfully demanded under the authority of any other section of this chapter or has failed to comply with a…

22 V.I.C. § 1627 Administrative fine and probation

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The Commissioner may, in his discretion, in lieu of a suspension, revocation, or refusal to renew or continue any license, impose on the licensee an administrative penalty or place such licensee on probation.

22 V.I.C. § 1628 Examinations

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(a) The Commissioner may conduct examinations and investigations of premium finance companies under the provisions of chapter 5 of this title. (b) As often as it is deemed necessary and not less frequently than every three years, the Commissioner shall examine each licensed premi…

22 V.I.C. § 1629 Excessive premium finance charge; penalty

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Any person, premium finance company, or other legal entity who or which knowingly takes, receives, reserves, or charges a premium finance charge other than that authorized by this chapter shall forfeit the entire premium finance charge to which such person, premium finance compan…

22 V.I.C. § 1630 Licensee's books and records; reports

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(a) The licensee shall keep and use in his business such books, accounts, and records as will enable the Commissioner to determine whether the licensee is complying with the provisions of this chapter and with the regulations pertaining thereto. Every licensee shall preserve book…

22 V.I.C. § 1631 Rebates and inducements prohibited

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No premium finance company, officer, director, or employee shall offer to pay or allow in any manner to any person, either as inducement to the financing of any insurance policy with the premium finance company or after any such policy has been financed, any rebate, or shall give…

22 V.I.C. § 1632 Filing and approval of forms; service charges

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(a) No premium finance agreement form or related form shall be used in the territory by a premium finance company unless it has been filed with and approved by the Commissioner. Every filing shall be made within 30 days of issuance or use. (b) Each premium finance company shall f…

22 V.I.C. § 1633 Form and content of premium finance agreement

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(a) A premium finance agreement shall be in writing, dated, and signed by or on behalf of the insured and the printed portion shall be in at least 8-point type. (b) The premium finance agreement shall contain the entire agreement of the parties with respect to the insurance contr…

22 V.I.C. § 1634 Limitation on service and other charges

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(a) A premium finance company shall not charge, contract for, receive, or collect a service charge other than as permitted by this chapter. (b) A premium finance company may, in a premium finance agreement, contract for, charge, receive, and collect a service charge for financing…

22 V.I.C. § 1635 Prohibited premium financing

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(1) No premium finance company shall, in a premium finance agreement, provide for the cost of:(1) A membership in an automobile club. The term “automobile club” means a legal entity which, in consideration of dues, assessments, or periodic payments of money, promises its members …

22 V.I.C. § 1636 Delinquency, collection, cancellation and check return charges; attorney's fees

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(a) A premium finance agreement may provide for the payment by the insured of a delinquency and collection charge on each installment in default for a period of not less than 5 days in an amount not to exceed $10 or 5 percent (5%) of the delinquent installment, whichever, is grea…

22 V.I.C. § 1637 Restrictions on premium finance agreements

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(1) No premium finance agreement or contract ancillary thereto shall contain any provision by which:(1) In the absence of default of the insured, the premium finance company holding the agreement may, arbitrarily and without reasonable cause, accelerate the maturity of any part o…

22 V.I.C. § 1638 Delivery of copy of premium finance agreement

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Before the due date of the first installment payable under a premium finance agreement, the premium finance company holding the agreement or the insurance agent shall deliver to the insured, or mail to him at his address as shown in the agreement, a copy thereof or, if the agreem…

22 V.I.C. § 1639 Assignment of premium finance agreement

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(a) A premium finance company may purchase or otherwise acquire a premium finance agreement from another premium finance company with recourse against the other premium finance company on such terms and conditions as may be mutually agreed upon. (b) No filing of an assignment or …

22 V.I.C. § 1640 Statement of account; receipts

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(a) At any time after the execution of a premium finance agreement, but not later than 1 year after the last payment, the premium finance company holding the premium finance agreement shall, upon written request of the insured, give or mail to him a written statement of the dates…

22 V.I.C. § 1641 Extensions or deferrals

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A premium finance company may, upon agreement with the insured, extend the scheduled due date or defer the scheduled payment of all or any part of any installment or installments payable thereunder. The agreement for such extension or deferment must be in writing and signed by th…

22 V.I.C. § 1642 Cancellation of insurance contract upon default

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(1) When a premium finance agreement contains a power of attorney or other authority enabling the premium finance company to cancel any insurance contract listed in the agreement, the insurance contract shall not be cancelled unless cancellation is in accordance with the followin…

22 V.I.C. § 1643 Fees

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The Commissioner shall collect in advance the following fees:(1) Annual license (A) Issuance$250.00 (B) Renewal200.00(2) Investigation of Applicant100.00(3) Filing of Annual Report25.00(4) Filing of Forms25.00 (1) Annual license (A) Issuance$250.00 (B) Renewal200.00(2) Investigat…

22 V.I.C. § 1671 Definitions

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(a) “Ambulance service association” or “association” means any person issuing ambulance service contracts as defined in this section, other than an authorized insurer. (b) “Ambulance service contract” or “preened [sic] ambulance service contract” means any contract or agreement w…

22 V.I.C. § 1672 Powers of Commissioner; regulations

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The Commissioner shall administer this Chapter; and to that end, may adopt, promulgate, and enforce regulations necessary and proper to effectuate any provisions of this chapter.

22 V.I.C. § 1673 Applicability of other laws

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(a) Except as provided in this chapter, ambulance service associations shall be exempt from all other provisions of the Virgin Islands Insurance Code. (b) Any rehabilitation, liquidation, conservation, or dissolution of an ambulance service association insurer shall be conducted …

22 V.I.C. § 1674 Certificate of authority required

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(a) No person may receive, hold, control, or manage any funds tendered as payment on any ambulance service contract until such person has a subsisting certificate of authority issued by the Commissioner. The certificate of authority shall expire on December 31st succeeding its is…

22 V.I.C. § 1675 Certificate of authority; annual statement; renewal

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(a) An application to the Commissioner for a certificate of authority shall be accompanied by:(1) The deposit required by section 1677 of this title;(2) The ambulance service contracts proposed to be written;(3) The name and address of the place of business of the person offering…

22 V.I.C. § 1676 Capital funds required

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(a) Any person applying for a certificate of authority under section 1675 of this title shall possess unimpaired paid-in capital or paid-in capital stock, if a stock association, or unimpaired surplus, if a foreign mutual or foreign reciprocal association, or a net trust fund, if…

22 V.I.C. § 1677 Required deposit or bond

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(a) To assure the faithful performance of its obligation to its members or subscribers, every ambulance service association shall, prior to issuance of its certificate of authority by the Commissioner, deposit with the Commissioner, securities of the type eligible for deposit by …

22 V.I.C. § 1678 Levy upon deposit

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No judgment creditor or other claimant of an association shall have the right to levy upon any of the assets or securities held in the territory as a deposit under section 1677 of this title.

22 V.I.C. § 1679 Suspension or revocation of, or refusal to renew certificate of authority

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(a) The Commissioner may, in his discretion, suspend, revoke, or refuse to renew the certificate of authority of any association if he finds that the association:(1) Has violated any lawful order, rule or regulation of this chapter.(2) Is in unsound financial condition so as to r…

22 V.I.C. § 1680 Notice of suspension or revocation of certificate of authority

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(a) The Commissioner shall promptly give notice of the suspension or revocation of the certificate of authority of an association to its sales representatives in the territory of record in the office of the Commissioner. (b) In his discretion, the Commissioner may cause notice of…

22 V.I.C. § 1681 Duration of suspension; obligations of association during suspension period; reinstatement

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(a) The suspension of the certificate of authority of an association shall be for a period not to exceed one year, as specified by the Commissioner in the order of suspension. The Commissioner may subsequently shorten or rescind the order upon which the suspension is based. (b) D…

22 V.I.C. § 1682 Administrative fine in lieu of suspension or revocation of certificate of authority

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(a) If the Commissioner finds that one or more grounds exist for the revocation or suspension of a certificate of authority issued under this chapter, the Commissioner may, in lieu of such suspension or revocation, impose a fine upon the insurer or association. (b) With respect t…

22 V.I.C. § 1683 Unfair trade practices

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Every association and its representatives and employees shall be subject to the provisions of chapter 49 of this title.

22 V.I.C. § 1684 Filing of contracts, forms and rates

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(a) No contract form nor related form may be issued or used in the territory unless it has been filed with and approved by the Commissioner. (b) Every such filing shall be made not less than 30 days in advance of issuance or use. At the expiration of 30 days from the date of fili…

22 V.I.C. § 1685 Tax on premiums and assessments

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(a) In addition to the taxes provided for in this chapter for associations, and license fees as provided in this title as to insurers, each such association and insurer shall, annually on or before March 31, file with the Commissioner, its annual statement, in a form as prescribe…

22 V.I.C. § 1686 Examination of associations

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Ambulance service associations shall be subject to periodic examination by the Commissioner in the same manner and subject to the same terms and conditions as apply to insurers under chapter 5 of this title.

22 V.I.C. § 1687 Service of process

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Ambulance service associations shall be subject to service of process in the same manner and subject to the same terms and conditions, and fees as apply to insurers under chapter 9, sections 218 and 219 of this title.

22 V.I.C. § 1688 Registration of sales representatives

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Every association or insurer shall on forms prescribed by the Commissioner, register, on or before December 31st of each year, the name and business office address of each sales representative employed by it, and shall within 30 days after termination of the employment notify the…

22 V.I.C. § 1689 Grounds for compulsory refusal, suspension, or revocation of registration of sales representative

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(1) The Commissioner shall deny, suspend, revoke, or refuse to renew the registration of any sales representative if it is found that, as to sales representatives, any one or more of the following grounds exist:(1) Material misstatement, misrepresentation, or fraud in registratio…

22 V.I.C. § 1690 Grounds for discretionary refusal, suspension, or revocation of registration of sales representatives

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(1) The Commissioner may, in his discretion, deny, suspend, revoke, or refuse to renew the registration of any sales representative if it is found that the sales representative has committed any of the following acts under circumstances for which such denial, suspension, revocati…

22 V.I.C. § 1691 Refusal, suspension, or revocation of registration of sales representatives

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(a) If any sales representative is convicted by a court of a violation of this chapter, the registration of such individual shall be deemed to be immediately revoked. (b) If after an investigation, or upon other evidence, the Commissioner has reason to believe that there may exis…

22 V.I.C. § 1692 Administrative fine in lieu of suspension or revocation of registration

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(a) If the Commissioner finds that one or more grounds exist for the suspension of, revocation of, or refusal to renew or continue any registration issued under this chapter, the Commissioner may, in his discretion, in lieu of such suspension, revocation, or refusal, on a first o…

22 V.I.C. § 1693 Disposition of taxes and fees

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All license fees, taxes on premiums and assessments, registration fees, and administrative fines and penalties collected under this chapter from associations shall be deposited to the Insurance Guaranty Fund of the Treasury of the Government of the Virgin Islands.

22 V.I.C. § 1694 Insurance business not authorized

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Nothing in the Insurance Code or this chapter shall be deemed to authorize any ambulance service association to transact any business other than that of ambulance service contracts or to otherwise engage in any other type of insurance unless the association is authorized to do so…

22 V.I.C. § 1695 Fronting not permitted

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No insurer or ambulance service association shall act as a fronting company for any unauthorized insurer or ambulance service association. A “fronting company” is an insurer or ambulance service association which by reinsurance or otherwise, generally transfers to one or more una…

22 V.I.C. § 1696 Certain ambulance service association relations with funeral directors prohibited

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(a) No association shall permit any funeral director or undertaker, or any member of his immediate family, to directly or indirectly by association or incorporation act as the representative, adjuster, claim agent, special agent, sales representative, or agent for such associatio…

22 V.I.C. § 1697 Penalty for violation

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In addition to any applicable denial of, suspension of, revocation of, or refusal to renew any certificate of authority, any person who knowingly makes a false of otherwise fraudulent application for a certificate of authority or registration under this chapter, is guilty of a mi…