Title 22 — Insurance
49 chapters · 1,014 sections in this title.
22 V.I.C. § 1721 Purpose
0.5K chars
The Legislature of the Virgin Islands believes that many residents of the Virgin Islands who are covered by a recognized health insurance plan are nevertheless prevented from enjoying the benefits of such a plan by the high up-front cost of obtaining healthcare, and the prospect …
22 V.I.C. § 1722 Definitions
1.6K chars
(a) “Commissioner” means the Commissioner of Insurance. (b) “Health care provider” means a person, corporation, facility or institution who must be licensed by this territory to provide health care or professional medical services including but not limited to any physician, osteo…
22 V.I.C. § 1723 Filing and approval
0.7K chars
(a) No health insurance plan, upon passage of this act, shall be issued, delivered or used unless it has been filed with and approved by the Commissioner. The health insurance for employees of the Government of the Virgin Islands and any group health insurance plan contracted by …
22 V.I.C. § 1724 Initial billing
1.8K chars
(a) If a patient, at the time of requesting health care services, presents to the health care provider evidence of coverage by a recognized health insurer, then the health care provider shall apply the following procedure when requiring payment for any services rendered:(1) The h…
22 V.I.C. § 1725 Prompt payment by insurer
1.3K chars
(a) Any insurer providing health insurance coverage shall be required to process and pay any uncontested claim, within thirty (30) calendar days from the date of receiving the claim. (b) If there is a contested claim, the insurer shall, within the same thirty (30) day calendar pe…
22 V.I.C. § 1726 Information and dispute resolution requirements
1.1K chars
(a) Each insurer providing coverage under a health insurance plan shall establish and maintain an accessible information service which health care providers may contact telephonically and electronically to ascertain immediately whether a patient, service or procedure is covered u…
22 V.I.C. § 1727 Failure to comply; penalties
1.6K chars
(a) Any health care provider or recognized health insurer who willfully violate the provisions of this chapter shall be subject to the following penalties:(1) A health care provider or recognized health insurer who intentionally or negligently fails to comply with the provisions …
22 V.I.C. § 1728 Preferred Provider Organization
2.4K chars
(a) Notwithstanding the provisions of this chapter, any physician who is a member of a Preferred Provider Organization (“PPO”) which meets, the requirements set forth below, shall not be subject to the requirements of section 1724 of this title:(1) The PPO physician shall require…
22 V.I.C. § 1731 Definitions
7.0K chars
(a) As used in this subchapter:(a) “Applied behavior analysis” means the design, implementation and evaluation of environmental modifications, using behavioral stimuli and consequences, including the use of direct observation, measurement and functional analysis of the relationsh…
22 V.I.C. § 1732 Coverage for autism spectrum disorders
2.8K chars
(a) After the effective date of this subchapter, a health care insurer that offers, issues for delivery, delivers, executes, adjusts, uses, or renews a health care insurance plan shall provide coverage for the costs of the diagnosis and treatment of autism spectrum disorders that…
22 V.I.C. § 1733 Prohibitions
1.1K chars
(1) A healthcare insurance plan must not impose:(1) any limits on the number of visits an insured may make to an autism services provider pursuant to a treatment plan on any basis other than a lack of medical necessity, or(2) a coinsurance, copayment, deductible or other out-of-p…
22 V.I.C. § 1734 Limitations; review of treatment plan; diagnosis period
1.2K chars
(a) The insurer may limit the coverage in the insurance health care plan for behavioral therapy to a yearly benefit of $50,000 for a child who is younger than nine years of age, $35,000 for a child who is at least nine years of age but younger than thirteen years of age and $25,0…
22 V.I.C. § 1735 Obligation to pay
0.3K chars
(a) This subchapter does not limit benefits that are otherwise available to an individual under a health benefit plan. (b) Nothing in this subchapter relieves an insurer from an otherwise valid obligation to provide or to pay for services provided to an individual with a disabili…
22 V.I.C. § 1801 Definitions
0.8K chars
(1) For the purposes of this subchapter the term,(1) “Children” means persons under the under eighteen years of age, or under twenty-one years of age if still attending high school.(2) “Hearing aid” means durable medical equipment that is of a design and circuitry to compensate f…
22 V.I.C. § 1802 Coverage for hearing aid
0.6K chars
(a) An individual or group health insurance policy, health care plan or certificate of health insurance that is delivered, issued for delivery or renewed in the Virgin Islands must provide coverage for a hearing aid and any related services for the full cost of one hearing aid pe…
22 V.I.C. § 1803 Additional coverage; benefits included
0.6K chars
(a) An insurer that delivers, issues for delivery or renews in the Virgin Islands an individual or group health insurance policy, health care plan or certificate of health insurance may make available to the policyholder the option of purchasing additional hearing aid coverage th…
22 V.I.C. § 1804 Deductibles and coinsurance
0.2K chars
Coverage for hearing aids may be subject to deductibles and coinsurance consistent with those imposed on other benefits under the same policy, plan or certificate.
22 V.I.C. § 1805 Exclusions
0.1K chars
This subchapter does not apply to short-term travel, accident-only or limited or specified disease policies.
22 V.I.C. § 1901 Definitions
1.2K chars
(a) As used in this subchapter the term—(a) “Telemedicine” means the use of medical information exchanged from one distant site to another via electronic communications to improve, maintain, or assist patients’ health status. Videoconferencing, transmission of still images, and e…
22 V.I.C. § 1902 Mandatory plan coverage
0.2K chars
A health care insurer that offers, issues for delivery, delivers, executes, adjusts, uses, or renews a health care insurance plan shall provide coverage for the costs of telemedicine services and treatment that arc medically necessary.
22 V.I.C. § 6601 Definitions
17.0K chars
(a) As used in this chapter, unless the context requires otherwise:(1) “Actuary” means a person qualified as an actuary by examination of the Institute of Actuaries in England or the Faculty of Actuaries in Scotland Casualty Actuarial Society, or the Society of Actuaries in the U…
22 V.I.C. § 6602 Creation of alternative markets and captive reinsurance section
0.3K chars
There is established within the Office of the Commissioner of Insurance the Division of Alternative Markets and Captive Reinsurance. The Commissioner of Insurance, with the advice and consent of the Governor, shall appoint the SAM and determine the SAM's compensation, and the SAM…
22 V.I.C. § 6603 Authority of the SAM
4.3K chars
(a) The SAM may:(1) generally supervise the alternative market business being carried on in or from the Territory;(2) ensure compliance with and enforcement of the laws and regulations relating to the conduct of the alternative market businesses;(3) examine and prepare reports pu…
22 V.I.C. § 6604 Registers
2.4K chars
(a) The SAM shall keep the following registers:(a) A register of all licenses issued to Securitization Entities under this chapter, in which must appear:(1) the name of the Securitization Entity;(2) the address of the Securitization Entity's principal office within the Territory;…
22 V.I.C. § 6606 Revolving fund established
1.7K chars
(a) There is established in the Treasury of the Virgin Islands a special account known as the “Alternative Market Revolving Fund” for providing the financial means for the SAM to administer this chapter and for reasonable expenses incurred in promoting the asset securitization an…
22 V.I.C. § 6607 License and Registration fees
0.9K chars
(a) The following initial license application fees and initial annual license fees, subject to regulation and with full discretion of the SAM, must be charged by and collected by the SAM and deposited in the Alternative Market Revolving Fund:(1) Annual License Fees:(A) Qualified …
22 V.I.C. § 6608 Licensing; required information and documentation; fee; renewal
2.6K chars
(a) The Qualified Manager, intermediary, broker, actuary or auditor when permitted by its articles of incorporation, articles of organization, operating agreement, or charter, may apply to the SAM for a license to do all alternative business. (b) To conduct asset securitization a…
22 V.I.C. § 6609 Conditions of all licenses
4.6K chars
(a) It is a condition of every license issued under this chapter, breach of which renders the license subject to cancellation by the SAM, that:(1) The Qualified Manager, intermediary, broker, actuary and auditor must be aware of the content of each license application and busines…
22 V.I.C. § 6610 Adoption of name
0.4K chars
The Qualified Manager intermediary, broker, auditor, actuary or any other entity that may be licensed under this chapter may not adopt a name that is the same as, deceptively similar to, or likely to be confused with or mistaken for any other existing business name registered in …
22 V.I.C. § 6611 Restriction on payment of dividends; liability
1.9K chars
(a) A corporation or other entity may declare and pay dividends or make other distributions in cash or its bonds or its property, including the shares or bonds of other corporations, on its outstanding shares, except when the corporation is insolvent or would thereby be made inso…
22 V.I.C. § 6612 Suspension or revocation of license
1.5K chars
(a) The license of the Qualified Manager, intermediary broker, actuary and auditor to conduct a business in this Territory may be suspended or revoked by the SAM for:(1) insolvency or impairment of capital or surplus;(2) refusal or failure to submit an annual report, or any other…
22 V.I.C. § 6613 Rules, regulations, and orders
0.2K chars
The SAM may promulgate and from time to time amend rules and regulations, and issue such orders relating to Securitization Entities or SPFCs as are necessary to enable the SAM to carry out the provisions of this chapter.
22 V.I.C. § 6614 Formation of protect celled insurance company; establishing protected cells
4.5K chars
(a) One or more entities may form a protected cell insurance company under this chapter. (b) A protected cell insurance company formed or licensed under this chapter may establish and maintain one or more protected cells to insure risks of one or more participants, subject to the…
22 V.I.C. § 6615 Participants in protected cell insurance companies
0.4K chars
(a) An association, a corporation, a limited liability company, a partnership, a trust, or other business entity may be a participant in a protected cell insurance company formed or licensed pursuant to this chapter. (b) The owner may be a participant in a protected cell insuranc…
22 V.I.C. § 6616 Terms and conditions for protected cell insurance companies; exception
0.9K chars
(a) In the case of a protected cell insurance company:(a) a protected cell need not be established solely for the purpose of effecting insurance securitizations, but may be established for the purpose of isolating the expenses and claims of a protected cell insurance company part…
22 V.I.C. § 6617 Tax rates and payment schedules
0.2K chars
Each Securitization Entity must be taxed in the same manner as an SPFC pursuant to section 6670(c), (d), (e) and (f) of Subchapter III of this chapter.
22 V.I.C. § 6640 Title
0.1K chars
This subchapter may be cited as the “Asset-Backed Securities Facilitation Act.”
22 V.I.C. § 6641 Intent
0.1K chars
It is intended by the Legislature that the term “securitization transaction” must be construed broadly.
22 V.I.C. § 6642 Securitization transaction
3.2K chars
(a) Notwithstanding any other provision of law, to the extent set forth in the transaction documents relating to a securitization transaction, including a transaction entered into pursuant to subchapter II of this chapter:(1) Any property, assets or rights purported to be transfe…
22 V.I.C. § 6651 Purpose
0.9K chars
This subchapter provides for the creation of Special Purpose Financial Captives (SPFCs) exclusively to facilitate the securitization of one or more risks, as a means of accessing alternative sources of capital and achieving the benefits of securitization. SPFCs are created for th…
22 V.I.C. § 6652 Definitions
16.7K chars
(a) For purposes of this subchapter, the following definitions apply in addition to the definitions set out in Subchapter I of this chapter:(a) “Contested case” means a proceeding in which the legal rights, duties, obligations, or privileges of a party are required by law to be d…
22 V.I.C. § 6653 Relation to other Title 22 provisions
0.5K chars
(a) No provisions of title 22 other than those specifically referenced in this subchapter apply to an SPFC, and those provisions apply only as modified by this subchapter. If a conflict occurs between a provision of title 22 and a provision of this subchapter, the latter controls…
22 V.I.C. § 6654 License to transact business in Territory; contents of application; fees; foreign corporations
18.4K chars
(a) An SPFC, when permitted by its organizational documents, may apply to the SAM for a license to transact insurance or reinsurance business as authorized by this subchapter. An SPFC may insure or reinsure only the risks of its counterparty. An SPFC may purchase reinsurance to c…
22 V.I.C. § 6655 Organization requirements; privileges and restrictions
2.8K chars
(a) An SPFC may be established as a stock corporation, limited liability company, mutual, partnership, trust or other form of organization approved by the SAM. (b) The SPFC's organizational documents must limit the SPFC's authority to transact the business of insurance or reinsur…
22 V.I.C. § 6656 Capitalization
0.8K chars
(a) An SPFC initially shall possess and after that maintain minimum capitalization of not less than $250,000. All of the minimum initial capitalization must be in cash. All other funds of the SPFC in excess of its minimum initial capitalization must be in the form of cash, cash e…
22 V.I.C. § 6657 Authorized contracts
1.3K chars
(a) An SPFC may insure only the risks of a counter party. (b) An SPFC may not issue a contract for assumption of risk or indemnification of loss other than an SPFC contract. However, the SPFC may cede risks assumed through an SPFC contract to third-party captive reinsurers throug…
22 V.I.C. § 6658 Protected cells
9.5K chars
(a) This section and section 6659 of this subchapter provide a basis for the creation and use of protected cells by an SPFC as a means of accessing alternative sources of capital, lowering formation and administrative expenses, and generally making insurance securitizations more …
22 V.I.C. § 6659 Effect of creation of protected cell; naming; management of assets
9.2K chars
(a) (1) The creation of a protected cell does not create, with respect to that protected cell, a legal person separate from the SPFC.(2) Notwithstanding paragraph (1), a protected cell must have its own distinct name or designation that includes the words “protected cell”. The SP…
22 V.I.C. § 6660 Issuance of securities
1.5K chars
(a) An SPFC may issue securities, including surplus notes and other forms of financial instruments, subject to and in accordance with applicable law, its approved plan of operation, and its organizational documents. (b) An SPFC, in connection with the issuance of securities, may …
22 V.I.C. § 6661 Swap agreements and other forms of asset management agreements
0.6K chars
An SPFC may enter into swap agreements, or other forms of asset management agreements, including guaranteed investment contracts, or other transactions that have the objective of leveling timing differences in funding of up-front or ongoing transaction expenses or managing asset,…