Title 22 — Insurance
49 chapters · 1,014 sections in this title.
22 V.I.C. § 1 Scope of title
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All insurance and insurance transactions in this territory, or affecting subjects located wholly or in part or to be performed within this territory, and all persons having to do therewith are governed by this title; and where there is a conflict or inconsistency between this tit…
22 V.I.C. § 2 Public interest
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The business of insurance is one affected by the public interest, requiring that all persons be actuated by good faith, abstain from deception, and practice honesty and equity in all insurance matters. Upon the insurer, the insured, and their representatives rests the duty of pre…
22 V.I.C. § 3 Insurance defined
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“Insurance” is a contract whereby one party undertakes to indemnify another for loss, damage, or liability, or to pay or provide a specified or ascertainable benefit, upon determinable contingencies.
22 V.I.C. § 4 Insurer defined
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“Insurer”, as used in this title, means a corporation or association which is engaged as principal in the business of making contracts of insurance, but shall not include an insurance broker acting as a broker.
22 V.I.C. § 5 Insurance transaction defined
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(1) “Insurance transaction” includes any—(1) solicitation;(2) negotiations preliminary to execution;(3) execution of an insurance contract;(4) transaction of matters subsequent to execution of the contract and arising out of it, except the investigation and adjustment of or litig…
22 V.I.C. § 6 United States defined
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“United States” when used in this title to signify place, means the states and territories of the United States, other than this territory where pertinent, and the District of Columbia and the Commonwealth of Puerto Rico.
22 V.I.C. § 6a Federal Home Loan Bank and Insurer-member defined
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(a) “Federal Home Loan Bank,” when used in this title means an institution chartered under the Federal Home Loan Bank Act of 1932, 12 U.S.C. §§ 1421, et seq. (the “Federal Home Loan Bank Act”). (b) “Insurer-member” when used in this title means an Insurer that is a member of a Fe…
22 V.I.C. § 7 Penalties
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In addition to any other penalty provided in this title, violation of any provision of this title or of any order, rule, or regulation issued by the Commissioner pursuant to this title is punishable by a fine of not less than $500 nor more than $2,000, or by imprisonment.
22 V.I.C. § 8 Particular provisions prevail
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Provisions of this title relating to a particular kind of insurance or a particular type of insurer or to a particular matter prevail over provisions relating to insurance in general or insurers in general or to such matter in general.
22 V.I.C. § 9 Repealed. Aug. 20, 2010, No. 7183, § 13, Sess. L. 2010, p. 118
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22 V.I.C. § 9 Statutes current through Act 9046 of the 2025 session of the 36th Legislature, including all code changes through October 25, 2025 Virgin Islands Code AnnotatedCopyright © 2026 All rights reserved.
22 V.I.C. § 51 Insurance Commissioner
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(a) As used throughout this title, “Commissioner” means the Lieutenant Governor of the Virgin Islands serving as the Commissioner of Insurance and “Division” means the Division of Banking, Insurance and Financial Regulation. (b) Commissioner of Insurance, the Division as establis…
22 V.I.C. § 52 Bonding of Commissioner
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The Commissioner shall be bonded, with a good and sufficient surety, to be approved by the Governor, in an amount not less than $5,000 conditioned that he faithfully account for and dispose of any funds received into his custody or control as Commissioner, in accordance with appl…
22 V.I.C. § 53 General powers and duties
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(a) The Commissioner shall have the authority expressly conferred upon him by or reasonably implied from the provisions of this title. (b) The Commissioner shall execute his duties and shall enforce the provisions of this title. (c) The Commissioner may—(1) adopt regulations and …
22 V.I.C. § 53a Review of rates
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(a) The Commissioner may review any health property or casualty insurance rate to determine if there is an actuarial basis for it and if it is supported by actual and credible loss and expense statistics or, if new coverage, by reasonable projections of losses and expenses. Pre-a…
22 V.I.C. § 54 Orders; notices
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(a) Orders of the Commissioner shall not be effective unless made in writing and signed by him or by his authority. Every order shall contain a concise statement of the grounds upon which it is based. (b) Every notice required to be given by the Commissioner to any person shall—(…
22 V.I.C. § 55 Enforcement
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(a) The Commissioner may prosecute an action in any court of competent jurisdiction to enforce any order made by him pursuant to any provision of this title. (b) If the Commissioner has cause to believe that any person has violated any penal provision of this title or of other la…
22 V.I.C. § 56 Records
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(a) The Commissioner shall preserve in permanent form records of his proceedings, hearings, investigations, and examinations, and shall file such records in his office. (b) The records of the Commissioner and insurance filings in his office shall be open to public inspection, exc…
22 V.I.C. § 57 Certificates; copies; evidentiary effect
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(a) Any certificate or license issued by the Commissioner shall bear the seal of his office. (b) Copies of records or documents in his office certified to by the Commissioner shall be received as evidence in all courts in the same manner and to the same effect as if they were the…
22 V.I.C. § 58 Interstate cooperation
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(a) The Commissioner shall to the extent he deems useful for the proper discharge of his responsibilities under the provisions of this title—(1) consult and cooperate with the public officials having supervision over insurance in the states of the United States;(2) share jointly …
22 V.I.C. § 59 Supplies; convention blanks
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(1) The Commissioner shall purchase at the expense of the government and in the manner provided by law—(1) printing, books, reports, furniture, equipment, and supplies as he deems necessary to the proper discharge of his duties under this title;(2) “convention form” insurers' ann…
22 V.I.C. § 60 Annual report
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(1) The Commissioner shall as early each year as accurate preparation enables, transmit to the Legislature and to the Governor a report of his official transactions during the preceding calendar year, containing for the year reported—(1) a list of all insurers authorized to trans…
22 V.I.C. § 61 Insurance Advisory Committee
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(a) There is hereby created an Insurance Advisory Committee for the purpose of providing information and advice on all insurance matters affecting the Territory. The Committee shall be chaired by the Insurance Commissioner and shall issue reports from time to time as required by …
22 V.I.C. § 70 Creation of Division of Alternative Markets and International Reinsurance
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There is established within the Office of the Lieutenant Governor, the Division of Alternative Markets and International Reinsurance, which will be supervised by the Superintendent of Alternative Markets (“the SAM”). The Commissioner of Insurance, with the advice and consent of t…
22 V.I.C. § 71 Authority of the SAM
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(a) The SAM has authority to:(1) Regulate the Alternative Market Insurer Business being conducted in or from the Territory;(2) Enforce the Virgin Islands Code Ann. and the Rules and Regulations promulgated thereunder relating to the conduct of the Alternative Market Insurer Busin…
22 V.I.C. § 72 Registers
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(a) The SAM shall keep the following registers:(a) A register of all licenses issued to insurers and reinsurers and Securitization Entities under this Title, in which must appear:(1) The name of the insurer or reinsurer or Securitization Entity;(2) The address of the insurer or r…
22 V.I.C. § 73 Revolving Fund Created
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(a) There is established in the Treasury of the Virgin Islands a special account known as “The Alternative Market and International Reinsurance Revolving Fund” for the purpose of providing the financial means for the SAM to administer Chapters 55 and 66 and for reasonable expense…
22 V.I.C. § 101 Purpose
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The purpose of the chapter is to provide an effective and efficient system for examining the activities, operations, financial condition and affairs of all persons transacting the business of insurance in the territory and all persons otherwise subject to the jurisdiction of the …
22 V.I.C. § 102 Definitions
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(a) As used in this title, unless the context requires another meaning:(a) “Commissioner” means the Commissioner of Insurance of the Virgin Islands, his deputies, or the Division of Banking, Insurance and Financial Regulation, as appropriate.(b) “Company” means any person engagin…
22 V.I.C. § 103 Authority, scope and scheduling of examinations
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(a) The Commissioner or any of his examiners may conduct an examination under this chapter of any company as often as the Commissioner in his sole discretion deems appropriate, but shall, at a minimum, conduct an examination of every insurer licensed in the territory not less fre…
22 V.I.C. § 104 Conduct of examinations
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(a) Upon determining that an examination should be conducted, the Commissioner, or the Commissioner's designee, shall issue an examination warrant appointing one or more examiners to perform the examination and instructing them as to the scope of the examination. In conducting th…
22 V.I.C. § 105 Examination reports
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(a) General description. All examination reports shall be comprised of only facts appearing upon the books, records, or other documents of the company, its agents or other persons examined, or as ascertained from the testimony of its officers or agents or other persons examined c…
22 V.I.C. § 106 Conflict of interest
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(1) No examiner may be appointed by the Commissioner if such examiner, either directly or indirectly, has a conflict of interest or is affiliated with the management of, or owns a pecuniary interest in, any person subject to examination under this chapter. This section shall not …
22 V.I.C. § 107 Cost of examination
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The cost of an examination into the affairs and condition of any company or insurer shall be borne by the company or insurer examined, unless remitted by the Commissioner.
22 V.I.C. § 108 Immunity from liability
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(a) No cause of action shall arise nor shall any liability be imposed against the Commissioner, the Commissioner's designee or any examiner appointed by the Commissioner for any statements made or conduct performed in good faith while carrying out the provisions of this chapter. …
22 V.I.C. § 151 Hearings
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(a) The Commissioner may hold a hearing for any purpose within the scope of this title as he may deem necessary. He shall hold a hearing—(1) if required by any provision of this title; or(2) upon written demand for a hearing made by any person aggrieved by any act, threatened act…
22 V.I.C. § 152 Stay of action
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(a) Such demand for a hearing received by the Commissioner prior to the effective date of action taken or proposed to be taken by him shall stay such action pending the hearing, except as to action taken or proposed—(1) under an order on hearing; or(2) under an order pursuant to …
22 V.I.C. § 153 Place of hearing
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The hearing shall be held at the place designated by the Commissioner, and at his discretion it may be open to the public.
22 V.I.C. § 154 Notice of hearing
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(a) The Commissioner shall, not less than ten days in advance, give notice to each person to be affected by the hearing, of the time and place thereof and specifying the matters to be considered at the hearing. (b) If under subsection (a) of this section notice of a hearing would…
22 V.I.C. § 155 Notice to show cause
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If any person is entitled to a hearing by any provision of this title before any proposed action is taken, the notice of the proposed action may be in the form of a notice to show cause stating that the proposed action may be taken unless such person shows cause at a hearing to b…
22 V.I.C. § 156 Adjourned hearings
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The Commissioner may adjourn any hearing from time to time and from place to place without other notice of the adjourned hearing than announcement thereof at the hearing.
22 V.I.C. § 157 Nonattendance, effect of
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The validity of any hearing held in accordance with the notice thereof shall not be affected by failure of any person to attend or to remain in attendance.
22 V.I.C. § 158 Procedure on hearing
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(a) The Commissioner shall preside at the hearing and shall keep a true and concise record of the proceedings thereat. Formal rules of pleading or evidence need not be observed in the hearing. (b) At the expense of and at the written request reasonably made by any person affected…
22 V.I.C. § 159 Order on hearing
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(a) Within 30 days after the termination of a hearing the Commissioner shall make his order thereon and shall, subject to subsection (d) of this section, give a copy of the order to each person to whom notice of the hearing was given or required to be given. (b) The order shall c…
22 V.I.C. § 160 Appeal from Commissioner's order
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(a) Any person aggrieved on account of any official action or threatened action of the Commissioner, or of his failure to act if such failure is deemed to constitute an act under any provision of this title, may demand a hearing thereon as provided in section 151 of this title an…
22 V.I.C. § 161 Appeal, how taken
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The appeal shall be taken by filing with the Clerk of any court of appropriate jurisdiction a petition for a review of the Commissioner's order, containing a copy of the order and a statement of the particulars in which it is claimed that the order is in error and a statement of …
22 V.I.C. § 162 Transcript of record
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Upon being served with a copy of the petition for review of an order on hearing, the Commissioner shall forthwith prepare and file with the clerk of the court a true and complete transcript of his record of the hearing on which the order appealed from was made. The cost of the tr…
22 V.I.C. § 163 Hearing on appeal
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The court shall give precedence to and may summarily hear and determine the appeal. The court shall hear the appeal upon the transcript of the record of the Commissioner's hearing and on such additional proper evidence as may be offered by any party. After considering the evidenc…
22 V.I.C. § 164 Stay of action on appeal
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(a) The taking of an appeal shall not stay any action taken or proposed to be taken by the Commissioner under the order appealed from unless a stay is granted by the court at a hearing held as part of the proceedings on appeal. (b) A stay shall not be granted by the court in any …
22 V.I.C. § 201 Domestic, foreign, alien insurers defined
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(1) For the purposes of this title—(1) a “domestic” insurer is one formed under the laws of this territory;(2) a “foreign” insurer is an insurer which is organized under the laws of the United States, or of a state or territory of the United States other than this territory, or o…
22 V.I.C. § 202 Certificate of authority required
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(a) No person shall act as an insurer and no insurer shall transact insurance in this territory other than as authorized by a certificate of authority issued to it by the Commissioner and then in force; except as to such transactions as are expressly otherwise provided for in thi…