An insurer formed in this territory shall be either— (1) an incorporated stock insurer; (2) an incorporated mutual insurer; (3) an incorporated specific risks mutual property insurer; (4) an incorporated mutual assessment property insurer only; (5) an incorporated farm mutual assessment property insurer only; or (6) a reciprocal insurer, with respective powers, duties, and restrictions […]
Except for mutual assessment property insurers and farm mutual assessment property insurers, no insurer shall be formed or be authorized in this territory to issue contracts of insurance the performance of which is contingent upon the payment of assessments, assessment premiums, or calls made upon its members.
(a) No person forming or proposing to form in this territory an insurer, or insurance holding corporation, or stock corporation to finance an insurer or insurance production therefor, or corporation to manage an insurer, or a syndicate for any of such purposes, shall advertise, or solicit or receive any funds, agreement, stock subscription, or membership […]
(a) To apply for a solicitation permit the applicant shall file with the Commissioner a request therefor showing— (1) name, type, and purpose of insurer, corporation or syndicate proposed to be formed; (2) names, addresses, and business records of each person associated or to be associated in the formation of the proposed insurer, corporation, or […]
(a) The Commissioner shall expeditiously examine the application for a solicitation permit and make any investigation relative thereto deemed necessary. If the Commissioner finds that— (1) the application is complete; (2) the documents therewith filed are equitable in terms and proper in form; and (3) the agreements made or proposed are equitable to present and […]
Upon the filing of any bond required by section 261 of this title and after notice by the Commissioner, the Commissioner shall file the articles of incorporation of the proposed incorporated insurer with the Lieutenant Governor, and issue to the applicant a solicitation permit.
Every solicitation permit issued by the Commissioner shall— (1) expire two years from its date, unless earlier terminated by the Commissioner, and shall so state; (2) state the securities for which subscriptions are to be solicited, the number, classes, par value, and selling price thereof, or identify the insurance contract for which applications and advance […]
The granting of a solicitation permit is permissive only and shall not constitute an endorsement by the Commissioner of any person or thing related to the proposed insurer, corporation, or syndicate and the existence of the permit shall not be advertised or used as an inducement in any solicitation. The substance of this section in […]
Solicitation for sale of securities to members of the public under a solicitation permit shall be made only by individuals licensed therefor, when such license is required pursuant to the provisions of any applicable federal or Virgin Islands securities act or “blue sky law”.
(a) The Commissioner may, for cause, modify a solicitation permit, or may, after a hearing, revoke any solicitation permit for violation of any provision of this title, or of the terms of the permit, or of any proper order of the Commissioner, or for misrepresentation. (b) The Commissioner shall revoke a solicitation permit if requested […]
(a) The Commissioner shall not issue a solicitation permit until the person applying therefor files with him a corporate surety bond in the penalty of $10,000, in favor of the Government of the Virgin Islands and for the use and benefit of such Government and of subscribers and creditors of the proposed organization. The bond […]
(a) All funds received pursuant to a solicitation permit shall be deposited and held in escrow in a bank or trust company under an agreement approved by the Commissioner. No part of any such deposit shall be withdrawn, except— (1) for the payment of promotion and organization expenses as authorized by the solicitation permit; (2) […]
(a) The incorporators of any insurer or other corporation, or the persons proposing to form a reciprocal insurer, or a syndicate, shall be jointly and severally liable for its debts or liabilities until it has secured a certificate of authority, if an insurer, or has completed its organization if a corporation other than an insurer […]
(a) No such proposed stock insurer, corporation, or syndicate shall issue any share of stock or participation agreement except for payment in cash or in securities eligible for investment of funds of insurers. No such shares or agreement shall be issued until all subscriptions received under the solicitation permit have been so fully paid, nor, […]
All applications for insurance obtained in forming a mutual insurer shall provide that— (1) issuance of the policy is contingent upon completion of organization of the insurer and issuance to it of a certificate of authority; (2) the prepaid premium or deposit will be refunded in full to the applicant if the organization is not […]
The Commissioner shall withdraw all funds held in escrow and refund to subscribers or applicants all sums paid in on stock or syndicate subscriptions, less that part of such sums paid in on subscriptions as has been allowed and used for promotion and organization expenses, and all sums paid in on insurance applications, and shall […]
(a) No domestic insurer, or insurance holding corporation, or stock corporation for financing operations of a mutual insurer, after— (1) it has received a certificate of authority, if an insurer; or (2) it has completed its initial organization and financing, if a corporation other than an insurer, shall solicit or receive funds in exchange for […]
(a) This section applies to insurers hereafter incorporated in this territory. (b) The incorporators shall be individuals who are United States citizens, of whom two-thirds shall be residents of this territory. The number of incorporators shall be not less than five if a stock insurer, nor less than ten if a mutual insurer. (c) The […]
