§ 470. Short title

This chapter may be cited as “The Virgin Islands Risk-Based Capital for Insurers Act” or “The RBC Act”.

§ 472. Risk-based capital reports

(a) Every domestic insurer on or before each filing date shall prepare and submit to the Commissioner a report of its RBC Levels as of the end of the calendar year just ended, in a form and containing such information as is required by the RBC instructions. In addition, every domestic insurer shall file its […]

§ 473. Company Action Level Event

(a) “Company Action Level Event” means any of the following events: (1) The filing of an RBC Report by an insurer that indicates that: (A) The insurer’s total adjusted capital is greater than or equal to its Regulatory Action Level RBC, but less than its Company Action Level RBC; (B) If a life or health […]

§ 474. Regulatory Action Level Event

(a) “Regulatory Action Level Event” means, with respect to any insurer, any of the following events: (1) the filing of an RBC Report by the insurer that indicates that the insurer’s total adjusted capital is greater than or equal to its Authorized Control Level RBC but less than its Regulatory Action Level RBC; (2) the […]

§ 475. Authorized Control Level Event

(a) “Authorized Control Level Event” means any of the following events: (1) the filing of an RBC Report by the insurer which indicates that the insurer’s total adjusted capital is greater than or equal to its Mandatory Control Level RBC, but less than its Authorized Control Level RBC; (2) the notification by the Commissioner to […]

§ 476. Mandatory Control Level Event

(a) “Mandatory Control Level Event” means any of the following events: (1) the filing of an RBC Report that indicates that the insurer’s total adjusted capital is less than its Mandatory Control Level RBC; (2) notification by the Commissioner to the insurer of an Adjusted RBC Report that indicates that the insurer’s total adjusted capital […]

§ 477. Hearings

(a) The insurer has the right to a confidential departmental hearing, on a record, where the insurer may challenge any determination or action taken by the Commissioner upon any of the following: (1) notification to an insurer by the Commissioner of an Adjusted RBC Report; or (2) notification to an insurer by the Commissioner that: […]

§ 478. Confidentiality; prohibition on announcements, prohibition on use in ratemaking

(a) Except information that is required to be set forth in a publicly available annual statement schedule or RBC Plans, all RBC Reports are confidential and privileged and are not subject to examination by the public, to a subpoena, to discovery or admissible as evidence in any private civil action. The privilege extends to any […]

§ 479. Supplemental provisions; rules; exemption

(a) The provisions of this chapter are supplemental to any other law of the Territory, and may not preclude or limit any other powers or duties of the Commissioner under the laws, including, but not limited to, the powers and duties bestowed upon the Commissioner in chapter 3 of this title. (b) The Commissioner may […]

§ 480. Foreign insurers

(a) Any foreign insurer shall, upon the written request of the Commissioner, submit to the Commissioner an RBC Report as of the end of the calendar year just ended the later of: (1) the date an RBC Report is required to be filed by a domestic insurer under this chapter; or (2) fifteen days after […]

§ 481. Immunity

No liability or cause of action arises against the Commissioner or the insurance division or its employees or agents for any action taken by them in the performance of their duties under this chapter.

§ 482. Severability clause

If any provision of this chapter, or its application to any person or circumstance is held invalid, that determination does not affect the other provision or applications of this chapter that can be given effect without the invalid provision or application.

§ 483. Notices

All notices by the Commissioner to an insurer that results in regulatory action are effective upon dispatch, if transmitted by registered or certified mail. Any other transmission is effective upon the insurer’s receipt of the notice.