The Commissioner of Finance shall accept, when made through the Commissioner of Insurance, deposits of securities or funds by insurers as follows: (1) Deposits in amount as required to be made as prerequisite to a certificate of authority to transact insurance in this territory; (2) Deposits of domestic, foreign or alien insurers in amount as […]
Each such deposit shall be held by the Commissioner of Finance in trust for the protection of all policyholders in the United States of the insurer making it; except that deposits of alien insurers shall be so held for the security of such insurer’s obligations arising out of its insurance transactions in the United States.
All such deposits shall consist of cash funds or other assets comprised of securities which are eligible for the investment of the funds of insurers under chapter 23 of this title, and representing public obligations, corporate bonds, and mortgages on real property located in this territory.
(a) The Commissioner of Finance shall deliver to the insurer a receipt for all funds and securities so deposited by it. (b) The Commissioner of Insurance shall keep a record in permanent form of all funds and securities so deposited. This record shall be open to the inspection of the Commissioner of Finance during all […]
(a) No transfer of any funds or security so held on deposit, whether voluntary or by operation of law, shall be valid unless approved in writing by the Commissioner of Insurance and countersigned by the Commissioner of Finance or by his authorized deputy or agent. (b) A statement of each such transfer shall be entered […]
The Commissioner of Finance may designate any solvent trust company or other solvent financial institution having trust powers domiciled in this territory, as the Commissioner of Finance’s depositary to receive and hold any such deposit of a domestic or foreign insurer, or of an alien insurer for which this territory is the port of entry […]
The Government of the Virgin Islands shall be responsible for the safekeeping and return of all funds and securities deposited pursuant to this chapter with the Commissioner of Finance or in any such depositary so designated by him.
While solvent and complying with this title an insurer shall be entitled to collect and receive interest and dividends accruing on the securities so held on deposit for its account, and from time to time exchange and substitute for any of such securities, other securities eligible for deposit and of at least equal value.
(a) Any such required deposit shall be released in these instances only: (1) upon extinguishment of all liabilities of the insurer for the security of which the deposit is held, by reinsurance contract or otherwise; (2) if any such deposit or portion thereof is no longer required under this title; and (3) upon proper order […]
Any part of any deposit of an insurer held by the Commissioner of Finance on the effective date of this title which is in amount in excess of the deposit required or permitted to be made by such insurer under this title, shall, upon written order of the Commissioner of Insurance, be released, except, that […]
An insurer may deposit and maintain on deposit with the Commissioner of Finance through the Commissioner of Insurance funds and eligible securities in amount exceeding its required deposit under this title by not more than $100,000, for the purpose of absorbing fluctuations in the value of securities held in its required deposit, and to facilitate […]
No judgment creditor or other claimant of an insurer shall levy upon any deposit held pursuant to this chapter, or upon any part thereof.
