(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 established in chapter 3, section 32 of title 3 of the Virgin Islands Code, is administered […]
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 applicable law. The premiums on such fidelity bond shall […]
(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 increase fees necessary to carry out the administration of this title; […]
(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-approval of rates is not required, but the Commissioner […]
(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— (1) be in writing in […]
(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 laws relating to insurance he shall […]
(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, except as otherwise provided in this title. (c) Five years after conclusion of […]
(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 originals. (c) When […]
(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 with states in the employment of actuaries, statisticians, and other […]
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’ annual statement blanks, which he may purchase from any printer manufacturing the […]
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 transact insurance in this territory, showing for each insurer its name, location, […]
(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 the Commissioner. (b) The Committee shall consist of seven members in […]
