(a) This chapter governs the qualifications and procedures for the licensing of insurance producers and adjusters. It simplifies and organizes some statutory language to improve efficiency, permits the use of new technology and reduces costs associated with issuing and renewing insurance licenses. (b) This chapter does not apply to excess and surplus lines brokers licensed […]
As used in this chapter: (1) “Adjuster” means any person who, for compensation as an independent contractor or as an employee of an independent contractor, or for fee or commission, investigates or reports to the adjuster’s principal relative to claims arising under insurance contracts, on behalf solely of either the insurer or the insured. The […]
(a) It is unlawful for a person to perform any act as an insurance producer in the Virgin Islands unless then licensed in the Virgin Islands. (b) It is unlawful for a person to sell, solicit or negotiate insurance in the Virgin Islands for any class or classes of insurance unless the person is licensed […]
(a) For the purpose of section 752, an act is committed in the Virgin Islands if it is committed, in whole or in part, in the Virgin Islands, or affects persons or property within the Virgin Islands and relates to or involves an insurance contract, health care services contract, or health maintenance agreement. (b) If […]
(a) Nothing in this chapter may be construed to require an insurer to obtain an insurance producer license. In this section, the term “insurer” does not include an insurer’s officers, directors, employees, subsidiaries or affiliates. (b) A license as an insurance producer is not required for the following types of activities or circumstances: (1) An […]
The provisions of this chapter apply to insurance producers appointed by either health care service contractors or health maintenance organizations.
Any insurance producer soliciting, negotiating, or procuring an application for insurance or health care services in the Territory must make a good faith effort to determine whether the entity that is issuing the coverage is: (1) authorized as an admitted insurer to transact health insurance coverage in this Territory; or (2) a property or casualty […]
(a) Unless exempt pursuant to section 765 of this chapter, a resident individual applying for an insurance producer license or an adjuster license shall take and pass a written examination about the Territory’s insurance law. This requirement does not apply to: (1) applicants for a license as a nonresident insurance producer or adjuster who are […]
(a) Any corporation, firm or individual having a place of business in the Virgin Islands and acting as an agent may be licensed by the Commissioner as a resident insurance producer to solicit, accept applications, write, issue, deliver or place policies or contracts of direct insurance upon risks located within the Virgin Islands for an […]
(a) Unless denied licensure pursuant to section 776, persons who have met the requirements of sections 757 and 758 must be issued an insurance producer license. An insurance producer may receive qualification for a license in one or more of the following lines of authority: (1) life insurance on human lives, including benefits of endowment […]
(a) A broker’s license must be issued to cover all lines of insurance. The Commissioner may not issue a broker’s license limited to a particular line of insurance. (b) A broker is not an agent or other representative of an insurer and may not bind the insurer upon any risk or with reference to any […]
A licensed agent may be licensed as a broker and be a broker as to insurers for which he is not then licensed as agent. A licensed broker may be licensed as and be an agent as to insurers appointing him as agent. The sole relationship between a broker and an insurer as to which […]
(a) The Commissioner shall issue a solicitor’s license only upon application by the applicant and the request of the agent or broker to be represented, upon such forms as the Commissioner shall prescribe and furnish. (b) The fee for issuance or renewal of a solicitor’s license must be paid by the agent or broker by […]
(a) Unless denied licensure under section 776, a nonresident applicant shall receive a nonresident insurance producer license if the applicant: (1) is currently licensed as a resident and in good standing in the applicant’s home state; (2) is licensed in the applicant’s home state for the lines of authority requested in the Virgin Islands; (3) […]
(a) The Commissioner shall waive any requirement for a nonresident license applicant with a valid license from the applicant’s home state except the requirements imposed by section 763 if the applicant’s home state awards nonresident licenses to residents of the Virgin Islands on the same basis. (b) A nonresident insurance producer’s satisfaction of the home […]
(a) An individual who applies for an insurance producer license in the Virgin Islands who was previously licensed for the same lines of authority in another state is not required to complete any pre-licensing education or examination of the Virgin Islands. This exemption is available only if the person is currently licensed in that state […]
(a) If a person licensed as an insurance producer under section 758 changes the person’s address within the Virgin Islands, the person shall, not later than 30 days after making that change, file a change of address with the Commissioner or the Commissioner’s designee. (b) (1) If a person licensed as an insurance producer under […]
(a) The Commissioner may license an individual concurrently as an independent adjuster and as a public adjuster. A separate application is required for each type of adjuster license. The full license fee must be paid for each license. (b) An adjuster has authority under the license only to investigate or report to the adjuster’s principal […]
(a) Prior to the issuance of a license as a public adjuster, the applicant shall file with the Commissioner and shall maintain in force while so licensed a surety bond in favor of the people of the Virgin Islands, executed by an authorized corporate surety approved by the Commissioner, in the amount of $5,000. The […]
(a) Every adjuster who investigates any fire loss claim under any insurance contract covering property located in the Virgin Islands shall promptly report to the Commissioner any facts or circumstances found and from which he believes fraud has been committed or attempted. (b) Upon completing the adjustment of any fire loss requiring claim payments aggregating […]
