§ 787. Service of process on nonresident agent or broker
(a) Every nonresident agent or broker by obtaining a license in the Virgin Islands may be sued in the Virgin Islands in the district of the plaintiff’s property, residence or principal office or place of business upon any cause of action, arising out of or based upon any business or acts done or omitted to […]
§ 788. Compensation disclosure
(a) (1) Where any insurance producer or any affiliate of the producer receives any compensation from the customer for the placement of insurance or represents the customer with respect to that placement, neither that producer nor any affiliate shall accept or receive any compensation from an insurer or other third party for that placement of […]
§ 789. Paying unlawful consideration
(a) It is unlawful for an insurer or an insurance producer to pay a commission, service fee, brokerage fee, or other type of consideration for selling, soliciting, or negotiating insurance in the Virgin Islands, if the person is required to be licensed under this chapter but is not licensed. However, renewal or other deferred commissions […]
§ 790. Regulations
The Commissioner may, in accordance with this title, promulgate reasonable regulations necessary or proper to carry out the purposes of this chapter.
§ 791. Immunity
The Commissioner, the Director, and employees of the Division of Banking and Insurance and Financial Regulation are immune from any civil liability while acting within the scope of this chapter.
§ 792. Centralized agent License registry
The Commissioner may participate, in whole or in part, with the NAIC or any of its affiliates or subsidiaries, in a centralized agent license registry in which insurance producers acting as agents appointments are centrally or simultaneously electronically stored for all states that require an agent to be licensed and that participate in the registry.
§ 793. Severability
If any provision of this chapter, or the application of a provision to any person or circumstances is held invalid, the remainder of the provisions and the application of the provision to persons or circumstances other than those to which it is held invalid are not affected.
§ 783. Prohibition
It is unlawful for managing general agent, insurer, or other person to violate, or fail to comply with any provision of sections 771, 772, 773, 774, 780, or 782 of this chapter.
§ 784. Penalties for violations
(a) If the Commissioner, after a hearing conducted in accordance with chapter 7 of this title, finds a violation of the types of infractions listed in section 753(e) of this chapter, the Commissioner may order any of the following: (1) for each separate violation committed by an insurer, managing general agent, or other person, a […]
§ 785. Rights not limited or restricted
Nothing in this chapter is intended, in any manner, to limit or restrict the rights of policyholders and claimants of any insurer on whose behalf a managing general agent is acting, or of auditors, accountants, examiners, or other persons that conduct examinations of insurers.