§ 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.
§ 786. Reporting of actions
(a) A producer shall report to the Commissioner any administrative action taken against the producer in another jurisdiction or by another governmental agency in the Virgin Islands not more than 30 days after the final disposition of the matter. This report must include a copy of the order, consent to order or other relevant legal […]
§ 772. Responsibilities of managing general agent
(a) It is unlawful for any person acting in the capacity of a managing general agent to place business with an insurer, unless there is in force a written contract between the parties which sets forth the responsibilities of each party; specifies the separation of responsibilities, where both parties share responsibility for a particular function; […]
§ 773. Independent financial examination of each managing general agent
(a) The insurer shall have on file, in a form acceptable to the Commissioner, an independent financial examination of each managing general agent with which it has done business. (b) If a managing general agent establishes loss reserves, the insurer shall obtain annually the opinion of an actuary attesting to the adequacy of loss reserves […]
§ 774. Acts of managing general agent deemed Acts of Insurer of examinations
(a) The acts of a managing general agent are the acts of the insurer on whose behalf it is acting. (b) A managing general agent may be examined pursuant to chapter 5 of this title, as if it were the insurer. The managing general agent shall pay the expenses incurred in the conduct of the […]
§ 775. Assumed names and address
(a) An insurance producer doing business under any name other than the producer’s legal name must seek approval from the Commissioner prior to using the assumed name. (b) Any person violating this section is liable for a fine not to exceed $500.
§ 776. License refusal, nonrenewal, suspension or revocation
(a) The Commissioner may suspend, revoke or refuse to issue or renew an insurance producer’s license or may levy a civil penalty in accordance with this chapter or any combination of actions, for any one or more of the following causes: (1) providing incorrect, misleading, incomplete or materially untrue information in the license application; (2) […]
§ 777. Hearing to determine administrative action modification
(a) Upon written application of a person who was refused a license or whose license was not renewed or was revoked, or surrendered for cause under section 776, the Commissioner shall hold a hearing to determine whether the administrative action imposing the refusal, nonrenewal, revocation, or other administrative action should be modified, if all if […]
§ 778. Fine in lieu of license suspension, revocation, or refusal
(a) Upon the hearing of an appeal from an order suspending, revoking, or refusing to renew any license issued, the court, if it finds that the licensee is guilty of violation of the law and if it finds the suspension, revocation, or refusal too severe a penalty under the facts as found, may impose a […]
§ 779. Appointments
(a) (1) An insurance producer may not act as an agent of an insurer unless the insurance producer becomes an appointed agent of that insurer. (2) An insurance producer may not act as a solicitor of an agent or broker unless the insurance producer becomes an appointed solicitor of that agent or broker. (b) (1) […]