§ 983. Prohibited policy plan
No life insurer shall hereafter issue for delivery or deliver in this territory any life insurance policy— (1) issued under any plan for the segregation of policyholders into mathematical groups and providing benefits for a surviving policyholder of a group arising out of the death of another policyholder of such group, or under any other […]
§ 984. Standard nonforfeiture law, life insurance
(a) Short title: This section constitutes and may be cited as the Standard Nonforfeiture Law of the Virgin Islands. (b) Nonforfeiture provisions—Life: In the case of policies issued on or after the operative date of this section as defined in subsection (i) of this section, no policy of life insurance, except as stated in subsection […]
§ 991. Short title
This subchapter shall be known as “the Standard Nonforfeiture Law of 2018 for Life Insurance.”
§ 992. Definitions
The term “operative date of the valuation manual” means January 1st of the first calendar year that the valuation manual as defined in the Standard Valuation Law of 2018 is effective.
§ 993. Applicability of prior law
Notwithstanding any other requirements provided in the subchapter, the Standard Nonforfeiture Law adopted on March 29, 1968 and codified in section 984 of title 22 of the Virgin Islands Code, is applicable to nonforfeiture benefits under all life insurance policies issued before the effective date of this subchapter.
§ 978. Premium deposits
(a) A life insurer may, under such policy provisions or agreements as have been approved by the Commissioner consistent with this section, contract for and accept premium deposits in addition to the regular premiums specified in the policy, for the purpose of paying future premiums, or to facilitate conversion of the policy, or to increase […]
§ 979. Policy settlements
A life insurer shall have the power to hold under agreement the proceeds of any policy issued by it, upon such terms and restrictions as to revocation by the policyholder and control by beneficiaries, and with such exemptions from the claims of creditors of beneficiaries other than the policyholder as set forth in the policy […]
§ 980. Deduction of indebtedness
In determining the amount due under any life insurance heretofore or hereafter issued, deduction may be made of— (1) any unpaid premiums or installments thereof for the current policy year due under the terms of the policy; and (2) the amount of principal and accrued interest of any policy loan or other indebtedness against the […]
§ 981. Miscellaneous proceeds
Upon the death of the insured and except as is otherwise expressly provided by the policy or premium deposit agreement, a life insurer may pay to the surviving spouse, children, beneficiary, or other person other than the insured’s estate, appearing to the insurer to be equitably entitled thereto, sums held by it and comprising— (1) […]
§ 973. Sections applicable
Any such reversionary annuity contract shall contain the provisions specified in sections 965–969, inclusive, of this title, except that under section 965 the insurer may at its option provide for an equitable reduction of the amount of the annuity payments in settlement of an overdue or deferred payment in lieu of providing for a deduction […]