§ 1419. Penalties
Violation of any provision in this chapter shall be subject to the penalties provided for in chapter 1, section 7 of this Title.
§ 1422. Preservation of right
Notwithstanding any provision to the contrary, any existing and licensed International Insurance Company and International Insurer Support Business on the effective date of this section shall not be subject to any amended provisions enacted herewith that may adversely affect, impair or limit the benefits provided prior to the amendments enacted herewith.
§ 1411. Examinations and investigations
Other than a Single-Parent International Insurance Company at least once every five (5) years and whenever the SAM determines it to be necessary, prudent, or in the best interests of the Territory, he or his designee shall inspect and examine the affairs of an International Insurance Company to ascertain its financial condition, its ability to […]
§ 1412. Grounds and procedures for suspension or revocation of license
(a) The license issued to an International Insurance Company by this Territory may be suspended or revoked by the SAM for any of the following reasons: (1) insolvency or impairment of capital or surplus; (2) failure to meet the requirements of sections 1405 or 1406 of this chapter or any rules and regulations promulgated hereunder; […]
§ 1413. Reinsurance
(a) Any International Insurance Company may cede reinsurance to any insurer or reinsurer or reinsurance pool approved by the SAM for this purpose, and may provide reinsurance on risks ceded by any other insurer or reinsurer or reinsurance pool. (b) Any International Insurance Company shall receive credit for reserves on risks or portions of risks […]
§ 1414. International insurer support business
(a) Any International Insurer Support Business, before commencing business, shall apply to the SAM for a license. The license application shall contain such information, in addition to the information set forth below, as may be required by the SAM pursuant to duly promulgated regulations. (b) Any International Insurer Support Business applying for a license under […]
§ 1415. Tax rates and benefits applicable to any International Insurance Company
(a) Each International Insurance Company may make an Exempt Company Election under chapter 14 of Title 13 of this Code to be an exempt company subject to the provisions of such title and shall thereupon be granted a reduction in the income tax liability shown on its income tax return for each taxable year by […]
§ 1409. Formation of International Insurance Companies in the Virgin Islands
(a) A Single-parent International Insurance Company shall be incorporated as a stock insurer with its capital divided into shares and held by the stockholders. (b) An Association International Insurance Company or an Industrial Insured International Insurance Company may be incorporated: (1) as a stock insurer with its capital divided into shares and held by the […]
§ 1409A. Formation of Branch Captive Insurance Companies in the Virgin Islands
(a) Any Alien Captive Insurance Company, or Foreign Insurer seeking to establish a Branch Exempt International Insurer, as defined in paragraph (2), shall follow the criteria and procedures set forth in this subsection and section 1415 of the chapter and any regulations promulgated hereunder for qualifying to do business in the Territory as a Branch […]
§ 1410. Financial reporting
(a) Any International Insurance Company licensed under this Chapter shall be required to file within 180 days of the end of its financial year, a balance sheet, income statement, and statement clearly reflecting that adequate reserves are maintained and such other financial statements as the SAM may determine are necessary. Upon request of the Company […]