§ 1408. Segregation of accounts
(a) An International Insurance Company that is domiciled or licensed to do business in any State of the United States, or that is otherwise subject to United States federal income taxation as if it were so domiciled or licensed, shall regularly employ in its books of accounts a detailed segregation of receipts, expenditures, assets, liabilities […]
§ 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 […]
§ 1402. Applicability of other laws
(a) Any International Insurance Company and any International Insurer Support Business licensed by the Commissioner under this chapter shall be exempt from all other insurance laws of the Virgin Islands other than those contained in this chapter or contained in specific references contained in this Title. (b) With respect to International Insurance Companies, such exemption […]
§ 1403. Licensing authority; residency requirements
(a) An International Insurance Company, before commencing business, shall obtain a license from the SAM to do any and all insurance comprised in section 1417 of this chapter; provided, however, that: (1) no Single-parent International Insurance Company may insure directly risks other than those of its parent(s) and affiliated companies that in the aggregate comprise […]
§ 1404. Application fee; annual license fee
Each International Insurance Company shall pay to the SAM a nonrefundable application fee for examining, investigating, and processing its application for licensure, and the Commissioner is authorized to retain legal, financial, and examination services, the reasonable cost of which may be charged against the applicant. Such examination need not include an actuarial review if an […]
§ 1405. Minimum capital; letter of credit
(a) No Single-parent International Insurance Company, Industrial Insured International Insurance Company incorporated as a stock insurer, or Association International Insurance Company incorporated as a stock insurer, shall be issued a license unless it shall possess and thereafter maintain unimpaired paid-in capital of: (1) in the case of a Single-parent International Insurance Company, not less than […]
§ 1406. Minimum surplus; letter of credit
No International Insurance Company shall be issued a license unless it shall possess and thereafter maintain free surplus of: (1) in the case of a Single-parent International Insurance Company, not less than $100,000; (2) in the case of an Industrial Insured International Insurance Company incorporated as a stock insurer, not less than $125,000; (3) in […]
§ 1400. Short title
This chapter shall be known and may be cited as the “Virgin Islands International Insurers Act”.
§ 1401. Definitions
For purposes of this chapter, the following defined terms shall apply unless defined elsewhere and not otherwise inconsistent: (a) “Actuary” means a person qualified as an actuary by examination of the Institute of Actuaries in England or the Faculty of Actuaries in Scotland, Casualty Actuarial Society, or the Society of Actuaries in the United States […]