§ 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 […]
§ 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 […]
§ 1407. Permissible investments; valuation
(a) No Single-parent International Insurance Company or Industrial Insured International Insurance Company shall be subject to any restrictions on allowable investments whatsoever; provided, however, that the SAM may prohibit or limit any investment that threatens the solvency or liquidity of any such company. (b) The investments of an Association International Insurance Company shall not be […]
§ 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 […]
§ 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 […]
§ 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 […]
§ 1416. Confidentiality
No proprietary information furnished to the SAM by any applicant or licensed International Insurance Company, any International Insurer Support Business, or any auditor, actuary, agent, broker, or other duly authorized representative acting on behalf of any applicant, licensed International Insurance Company, or International Insurer Support Business, shall be disclosed by the SAM to any party, […]
§ 1417. Kinds of insurance authorized
The following kinds or lines of insurance that may be underwritten by a licensed International Insurance Company subject to the provisions of this chapter shall be as follows: (1) “Life insurance” means every insurance upon the lives of human beings, and every insurance pertaining thereto, including the granting of endowment benefits, additional benefits in the […]
§ 1418. Rules and regulations
The SAM may establish, and from time to time amend, such rules and regulations relating to International Insurance Companies and International Insurer Support Businesses as are necessary to enable the SAM to carry out the provisions of this chapter.