§ 1544. Regulations
Pursuant to the authority vested in the Commissioner in chapter 3, of this title the Commissioner may issue regulations for the proper administration and functioning of the provisions of this chapter.
§ 1534. Bond requirement for TPAs
(a) Every applicant for a TPA license shall file with the application and maintain while so licensed, a fidelity bond in favor of the Government of the Virgin Islands executed by a surety company and payable to any party injured under the terms of the bond. The bond must be continuous and in one of […]
§ 1535. Registration requirement
A person who is not required to be licensed as a TPA under this chapter and who directly or indirectly underwrites, collects charges or premiums from, or adjusts or settles claims on residents of the Virgin Islands, only in connection with life, annuity or health coverage provided by a self-funded plan other than a governmental […]
§ 1536. Standards for license issuance and approval of registration
The Commissioner may issue a license to an applicant or approve an application for registration as a TPA if the Commissioner finds that the applicant meets the standards established by this chapter including, but not limited to, the following: (1) All of the materials required by this chapter or by the Commissioner have been filed; […]
§ 1537. Annual report and filing fee
(a) Each TPA licensed under section 1533 shall file an annual report in duplicate originals for the preceding calendar year with the Commissioner on or before March 31 of each year, or within such extension of time as the Commissioner for good cause may grant. The report must be in the form prescribed by the […]
§ 1538. Examinations
(a) The Commissioner or the Commissioner’s designee may examine the records of any applicant or holder of a TPA license. (b) Any TPA or applicant being examined shall provide to the Commissioner or the Commissioner’s designee convenient and free access during business hours to all books, records, documents and other papers relating to the TPA’s […]
§ 1539. Grounds for denial, suspension or revocation of licensure
(a) The Commissioner shall, deny, suspend or revoke the license of a TPA, or shall issue a cease and desist order if the TPA does not have a license if, after notice and opportunity for hearing, the Commissioner finds that the TPA: (1) is in an unsound financial condition; (2) is using such methods or […]
§ 1540. Administrative fine
(a) If the Commissioner finds that one or more grounds exist for the revocation or suspension of a license issued under this chapter, the Commissioner may, in lieu of, or in addition to such suspension or revocation, impose a fine upon the TPA. (b) The Commissioner may impose a fine upon a TPA not to […]
§ 1541. Judicial review
Any person aggrieved by an order of the Commissioner may appeal to the appropriate court in accordance with the appeals procedures set forth in chapter 7 of this title.
§ 1542. Unauthorized activities
Nothing in this chapter may be construed to permit any person or entity to receive or collect charges, contributions or premiums for, or adjust or settle claims in connection with any type of life or health benefit, unless that person or entity may through the insurance laws of a state or territory, or the Employee […]