§ 6614. Formation of protect celled insurance company; establishing protected cells
(a) One or more entities may form a protected cell insurance company under this chapter. (b) A protected cell insurance company formed or licensed under this chapter may establish and maintain one or more protected cells to insure risks of one or more participants, subject to the following conditions: (1) each protected cell must be […]
§ 6615. Participants in protected cell insurance companies
(a) An association, a corporation, a limited liability company, a partnership, a trust, or other business entity may be a participant in a protected cell insurance company formed or licensed pursuant to this chapter. (b) The owner may be a participant in a protected cell insurance company. (c) A participant need not be a shareholder […]
§ 6616. Terms and conditions for protected cell insurance companies; exception
In the case of a protected cell insurance company: (a) a protected cell need not be established solely for the purpose of effecting insurance securitizations, but may be established for the purpose of isolating the expenses and claims of a protected cell insurance company participant; and (b) the protected cell insurance company shall attribute all […]
§ 6617. Tax rates and payment schedules
Each Securitization Entity must be taxed in the same manner as an SPFC pursuant to section 6670(c), (d), (e) and (f) of Subchapter III of this chapter.
§ 6609. Conditions of all licenses
(a) It is a condition of every license issued under this chapter, breach of which renders the license subject to cancellation by the SAM, that: (1) The Qualified Manager, intermediary, broker, actuary and auditor must be aware of the content of each license application and business plan submitted with the license application, shall monitor for […]
§ 6610. Adoption of name
The Qualified Manager intermediary, broker, auditor, actuary or any other entity that may be licensed under this chapter may not adopt a name that is the same as, deceptively similar to, or likely to be confused with or mistaken for any other existing business name registered in this Territory or in the state or country […]
§ 6611. Restriction on payment of dividends; liability
(a) A corporation or other entity may declare and pay dividends or make other distributions in cash or its bonds or its property, including the shares or bonds of other corporations, on its outstanding shares, except when the corporation is insolvent or would thereby be made insolvent, or when the declaration, payment or distribution would […]
§ 6612. Suspension or revocation of license
(a) The license of the Qualified Manager, intermediary broker, actuary and auditor to conduct a business in this Territory may be suspended or revoked by the SAM for: (1) insolvency or impairment of capital or surplus; (2) refusal or failure to submit an annual report, or any other report or statement required by law or […]
§ 6613. Rules, regulations, and orders
The SAM may promulgate and from time to time amend rules and regulations, and issue such orders relating to Securitization Entities or SPFCs as are necessary to enable the SAM to carry out the provisions of this chapter.
§ 6606. Revolving fund established
(a) There is established in the Treasury of the Virgin Islands a special account known as the “Alternative Market Revolving Fund” for providing the financial means for the SAM to administer this chapter and for reasonable expenses incurred in promoting the asset securitization and insurance securitization industries in the Territory. (b) The Fund consists of […]