(a) As used in this chapter, unless the context requires otherwise: (1) “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 of American or Canada. (2) “Advisory board” […]
There is established within the Office of the Commissioner of Insurance the Division of Alternative Markets and International Reinsurance. The Commissioner of Insurance, with the advice and consent of the Governor, shall appoint the SAM and determine the SAM’s compensation, and the SAM shall report to the Commissioner of Insurance.
(a) The SAM may: (1) generally supervise the alternative market business being carried on in or from the Territory; (2) ensure compliance with and enforcement of the laws and regulations relating to the conduct of the alternative market businesses; (3) examine and prepare reports pursuant to section 6604 of this title from time to time […]
The SAM shall keep the following registers: (a) A register of all licenses issued to Securitization Entities under this chapter, in which must appear: (1) the name of the Securitization Entity; (2) the address of the Securitization Entity’s principal office within the Territory; the Qualified Manager’s office may serve as the principal office of the […]
(a) Except as provided in paragraphs (1) and (2) of this subsection, information submitted pursuant to the provisions of this chapter is confidential and may not be made public by the SAM or an agent or employee of the SAM, without the written consent of the entity, except that: (1) information may be discoverable by […]
(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 […]
(a) The following initial license application fees and initial annual license fees, subject to regulation and with full discretion of the SAM, must be charged by and collected by the SAM and deposited in the Alternative Market Revolving Fund: (1) Annual License Fees: (A) Qualified Manager: 5% of net revenue (gross revenues less expenses). (B) […]
(a) The Qualified Manager, intermediary, broker, actuary or auditor when permitted by its articles of incorporation, articles of organization, operating agreement, or charter, may apply to the SAM for a license to do all alternative business. (b) To conduct asset securitization and insurance securitization business in this Territory, the Qualified Manager, intermediary broker, actuary and […]
(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 […]
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 […]
(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 […]
(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 […]
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.
(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 […]
(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 […]
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 […]
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.
