§ 229. Periodic automobile premium payments
(a) Any insurer providing a person with motor vehicle insurance coverage shall permit the person to pay any premium with respect to such coverage in semi-annual payments. (b) Any insurer who fails to comply with subsection (a) of this section may, upon complaint to the Commissioner of Insurance, have its license to sell insurance suspended […]
§ 230. Filing requirements
(a) Each domestic, foreign and alien insurer who is authorized to transact insurance in the Territory shall on or before March 1 of each year, file with the NAIC, a copy of its annual statement convention blank, along with such additional filings, including any quarterly statement filings, as prescribed by the Commissioner for the preceding […]
§ 216. Notice of refusal, revocation, suspension; effect upon agents’ authority
Upon the suspension, revocation, or refusal of an insurer’s certificate of authority, the Commissioner shall give notice thereof to the insurer and shall likewise suspend, revoke or refuse the authority of its agents to represent it in this territory and give notice thereof to the agents.
§ 217. Name of insurer
(a) Every insurer shall conduct its business in its own legal name. (b) No insurer shall assume or use a name deceptively similar to that of any other authorized insurer.
§ 218. Commissioner as agent for service of process; resident agent service of process
(a) Before a certificate of authority to transact business in the Virgin Islands is issued to any domestic, foreign or alien insurance company it must file with the Commissioner a resolution adopted by its board of directors consenting that service of process upon the Commissioner in any action or proceeding against the company, brought or […]
§ 219. Service of process; procedure
(a) Every process left with the Commissioner shall be in triplicate. He shall return the original copy with his certificate of service which shall be accepted as proof of service of process. One copy shall be forwarded at once by mail to the company addressed to its principal office and the remaining copy he shall […]
§ 220. Countersignature of policies
(a) No insurer shall issue an insurance contract covering a subject of insurance resident, located, or to be performed in this territory unless the insurance contract is countersigned by its licensed agent, or manager or general agent, except as provided in section 221 of this title. The Commissioner may suspend or revoke the certificate of […]
§ 215. Limitation upon reauthorization
No insurer whose certificate of authority has been suspended, revoked, or refused shall subsequently be authorized unless the grounds for such suspension, revocation, or refusal no longer exist and the insurer is otherwise fully qualified.
§ 206. Application for certificate of authority
To apply for an original certificate of authority an insurer shall: (1) file with the Commissioner its request therefor, showing— (A) its name, home office location, type of insurer, organization date, and state or country of its domicile; (B) the kinds of insurance it proposes to transact; and (C) additional information as the Commissioner may […]
§ 207. Foreign and alien insurers bonds or deposits required
(a) All foreign and alien insurers shall file with the Commissioner as a condition of doing business in the Virgin Islands, and for the protection of policyholders in the Virgin Islands, the sum of not less than five hundred thousand dollars ($500,000) which may be in the form of a financial guarantee bond, certificate of […]