§ 224. Withdrawal of insurer; reinsurance
(a) No insurer shall withdraw from this territory until its direct liability to its policyholders and obligees under all its insurance contracts then in force in this territory has been assumed by another authorized insurer under an agreement approved by the Commissioner. In the case of a life insurer, its liability pursuant to contracts issued […]
§ 225. Alien reinsurers; limitations
No credit shall be allowed to any insurer, as an asset or as a deduction from liability for reinsurance ceded to an alien insurer, other than under a contract of ocean marine insurance, covering a subject of insurance resident, located, or to be performed in this territory unless the alien insurer— (1) is authorized to […]
§ 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 […]
§ 210. Certificate of authority; expiration, renewal, amendment
(a) All certificates of authority shall expire on the 31st day of December next succeeding the date of issue or renewal, and if the insurer qualifies therefor its certificate shall be renewed annually for a period of not more than one year. (b) The Commissioner may amend a certificate of authority at any time in […]
§ 211. Certificate of authority; mandatory refusal, revocation, suspension
The Commissioner shall refuse to renew or shall revoke or suspend an insurer’s certificate of authority, in addition to other grounds therefor in this title, if the insurer— (1) is a foreign or alien insurer and no longer qualifies or meets the requirements of the authority; or, is a domestic mutual insurer, and fails to […]
§ 212. Certificate of authority; discretionary refusal, revocation, suspension
The Commissioner may refuse, suspend, or revoke an insurer’s certificate of authority, in addition to other grounds therefor in this title, if the insurer— (1) fails to comply with any provision of this title other than those for violation of which refusal, suspension, or revocation is mandatory, or fails to comply with any proper order […]