§ 320. Short title
This chapter may be cited as “The Virgin Islands Insurance Holding Company System Regulatory Act”.
§ 321. Definitions
As used in this chapter: (a) “Affiliate” means a person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the person specified. (b) “Commissioner” means the Commissioner of Insurance of the Virgin Islands. (c) “Control,” “controlling,” “controlled by” and “under common control with” means […]
§ 322. Subsidiaries of insurers
(a) Any domestic insurer, either by itself or in cooperation with one or more persons. may organize or acquire one or more subsidiaries engaged in the following kinds of business: (1) any kind of insurance business authorized by the jurisdiction in which it is incorporated; (2) acting as an insurance broker or as an insurance […]
§ 323. Acquisition of control of or merger with domestic insurer
(a) (1) No person other than the issuer may make a tender offer for or a request or invitation for tenders of, or enter into any agreement to exchange securities for, seek to acquire, or acquire, in the open market or otherwise, any voting security of a domestic insurer if, after the consummation thereof, such […]
§ 324. Acquisitions involving insurers not otherwise covered
(a) The following definitions apply for the purposes of this section only: (1) “Acquisition” means any agreement, arrangement or activity the consummation of which results in a person’s acquiring directly or indirectly the control of another person, and includes but is not limited to the acquisition of voting securities, the acquisition of assets, bulk reinsurance […]
§ 325. Registration of insurers
(a) Every insurer authorized to do business in the Territory and is a member of an insurance holding company system shall register with the Commissioner, except a foreign insurer subject to registration requirements and standards adopted by statute or regulation in the jurisdiction of its domicile which are substantially similar to those contained in: (1) […]
§ 326. Standards and management of an insurer within an insurance holding company system
(a) (1) Transactions within an insurance holding company system to which an insurer subject to registration is a party are subject to the following standards: (A) The terms must be fair and reasonable; (B) Agreements for cost sharing services and management must include provisions as required by rule issued by the Commissioner; (C) Charges or […]
§ 327. Examination
(a) Subject to the limitation contained in this section and in addition to the powers which the Commissioner has under chapters 3 and 5 of this title relating to the examination of insurers, the Commissioner has the power to examine any insurer registered under section 325 and its affiliates to ascertain the financial condition of […]
§ 328. Supervisory colleges
(a) With respect to any insurer registered under section 325, and in accordance with subsection (c), the Commissioner may participate in a supervisory college for any domestic insurer that is part of an insurance holding company system with international operations in order to determine compliance by the insurer with this chapter. The powers of the […]
§ 329. Group-wide supervision of internationally active insurance groups
(a) The Commissioner may act as the group-wide supervisor for any internationally active insurance group in accordance with the provisions of this section. However, the Commissioner may otherwise acknowledge another regulatory official as the group-wide supervisor where the internationally active insurance group: (1) does not have substantial insurance operations in the United States; (2) has […]
§ 330. Confidential treatment
(a) Documents, materials or other information in the possession or control of the Division of Banking, Insurance and Financial Regulations that are obtained by or disclosed to the Commissioner or any other person in the course of an examination or investigation made pursuant to section 327 and all information reported or provided to the Division […]
§ 331. Rules and regulations
The Commissioner may, upon notice and opportunity for all interested persons to be heard, issue such rules, regulations and orders as are necessary to carry out the provisions of this chapter.
§ 332. Injunctions, prohibitions against voting securities, sequestration of voting securities
(a) Whenever it appears to the Commissioner that any insurer or any director, officer, employee or agent thereof has committed or is about to commit a violation of this chapter or of any rule, or order issued by the Commissioner, the Commissioner may, in accordance with the provisions of chapter 3, section 55 of this […]
§ 333. Sanctions
(a) Any insurer failing, without just cause, to file any registration statement as required in this chapter shall, after notice and hearing, pay a penalty of not more than $1,000 for each day’s delay, to be recovered by the Commissioner of Insurance and the penalty so recovered must be paid into the Insurance Guaranty Fund. […]
§ 334. Receivership
Whenever it appears to the Commissioner that any person has committed a violation of this chapter which so impairs the financial condition of a domestic insurer as to threaten insolvency or make the further transaction of business by it hazardous to its policyholders, creditors, shareholders or the public, the Commissioner may proceed as provided in […]
§ 335. Recovery
(a) If an order for liquidation or rehabilitation of a domestic insurer has been entered, the receiver appointed under the order shall have a right to recover on behalf of the insurer: (1) from any parent corporation or holding company or person or affiliate who otherwise controlled the insurer, the amount of distributions other than […]
§ 336. Revocation, suspension, or nonrenewal of insurer’s license
Whenever it appears to the Commissioner that any person has committed a violation of this chapter that makes the continued operation of an insurer contrary to the interests of policy holders or the public, the Commissioner may, after giving notice and an opportunity to be heard, suspend, revoke or refuse to renew the insurer’s license […]
§ 337. Judicial review
Any person aggrieved by determination, rule, regulation or order or any other action of the Commissioner pursuant to this chapter may appeal in accordance with the procedures set forth in chapter 7 of this title.
§ 338. Conflict with other laws
All laws and parts of laws of the Territory inconsistent with this chapter are superseded with respect to matters covered by this chapter.
§ 339. Separability of provisions
If any provision of this chapter or the application thereof to any person or circumstances is held invalid, the invalidity does not affect other provisions or applications of this chapter which can be given effect without the invalid provisions or application, and for this purpose the provisions of this chapter are separable.