(a) An insurer not thereunto authorized by the Commissioner shall not solicit insurance business in this territory, nor transact insurance business in this territory except as provided in this chapter. (b) No person may, in this territory, represent an unauthorized insurer or solicit, negotiate, or effectuate any insurance with or place any risks with any […]
(a) No contract of insurance placed by a surplus line broker shall be binding upon the insured and no premium charged therefor shall be due and payable until the surplus line broker shall have notified the insured in writing, a copy of which shall be maintained by the broker with records of the contract and […]
(a) If certain insurance coverages cannot be procured from authorized insurers, such coverages, hereinafter designated as “surplus lines,” may be procured from unauthorized insurers subject to the following conditions: (1) the insurance must be procured through a licensed surplus line broker; and (2) the insurance must not be procurable, after diligent effort has been made […]
Every insurance contract procured and delivered as a surplus line coverage pursuant to this chapter shall have stamped upon it and be initialed by or bear the name of the surplus line broker who procured it, the following: “This contract is registered and delivered as a surplus line coverage under the Insurance Code of the […]
Insurance contracts procured as surplus line coverage from unauthorized insurers in accordance with this chapter shall be fully valid and enforceable as to all parties, and shall be given recognition in all matters and respects to the same effect as like contracts issued by authorized insurers.
Any person deemed by the Commissioner to be competent and trustworthy and while maintaining an office at a designated location in this territory may be licensed as a surplus line broker, as follows: (1) application to the Commissioner for the license shall be made on forms furnished by the Commissioner; (2) the license fee shall […]
A licensed surplus line broker may accept and place surplus line business for any insurance agent or broker licensed in this territory for the kind of insurance involved, and may compensate such agent or broker therefor.
(a) If pursuant to the surplus lines provisions of this chapter an insurer has assumed direct risk under a coverage and the premium therefor has been paid to the broker who placed such insurance, the insurer shall be liable to the insured for unearned premiums payable upon cancellation of the insurance, whether or not the […]
(a) A surplus line broker shall not place any coverage with an unauthorized insurer unless, at the same time of placement, such insurer: (1) has established satisfactory evidence of good repute and financial integrity; (2) has caused to be provided to the Commissioner, no more than six months after the close of the period reported […]
(a) Each licensed surplus line broker shall keep a full and true record of each surplus line contract procured by him including a copy of the daily report, if any, showing such of the following items as may be applicable: (1) amount of the insurance; (2) gross premiums charged; (3) return premium paid, if any; […]
(a) Each surplus line broker shall on or before the first day of March of each year file with the Commissioner a verified statement of all surplus line insurance transacted by him during the preceding calendar year. (b) The statement shall be on forms as prescribed and furnished by the Commissioner and shall show the […]
(a) On or before the first day of February, May, August and November of each year, each surplus line broker shall remit to the Commissioner of Insurance a tax of five percent (5%) on the quarterly premiums of surplus line insurance transacted by him on risks located in the territory: (b) If a surplus line […]
If any surplus line broker fails to file his annual statement, or fails to remit the tax provided by section 662 of this title, he shall be subject to the terms and conditions of the penalties set forth in chapter 25, section 604 of this title. The tax may be collected by distraint, or the […]
(a) The Commissioner shall revoke any surplus line broker’s license if the broker fails to file his annual statement or to remit the tax as required by this chapter; or if the broker fails to maintain an office in this territory, or to keep the records, or to allow the Commissioner to examine his records […]
(a) An unauthorized insurer may be sued, upon any cause of action arising in this territory under any contract issued by it as a surplus line contract, pursuant to this chapter, in the District Court of the Virgin Islands in that judicial division in which the cause of action arose. (b) Service of legal process […]
(a) The provisions of this chapter controlling the placing of insurance with unauthorized insurers shall not apply to reinsurance or to the following insurances when so placed by licensed agents or brokers of this territory: (1) ocean marine and foreign trade insurances; (2) insurance on subjects located, resident, or to be performed wholly outside of […]
Every person for whom insurance has been placed with an unauthorized insurer pursuant to or in violation of this chapter shall, upon the Commissioner’s order, produce for his examination all policies and other documents evidencing the insurance, and shall disclose to the Commissioner the amount of the gross premiums paid or agreed to be paid […]
