(a) (1) Producers are required to complete 24 credits of continuing education for each biennial compliance period. Three of the 24 credits must be in ethics. (2) The Commissioner shall by regulations establish minimum continuing education requirements for the renewal or reissuance of a license to an insurance producer. (b) The Commissioner shall require that […]
(a) (1) No person may act as a managing general agent representing an insurer licensed in the Virgin Islands with respect to risks located in the Virgin Islands unless the person is licensed as a managing general agent pursuant to the subsection (c) or (d). (2) No person may act as a managing general agent […]
(a) It is unlawful for any person acting in the capacity of a managing general agent to place business with an insurer, unless there is in force a written contract between the parties which sets forth the responsibilities of each party; specifies the separation of responsibilities, where both parties share responsibility for a particular function; […]
(a) The insurer shall have on file, in a form acceptable to the Commissioner, an independent financial examination of each managing general agent with which it has done business. (b) If a managing general agent establishes loss reserves, the insurer shall obtain annually the opinion of an actuary attesting to the adequacy of loss reserves […]
(a) The acts of a managing general agent are the acts of the insurer on whose behalf it is acting. (b) A managing general agent may be examined pursuant to chapter 5 of this title, as if it were the insurer. The managing general agent shall pay the expenses incurred in the conduct of the […]
(a) An insurance producer doing business under any name other than the producer’s legal name must seek approval from the Commissioner prior to using the assumed name. (b) Any person violating this section is liable for a fine not to exceed $500.
(a) The Commissioner may suspend, revoke or refuse to issue or renew an insurance producer’s license or may levy a civil penalty in accordance with this chapter or any combination of actions, for any one or more of the following causes: (1) providing incorrect, misleading, incomplete or materially untrue information in the license application; (2) […]
(a) Upon written application of a person who was refused a license or whose license was not renewed or was revoked, or surrendered for cause under section 776, the Commissioner shall hold a hearing to determine whether the administrative action imposing the refusal, nonrenewal, revocation, or other administrative action should be modified, if all if […]
(a) Upon the hearing of an appeal from an order suspending, revoking, or refusing to renew any license issued, the court, if it finds that the licensee is guilty of violation of the law and if it finds the suspension, revocation, or refusal too severe a penalty under the facts as found, may impose a […]
(a) (1) An insurance producer may not act as an agent of an insurer unless the insurance producer becomes an appointed agent of that insurer. (2) An insurance producer may not act as a solicitor of an agent or broker unless the insurance producer becomes an appointed solicitor of that agent or broker. (b) (1) […]
(a) An insurer or authorized representative of the insurer who terminates the appointment, employment, contract or other insurance business relationship with a producer shall notify the Commissioner not more than 15 days after the effective date of the termination, using a format prescribed by the Commissioner, if the reason for termination is one of the […]
(a) Every producer or adjuster shall keep at the producer’s address as shown on the producer’s license, a record of all transactions consummated under the producer’s license. This record must be in organized form and must include: (1) if an agent or broker- (A) a record of each insurance contract procured, issued, or countersigned, together […]
(a) An agent or any other representative of an insurer involved in the procuring or issuance of an insurance contract shall report to the insurer the exact amount of consideration charged as premium for such contract, and the amount must likewise be shown in the contract and in the records of the agent. Each willful […]
It is unlawful for managing general agent, insurer, or other person to violate, or fail to comply with any provision of sections 771, 772, 773, 774, 780, or 782 of this chapter.
(a) If the Commissioner, after a hearing conducted in accordance with chapter 7 of this title, finds a violation of the types of infractions listed in section 753(e) of this chapter, the Commissioner may order any of the following: (1) for each separate violation committed by an insurer, managing general agent, or other person, a […]
Nothing in this chapter is intended, in any manner, to limit or restrict the rights of policyholders and claimants of any insurer on whose behalf a managing general agent is acting, or of auditors, accountants, examiners, or other persons that conduct examinations of insurers.
(a) A producer shall report to the Commissioner any administrative action taken against the producer in another jurisdiction or by another governmental agency in the Virgin Islands not more than 30 days after the final disposition of the matter. This report must include a copy of the order, consent to order or other relevant legal […]
(a) Every nonresident agent or broker by obtaining a license in the Virgin Islands may be sued in the Virgin Islands in the district of the plaintiff’s property, residence or principal office or place of business upon any cause of action, arising out of or based upon any business or acts done or omitted to […]
(a) (1) Where any insurance producer or any affiliate of the producer receives any compensation from the customer for the placement of insurance or represents the customer with respect to that placement, neither that producer nor any affiliate shall accept or receive any compensation from an insurer or other third party for that placement of […]
(a) It is unlawful for an insurer or an insurance producer to pay a commission, service fee, brokerage fee, or other type of consideration for selling, soliciting, or negotiating insurance in the Virgin Islands, if the person is required to be licensed under this chapter but is not licensed. However, renewal or other deferred commissions […]
