There is established within the Office of the Lieutenant Governor, the Division of Alternative Markets and International Reinsurance, which will be supervised by the Superintendent of Alternative Markets (“the SAM”). The Commissioner of Insurance, with the advice and consent of the Governor, shall appoint the SAM and determine the SAM’s compensation. The SAM, with the […]
(a) The SAM has authority to: (1) Regulate the Alternative Market Insurer Business being conducted in or from the Territory; (2) Enforce the Virgin Islands Code Ann. and the Rules and Regulations promulgated thereunder relating to the conduct of the Alternative Market Insurer Business and International Support Businesses; (3) Examine and prepare reports pursuant to […]
The SAM shall keep the following registers: (a) A register of all licenses issued to insurers and reinsurers and Securitization Entities under this Title, in which must appear: (1) The name of the insurer or reinsurer or Securitization Entity; (2) The address of the insurer or reinsurer’s or Securitization Entity’s principal office within the Territory; […]
(a) There is established in the Treasury of the Virgin Islands a special account known as “The Alternative Market and International Reinsurance Revolving Fund” for the purpose of providing the financial means for the SAM to administer Chapters 55 and 66 and for reasonable expenses incurred in promoting the captive insurance and asset securitization and […]
