As used in this chapter, unless the context clearly requires otherwise: (a) “Authority” means the Virgin Islands Windstorm and Earthquake Insurance Authority created by this chapter; (b) “Board” means the Board of Directors of the Authority or the Interim Board of Directors, as the case may be; (c) “Covered event” means a windstorm or earthquake […]
There is hereby created a body corporate and politic constituting a public corporation and autonomous governmental instrumentality of the Government of the Virgin Islands, by the name of the “Virgin Islands Windstorm and Earthquake Insurance Authority”. The Authority shall be subject to the control of a Board, as provided in this chapter, but it is […]
The Virgin Islands Windstorm and Earthquake Insurance Authority has the following powers and duties: (a) to provide the persons having an insurable interest in eligible property with windstorm and earthquake property insurance at reasonable rates; (b) to insure government owned properties, properties owned by the Government Employees Retirement System, and properties owned by the independent […]
(a) (1) The Authority shall be governed by a Board of Directors consisting of seven persons: the Commissioner of Finance and the Director of the Office of Management and Budget (who shall both serve ex officio), and five other persons appointed by the Governor with the advice and consent of the Legislature. Of the five […]
(a) The Authority shall adopt a Plan of Operation and may amend such Plan from time to time as is necessary to assure the fair, reasonable, and equitable provision of windstorm and earthquake property insurance and the operation of the Authority. The Plan of Operation and any amendments thereto shall be reviewed by the Commissioner […]
(a) No claim under a windstorm and earthquake property insurance policy issued by or on behalf of the Authority may exceed $400,000 increasing annually by an inflation index approved by the Board. (b) Every policy issued by or on behalf of the Authority shall have a minimum deductible of $2,000 or two percent of the […]
Any applicant, current or former policyholder, or other person or entity doing business with the Authority and who is affected by any decision of the Authority may appeal to the Insurance Commissioner in the manner, and by the method, provided for appeals in chapter 7 of this title.
(a) The Authority shall submit to the Governor and the Legislature annually, after the close of its fiscal year, a report of the business of the Authority for the preceding fiscal year and two sets of annual statements; one prepared in accordance with National Association of Insurance Commissioners’ guidelines and the other prepared in accordance […]
(a) Pursuant to the authority vested in the Government of the Virgin Islands by section 8(b)(i) of the Revised Organic Act of the Virgin Islands, as amended, the Government of the Virgin Islands hereby grants and empowers the Authority to issue and sell bonds from time to time and have outstanding at any one time, […]
(a) Subject to any contractual limitations binding upon the holders of any issue of bonds, or trustees therefor including, but not limited to the restriction of the exercise of any remedy to a specified proportion or percentage of such holders, any holder of bonds, or trustee therefor, shall have the right and power, for the […]
(a) The purpose for which the Authority is created, and the exercise of all powers and duties of the Authority, are a public purpose. The Authority is exempt from the payment of any taxes or assessments on any of the property acquired or to be acquired by it, or on its operations or activities, or […]
(a) The Authority shall be dissolved within six months after a finding by the Board, and ratification by the Legislature of the Virgin Islands, of one or more of the following, provided the requirements of subsection (b) of this section have been met: (1) federal legislation has been enacted that will supersede windstorm and earthquake […]
