(a) “Ambulance service association” or “association” means any person issuing ambulance service contracts as defined in this section, other than an authorized insurer. (b) “Ambulance service contract” or “preened [sic] ambulance service contract” means any contract or agreement whereby, for an agreed premium or specified consideration or indemnify the contract or agreement holder from any […]
The Commissioner shall administer this Chapter; and to that end, may adopt, promulgate, and enforce regulations necessary and proper to effectuate any provisions of this chapter.
(a) Except as provided in this chapter, ambulance service associations shall be exempt from all other provisions of the Virgin Islands Insurance Code. (b) Any rehabilitation, liquidation, conservation, or dissolution of an ambulance service association insurer shall be conducted under the supervision of the Commissioner. The Commissioner shall have all the powers with respect to […]
(a) No person may receive, hold, control, or manage any funds tendered as payment on any ambulance service contract until such person has a subsisting certificate of authority issued by the Commissioner. The certificate of authority shall expire on December 31st succeeding its issuance; and annually thereafter, on or before December 31st, a renewal shall […]
(a) An application to the Commissioner for a certificate of authority shall be accompanied by: (1) The deposit required by section 1677 of this title; (2) The ambulance service contracts proposed to be written; (3) The name and address of the place of business of the person offering to write the ambulance contracts; (4) Evidence […]
(a) Any person applying for a certificate of authority under section 1675 of this title shall possess unimpaired paid-in capital or paid-in capital stock, if a stock association, or unimpaired surplus, if a foreign mutual or foreign reciprocal association, or a net trust fund, if a business trust association, in an amount not less than […]
(a) To assure the faithful performance of its obligation to its members or subscribers, every ambulance service association shall, prior to issuance of its certificate of authority by the Commissioner, deposit with the Commissioner, securities of the type eligible for deposit by insurers under chapter 9, section 207 of this title, and having a market […]
No judgment creditor or other claimant of an association shall have the right to levy upon any of the assets or securities held in the territory as a deposit under section 1677 of this title.
(a) The Commissioner may, in his discretion, suspend, revoke, or refuse to renew the certificate of authority of any association if he finds that the association: (1) Has violated any lawful order, rule or regulation of this chapter. (2) Is in unsound financial condition so as to render its further transaction of business in the […]
(a) The Commissioner shall promptly give notice of the suspension or revocation of the certificate of authority of an association to its sales representatives in the territory of record in the office of the Commissioner. (b) In his discretion, the Commissioner may cause notice of any such revocation to be published in one or more […]
(a) The suspension of the certificate of authority of an association shall be for a period not to exceed one year, as specified by the Commissioner in the order of suspension. The Commissioner may subsequently shorten or rescind the order upon which the suspension is based. (b) During the period of suspension, the association shall […]
(a) If the Commissioner finds that one or more grounds exist for the revocation or suspension of a certificate of authority issued under this chapter, the Commissioner may, in lieu of such suspension or revocation, impose a fine upon the insurer or association. (b) With respect to any nonwillful violation, such fine may not exceed […]
Every association and its representatives and employees shall be subject to the provisions of chapter 49 of this title.
(a) No contract form nor related form may be issued or used in the territory unless it has been filed with and approved by the Commissioner. (b) Every such filing shall be made not less than 30 days in advance of issuance or use. At the expiration of 30 days from the date of filing, […]
(a) In addition to the taxes provided for in this chapter for associations, and license fees as provided in this title as to insurers, each such association and insurer shall, annually on or before March 31, file with the Commissioner, its annual statement, in a form as prescribed and furnished by the Commissioner, showing all […]
Ambulance service associations shall be subject to periodic examination by the Commissioner in the same manner and subject to the same terms and conditions as apply to insurers under chapter 5 of this title.
Ambulance service associations shall be subject to service of process in the same manner and subject to the same terms and conditions, and fees as apply to insurers under chapter 9, sections 218 and 219 of this title.
Every association or insurer shall on forms prescribed by the Commissioner, register, on or before December 31st of each year, the name and business office address of each sales representative employed by it, and shall within 30 days after termination of the employment notify the Commissioner of such termination. Any sales representative employed subsequent to […]
The Commissioner shall deny, suspend, revoke, or refuse to renew the registration of any sales representative if it is found that, as to sales representatives, any one or more of the following grounds exist: (1) Material misstatement, misrepresentation, or fraud in registration. (2) Willful use of the registration to circumvent any of the requirements or […]
The Commissioner may, in his discretion, deny, suspend, revoke, or refuse to renew the registration of any sales representative if it is found that the sales representative has committed any of the following acts under circumstances for which such denial, suspension, revocation, or refusal is not mandatory under section 1689 of this title: (1) Any […]
