For the purposes of this title— (1) a “domestic” insurer is one formed under the laws of this territory; (2) a “foreign” insurer is an insurer which is organized under the laws of the United States, or of a state or territory of the United States other than this territory, or of the District of […]
(a) No person shall act as an insurer and no insurer shall transact insurance in this territory other than as authorized by a certificate of authority issued to it by the Commissioner and then in force; except as to such transactions as are expressly otherwise provided for in this title. (b) Every certificate of authority […]
To qualify for and hold a certificate of authority an insurer must — (1) be a stock or mutual insurer of the same general type as may be formed as a domestic insurer under the provisions of chapter 11 of this title; or be a Lloyd’s Insurer; (2) have capital funds as required by this […]
“Charter” means articles of incorporation, articles of agreement, articles of association of a corporation, or other basic constituent document of a corporation.
“Capital funds” means the excess of the assets of an insurer over its liabilities. Capital stock, if any, shall not be deemed to be a liability for the purposes of this section.
To apply for an original certificate of authority an insurer shall: (1) file with the Commissioner its request therefor, showing— (A) its name, home office location, type of insurer, organization date, and state or country of its domicile; (B) the kinds of insurance it proposes to transact; and (C) additional information as the Commissioner may […]
(a) All foreign and alien insurers shall file with the Commissioner as a condition of doing business in the Virgin Islands, and for the protection of policyholders in the Virgin Islands, the sum of not less than five hundred thousand dollars ($500,000) which may be in the form of a financial guarantee bond, certificate of […]
(a) Each bond filed pursuant to section 207 of this chapter shall be with condition that the surety or sureties on the bond shall be answerable to the amount of the bond for all judgments, decrees, or orders given, made or rendered against the principal on the bond by any court of the Virgin Islands […]
(a) If the Commissioner finds that an insurer has met the requirements for and is fully entitled thereto under this title, he shall issue to it a proper certificate of authority. If the Commissioner does not so find, the authority shall be refused within a reasonable length of time following completion by the insurer of […]
(a) All certificates of authority shall expire on the 31st day of December next succeeding the date of issue or renewal, and if the insurer qualifies therefor its certificate shall be renewed annually for a period of not more than one year. (b) The Commissioner may amend a certificate of authority at any time in […]
The Commissioner shall refuse to renew or shall revoke or suspend an insurer’s certificate of authority, in addition to other grounds therefor in this title, if the insurer— (1) is a foreign or alien insurer and no longer qualifies or meets the requirements of the authority; or, is a domestic mutual insurer, and fails to […]
The Commissioner may refuse, suspend, or revoke an insurer’s certificate of authority, in addition to other grounds therefor in this title, if the insurer— (1) fails to comply with any provision of this title other than those for violation of which refusal, suspension, or revocation is mandatory, or fails to comply with any proper order […]
The Commissioner shall give an insurer notice of his intention to suspend, revoke, or refuse to renew its certificate of authority not less than ten days before the order of suspension, revocation or refusal is to become effective; except that no advance notice of intention is required where the order results from a domestic insurer’s […]
The Commissioner shall not suspend an insurer’s certificate of authority for a period in excess of one year, and he shall state in his order of suspension the period during which it shall be effective.
No insurer whose certificate of authority has been suspended, revoked, or refused shall subsequently be authorized unless the grounds for such suspension, revocation, or refusal no longer exist and the insurer is otherwise fully qualified.
Upon the suspension, revocation, or refusal of an insurer’s certificate of authority, the Commissioner shall give notice thereof to the insurer and shall likewise suspend, revoke or refuse the authority of its agents to represent it in this territory and give notice thereof to the agents.
(a) Every insurer shall conduct its business in its own legal name. (b) No insurer shall assume or use a name deceptively similar to that of any other authorized insurer.
(a) Before a certificate of authority to transact business in the Virgin Islands is issued to any domestic, foreign or alien insurance company it must file with the Commissioner a resolution adopted by its board of directors consenting that service of process upon the Commissioner in any action or proceeding against the company, brought or […]
(a) Every process left with the Commissioner shall be in triplicate. He shall return the original copy with his certificate of service which shall be accepted as proof of service of process. One copy shall be forwarded at once by mail to the company addressed to its principal office and the remaining copy he shall […]
(a) No insurer shall issue an insurance contract covering a subject of insurance resident, located, or to be performed in this territory unless the insurance contract is countersigned by its licensed agent, or manager or general agent, except as provided in section 221 of this title. The Commissioner may suspend or revoke the certificate of […]