V.I. Code tit. 22, § 1482 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 58 - Commercial Self-Insurance Fund|§ 1482. Application

 All applications for a certificate of authority for a commercial self-insurance fund shall be on a form furnished by the Commissioner, and shall include or have attached the following: (1) The name of the fund and the location of the fund's principal office, which shall be maintained within the territory. (2) The kinds of insurance initially proposed to be transacted and a copy of each policy, endorsement, and application form it initially proposes to issue or use. (3) A copy of the constitution, bylaws, or trust agreement which governs the operation of the fund. The constitution, bylaws, or trust agreement shall contain a provision prohibiting any distribution of surplus funds or profit except to members of the fund, as approved by the Commissioner. (4) The names and addresses of the trustees of the fund. The Commissioner shall not grant or continue approval as to any fund if the Commissioner determines that any trustee is incompetent or untrustworthy; that any trustee has been found guilty of, or has pled guilty or no contest to a felony, or a crime involving moral turpitude, or a crime punishable by imprisonment of one year or more under the law of any state, territory, or country, whether or not a judgment or conviction has been entered; or that any trustee has had any type of insurance license revoked in this Territory or any state. (5) A copy of a properly executed indemnity agreement binding each fund member to individual, several, and proportionate liability. (6) A plan of risk management which has established measures and procedures to minimize both the frequency and severity of losses. (7) Proof of competent and trustworthy persons to administer or service the fund in the areas of claims adjusting, underwriting, risk management, and loss control. (8) Membership applications with the name, address, and a current financial statement of each member applying for coverage showing the aggregate net worth of all members to be not less than $500,000, a combined ratio of current assets to current liabilities of more than one to one, and a combined working capital of an amount establishing financial strength and liquidity of the businesses to promptly provide for payment of the normal property or casualty claims proposed to be self-insured. (9)  (A) An initial deposit of cash or securities of the type eligible for deposit by insurers in the amount of $100,000. (i) All income from deposits shall belong to the fund and shall be transmitted to the fund as it becomes available. (ii) No judgment creditor or other claimant shall have the right to levy upon any of the assets or securities held as a deposit under this chapter. (B) In lieu of the deposit of cash or securities, a fund may file with the Commissioner a surety bond in like amount. The bond shall be one issued by an authorized surety insurer, shall be for the same purpose as the deposit in lieu of which it is filed, and shall be subject to the Commissioner's approval. (i) No bond shall be approved unless it covers liabilities arising from all policies and contracts issued and entered into during the time the bond is in effect and unless the Commissioner is satisfied that the bond provides the same degree of security as would be provided by a deposit of securities. (ii) No bond shall be cancelled or subject to cancellation unless written advance notice of at least sixty days is filed with the Commissioner. (C) Deposit of securities or cash pursuant to this chapter shall be administered by the Commissioner in accordance with chapter 29 of this title. (10)  (A) Copies of acceptable excess insurance policies written by an insurer or insurers authorized or approved to transact business in the Territory, which excess insurance provides specific and aggregate limits and retention levels satisfactory to the Commissioner in accordance with sound actuarial principles. The Commissioner may waive this requirement if the fund demonstrates to the satisfaction of the Commissioner that its operation is and will be actuarially sound without obtaining excess insurance. (B) At least ten days prior to the proposed effective date of the issuance of any policy, the trustees shall submit proof that the members have paid into a common claims fund in a designated depository, cash premiums in an amount of not less than $50,000 or ten percent of the estimated annual premium of the members at the inception, whichever is greater. (11) A copy of a fidelity bond or insurance policy from an authorized insurer providing coverage in an amount equal to not less than ten percent of the funds handled annually and issued in the name of the fund, covering its trustees, employees, administrator, or other individuals managing or handling the funds, or assets of the fund. In no case may such bond or policy be less than $1,000 or more than $500,000 except that the Commissioner may for good cause prescribe an amount in excess of $500,000, subject to the ten percent limitation of the preceding sentence. (12)  (A) A plan of operation designed to provide sufficient revenues to pay current and future liabilities, as determined in accordance with sound actuarial principles. (B) A statement prepared by an actuary who is a member of the American Academy of Actuaries or the Casualty Actuarial Society establishing that the fund has prepared a plan of operation which is based on sound actuarial principles. The Commissioner shall not approve the fund unless he determines that the plan established by the fund is designed to provide sufficient revenues to any current and future liabilities, as determined in accordance with sound actuarial principles. (13) Such additional information as the Commissioner may reasonably require.