V.I. Code tit. 22, § 333 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 14 - Virgin Islands Insurance Holding Company System Regulation|§ 333. Sanctions

 (a) Any insurer failing, without just cause, to file any registration statement as required in this chapter shall, after notice and hearing, pay a penalty of not more than $1,000 for each day’s delay, to be recovered by the Commissioner of Insurance and the penalty so recovered must be paid into the Insurance Guaranty Fund. The maximum penalty under this section is $25,000. The Commissioner may reduce the penalty if the insurer demonstrates to the Commissioner that the imposition of the penalty constitutes a financial hardship to the insurer. (b) Every director and officer of an insurance holding company system who knowingly violates, participates in. or assents to. or who knowingly permits any of the officers or agents of the insurer to engage in transactions or make investments that are not properly reported or submitted pursuant to sections 325(a), 326(a)(2), or 326(b), or which violate this chapter, shall pay, in their individual capacity, a civil forfeiture of not more than $5,000 per violation, after notice and hearing before the Commissioner. In determining the amount of the civil forfeiture, the Commissioner shall take into account the appropriateness of the forfeiture with respect to the gravity of the violation, the history of previous violations, and such other matters as justice may require. (c) Whenever it appears to the Commissioner that any insurer subject to this chapter or any director, officer, employee or agent thereof has engaged in any transaction or entered into a contract that is subject to section 326 and that would not have been approved had the approval been requested, the Commissioner may order the insurer to cease and desist immediately any further activity under that transaction or contract. After notice and hearing, the Commissioner may also order the insurer to void any contracts and restore the status quo if the action is in the best interest of the policyholders, creditors or the public. (d) Whenever it appears to the Commissioner that any insurer or any director, officer, employee or agent thereof has committed a willful violation of this chapter, the Commissioner may cause criminal proceedings to be instituted, in any appropriate court of competent jurisdiction in the jurisdiction in which the principle office of the insurer is located, against the insurer or the responsible director, officer, employee or agent thereof. Any insurer that willfully violates this chapter may be fined not more than $25,000. Any individual who willfully violates this chapter may be fined in the individual’s individual capacity not more than $25,000 or be imprisoned for not less than one year or more than three years, or both. (e) Any officer, director or employee of an insurance holding company system who willfully and knowingly subscribes to or makes or causes to be made any false statements or false reports or false filings with the intent to deceive the Commissioner in the performance of the Commissioner’s duties under this chapter, upon conviction must be imprisoned for not more than one year or fined not more than $25,000, or both. Any fines imposed must be paid by the officer, director or employee in his individual capacity. (f) Whenever it appears to the Commissioner that any person has committed a violation of section 323 and which prevents the full understanding of the enterprise risk to the insurer by affiliates or by the insurance holding company system, the violation may serve as an independent basis for disapproving dividends or distributions and for placing the insurer under an order of supervision in accordance with chapter 51 of this title.