V.I. Code tit. 22, § 532 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 21 - Assets and Liabilities|Subchapter II - Standard Valuation Act of 2018|§ 532. Definitions

 In this subchapter: (a) “Accident and health insurance” means contracts that incorporate morbidity risk and provide protection against economic loss resulting from accident, sickness, or medical conditions and as may be specified in the valuation manual. (b) “Alien company” means an insurer as defined in 22 V.I.C. § 201(3). (c) “Appointed actuary” means a qualified actuary who is appointed by a company in accordance with the valuation manual to prepare an actuarial opinion required under section 535, subsections (a), (b) and (c). (d) “Company” means an entity that has written, issued, or reinsured life insurance contracts, accident and health insurance contracts, or deposit-type contracts in the Territory and has at least one of these policies in force or on claim or has written, issued, or reinsured life insurance contracts, accident and health insurance contracts, or deposit-type contracts in any state and is required to hold a certificate of authority to write life insurance, accident and health insurance, or deposit-type contracts in the Territory. (e) “Commissioner” means the Commissioner of Insurance of the Virgin Islands. (f) “Deposit-type contract” means a contract that does not incorporate mortality or morbidity risks and other contracts that may be specified in the valuation manual. (g) “Foreign company” means an insurer as defined in 22 V.I.C. § 201(2). (h) “Life insurance” means contracts that incorporate mortality risk, including annuity and pure endowment contracts, and other contracts as may be specified in the valuation manual. (i) “NAIC” means the National Association of Insurance Commissioners. (j) “Policyholder behavior” means any action a policyholder, contract holder or any other person with the right to elect options, such as a certificate holder, may take under a policy or contract including, lapse, withdrawal, transfer, deposit, premium payment, loan, annuitization, or benefit elections prescribed by the policy or contract, but excluding events of mortality or morbidity that result in benefits prescribed in their essential aspects by the terms of the policy or contract. (k) “Principle-based valuation” means a reserve valuation that uses one or more methods, or one or more assumptions determined by the insurer and is required to comply with section 538 as specified in the valuation manual. (l) “Qualified actuary” means an individual who is qualified to sign the applicable statement of actuarial opinion in accordance with the American Academy of Actuaries qualification standards for actuaries and who meets the requirements specified in the valuation manual. (m) “Tail risk” means a risk that occurs either where the frequency of low probability events is higher than expected under a normal probability distribution or where there are observed events of very significant size or magnitude. (n) “Territory” means the Virgin Islands of the United States as described in the Revised Organic Act of the Virgin Islands, section 2, subsection (a). (o) “Valuation manual” means the NAIC manual of valuation instructions that became operative on January 1, 2017.