reglab/housing_qa huggingface dataset:
V.I. Code tit. 22, § 458 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 19 - Insuring Powers of Domestic Companies|§ 458. Surety insurance defined

 “Surety insurance” includes— (1) credit insurance as defined in section 457(9) of this title; (2) bail bond insurance as defined in section 459 of this title; (3) fidelity insurance, which is insurance guaranteeing the fidelity of persons holding positions of public or private trust; (4) guaranteeing the performance of contracts, other than insurance policies, and guaranteeing and executing bonds, undertakings, and contracts of suretyship; and (5) indemnifying banks, bankers, brokers, financial or moneyed corporations or associations against loss resulting from any cause of bills of exchange, notes, bonds, securities, evidence of debts, deeds, mortgages, warehouse receipts, or other valuable papers, documents, money, precious metals and articles made therefrom, jewelry, watches, necklaces, gems, precious and semiprecious stones, including any loss while the same are being transported in armored motor vehicles, or by messenger, but not including any other risks of transportation or navigation; also against loss or damage to such an insured's premises, or to his furnishings, fixtures, equipment, safes and vaults therein, caused by burglary, robbery, theft, vandalism or malicious mischief, or any attempt thereat.
V.I. Code tit. 22, § 459 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 19 - Insuring Powers of Domestic Companies|§ 459. Bail bond insurance defined

 “Bail bond insurance” is the guaranteeing that any person, in or in connection with any proceedings in any court, will attend in court when required, or will obey the orders or judgment of the court, as a condition to the release of such person from confinement, and the execution of bail bonds for any such purpose. The making of property or cash bail does not constitute the transacting of bail bond insurance.
V.I. Code tit. 22, § 460 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 19 - Insuring Powers of Domestic Companies|§ 460. Title insurance defined

 “Title insurance” is insurance of owners of property or others having an interest therein, against loss by encumbrance, or defective titles, or adverse claim to title, and services connected therewith.
V.I. Code tit. 22, § 461 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 19 - Insuring Powers of Domestic Companies|§ 461. Authority to transact additional kinds of insurance

 Authority shall be granted or denied insurers, already authorized to transact one kind of insurance, to transact additional kinds of insurance as follows: (1) an insurer authorized to transact life insurance may also transact disability insurance and may be authorized to transact additional kinds of insurance subject to such regulation as the Commissioner may prescribe, but a Lloyd's insurer may not transact life insurance; (2) an insurer authorized to transact title insurance shall not be authorized to transact any additional kind of insurance; (3) a domestic mutual insurer may be authorized to transact additional kinds of insurance as provided in section 403 of this title; and (4) an insurer authorized to transact general casualty insurance shall be authorized to transact disability insurance and fidelity insurance without requiring additional financial qualifications.
V.I. Code tit. 22, § 462 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 19 - Insuring Powers of Domestic Companies|§ 462. Capital, surplus required for additional insuring powers

 (a) Insurers, except as provided in section 461 of this title, shall be authorized to transact kinds of insurance in addition to kinds already authorized upon otherwise qualifying therefor, and subject to special surplus requirements set forth in subsection (c) of this section, possessing capital stock, if a stock insurer, or surplus, if a mutual insurer, in addition to that required under this title to be maintained to qualify for the kinds of insurance theretofore authorized, in amount as required under the following schedule:  A domestic mutual life or disability insurer may be authorized to transact both life and disability insurances when it has acquired and while it maintains surplus funds in amount not less than $100,000. (b) Special surplus shall be possessed as follows: (1) an insurer shall not be authorized to transact any one of the following insurances—vehicle, or general casualty (other than disability and fidelity), or marine and transportation, or surety (other than bail bond and fidelity)—with any additional kind of insurance unless it maintains at all times a special surplus of not less than $100,000 in addition to the capital stock (if a stock insurer) or surplus (if a mutual insurer) otherwise required; and (2) an insurer shall not be authorized to transact all kinds of insurance exclusive of life, title, and disability insurance, unless it possesses when first so authorized, a special surplus of not less than $250,000 in addition to the capital stock (if a stock insurer) or surplus (if a mutual insurer) otherwise required. Such special surplus shall be inclusive of the special surplus required pursuant to paragraph (1) of this subsection. For the purpose of this subsection, general casualty insurances as defined in section 457 of this title, and surety insurances as defined in section 458 of this title shall not be subdivided. The insurer after being so authorized, may use in the development of its business that part of such special surplus which exceeds the amount required pursuant to paragraph (1) of this subsection. (c) In applying the schedule set forth in subsection (a) of this section to a domestic mutual insurer, the additional surplus required is the lesser amount thereof as determined by using property or disability insurance, if a mutual insurer, if such insurance is to be included in the kinds proposed to be transacted as the initial kind authorized; and to which such lesser amount shall be added any additional surplus required pursuant to subsection (b) of this section.
V.I. Code tit. 22, § 463 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 19 - Insuring Powers of Domestic Companies|§ 463. Reinsurance powers

 A domestic mutual assessment insurer shall not have authority to accept reinsurance. Any other domestic insurer may accept reinsurance only of such kinds of insurance as it is authorized to transact direct.
V.I. Code tit. 22, § 464 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 19 - Insuring Powers of Domestic Companies|§ 464. Limitation of single risk

 (a) No insurer, other than a title insurer, may retain any risk on any one subject of insurance, regardless of where located or to be performed, in an amount exceeding 10 percent of its surplus to policyholders. (b) For the purposes of this section, a “subject of insurance” as to insurance against fire includes all properties insured by the same insurer which are reasonably subject to loss or damage from the same fire. (c) Reinsurance in an alien reinsurer not qualified under section 226 of this title may not be deducted in determining risk retained for the purposes of this section. (d) In the case of surety insurance, the net retention shall be computed after deduction of reinsurances, the amount assumed by any co-surety, the value of any security deposited, pledged, or held subject to the consent of the surety and for the protection of the surety. (e) [Deleted.]
V.I. Code tit. 22, § 465 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 19 - Insuring Powers of Domestic Companies|§ 465. Use of surplus by domestic stock insurers

 After qualifying for authority to transact a kind of insurance, a domestic stock insurer may make use of its surplus for the development of its business, subject to subsection (b) of section 462 of this title.
V.I. Code tit. 22, § 466 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 19 - Insuring Powers of Domestic Companies|§ 466. Capital funds of foreign and alien insurers

 (a) Subject to the special surplus requirements of subsection (b) of section 462 of this title, foreign stock insurers may be authorized to transact insurance in this territory upon otherwise qualifying therefor and while possessing capital stock in amount not less than the minimum capital required of a domestic insurer authorized to transact like kinds of insurance. (b) Subject to special surplus requirements provided by subsection (b) of section 462 of this title, alien insurers and foreign mutual insurers may be authorized to transact insurance in this territory upon otherwise qualifying therefor and while possessing capital funds in amount not less than the minimum capital required of a domestic stock insurer authorized to transact like kinds of insurance; Provided, however, That a foreign or alien insurer which as an authorized insurer has transacted insurance in the state or country of its domicile for less than five years shall not be authorized to transact insurance in this territory unless it possesses, when first so authorized in this territory: (1) capital stock and surplus, if a foreign stock insurer, in amounts not less than that required under section 451 of this title, of a newly formed domestic stock insurer to transact like kinds of insurance; or (2) surplus or capital funds, if an alien insurer or foreign mutual insurer, in amount not less than the aggregate of the capital stock and surplus required under section 451 of this title, of a newly formed domestic stock insurer to transact like kinds of insurance.
V.I. Code tit. 22, § 470 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 20 - Virgin Islands Risk-Based Capital for Insurers Act|§ 470. Short title

 This chapter may be cited as “The Virgin Islands Risk-Based Capital for Insurers Act” or “The RBC Act”.
V.I. Code tit. 22, § 472 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 20 - Virgin Islands Risk-Based Capital for Insurers Act|§ 472. Risk-based capital reports

 (a) Every domestic insurer on or before each filing date shall prepare and submit to the Commissioner a report of its RBC Levels as of the end of the calendar year just ended, in a form and containing such information as is required by the RBC instructions. In addition, every domestic insurer shall file its RBC Report with: (1) the NAIC in accordance with the RBC instructions; and (2) the insurance Commissioner in any state in which the insurer is authorized to do business, if the insurance Commissioner has notified the insurer of its request in writing, in which case the insurer shall file its RBC Report not later than the later of: (A) 15 days from the receipt of notice to file its RBC Report with that state; or (B) the filing date. (b) A life and health insurer’s or fraternal benefit society’s RBC is determined in accordance with the formula set forth in the RBC instructions. The formula must take into account, and may be adjusted for the covariance between the following factors determined in each case by applying the factors in the manner set forth in the RBC instructions: (1) the risk with respect to the insurer’s assets; (2) the risk of adverse insurance experience with respect to the insurer’s liabilities and obligations; (3) the interest rate risk with respect to the insurer’s business; and (4) all other business risks and other relevant risks set forth in the RBC instructions. (c) A property and casualty insurer’s RBC is determined in accordance with the formula set forth in the RBC instructions. The formula must take the following into account and may adjust for the covariance as determined in each case by applying the following factors in the manner set forth in the RBC instructions: (1) asset risk; (2) credit risk; (3) underwriting risk; and (4) all other business risks and such other relevant risks as are set forth in the RBC instructions. (d) An excess of capital over the amount produced by the risk-based capital requirements contained in this chapter and the formulas, schedules and instructions referenced in this chapter are desirable in the business of insurance. Insurers must seek to maintain capital above the RBC levels required by this chapter. Additional capital is useful in the insurance business and helps to secure an insurer against various risks inherent in, or affecting, the business of insurance and not accounted for or only partially measured by the risk-based capital requirements contained in this chapter. (e) If a domestic insurer files an RBC Report which in the judgment of the Commissioner is inaccurate, the Commissioner shall adjust the RBC Report to correct the inaccuracy and shall notify the insurer of the adjustment. The notice must contain a statement of the reason for the adjustment. An RBC Report so adjusted is referred to as an “Adjusted RBC Report.”
V.I. Code tit. 22, § 475 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 20 - Virgin Islands Risk-Based Capital for Insurers Act|§ 475. Authorized Control Level Event

 (a) “Authorized Control Level Event” means any of the following events: (1) the filing of an RBC Report by the insurer which indicates that the insurer’s total adjusted capital is greater than or equal to its Mandatory Control Level RBC, but less than its Authorized Control Level RBC; (2) the notification by the Commissioner to the insurer of an Adjusted RBC Report that indicates the event in paragraph (1), if the insurer does not challenge the Adjusted RBC Report under section 477; (3) if, pursuant to section 477, the insurer challenges an Adjusted RBC Report that indicates the event in paragraph (1), notification by the Commissioner to the insurer that the Commissioner has, after a hearing, rejected the insurer’s challenge; (4) the failure of the insurer to respond to a corrective order, in a manner satisfactory to the Commissioner; but the insurer has not challenged the corrective order under section 477; (5) if the insurer has challenged a corrective order under section 477 and the Commissioner has, after a hearing, rejected the challenge or modified the corrective order, the failure of the insurer to respond, in a manner satisfactory to the Commissioner, to the corrective order subsequent to rejection or modification by the Commissioner. (b) If an Authorized Control Level Event occurs, the Commissioner shall: (1) take the actions required under section 474 regarding an insurer with respect to which an Regulatory Action Level Event has occurred; or (2) if the Commissioner considers it to be in the best interests of the policyholders and creditors of the insurer and of the public, take such actions necessary to cause the insurer to be placed under regulatory control pursuant to chapter 51 of this title. If the Commissioner takes such actions, the Authorized Control Level Event is sufficient grounds for the Commissioner to take action under chapter 51 of this title. If the Commissioner takes action under this paragraph pursuant to an Adjusted RBC Report, the insurer is entitled to the protections afforded under section 477, pertaining to summary proceedings.
V.I. Code tit. 22, § 476 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 20 - Virgin Islands Risk-Based Capital for Insurers Act|§ 476. Mandatory Control Level Event

 (a) “Mandatory Control Level Event” means any of the following events: (1) the filing of an RBC Report that indicates that the insurer’s total adjusted capital is less than its Mandatory Control Level RBC; (2) notification by the Commissioner to the insurer of an Adjusted RBC Report that indicates that the insurer’s total adjusted capital is less than its Mandatory Control Level RBC, if the insurer does not challenge the Adjusted RBC Report under section 477; or (3) if, pursuant to section 477, the insurer challenges an Adjusted RBC Report that indicates that the insurer’s total adjusted capital is less than its Mandatory Control Level RBC notification by the Commissioner to the insurer that the Commissioner has, after a hearing, rejected the insurer’s challenge. (b) If a Mandatory Control Level Event occurs: (1) Regarding a life insurer or fraternal benefit society, the Commissioner shall take the necessary action to place the insurer under regulatory control pursuant chapter 51 of this title. The Mandatory Control Level Event is sufficient grounds for the Commissioner to take action under chapter 51 of this title. If the Commissioner takes action pursuant to an Adjusted RBC Report, the insurer is entitled to the protections of section 477, notwithstanding any of the foregoing, the Commissioner may forego action for up to 90 days after the Mandatory Control Level Event if the Commissioner finds that there is a reasonable expectation that the Mandatory Control Level Event may be eliminated within a 90-day period. (2) Regarding a property and casualty insurer, the Commissioner shall take the action necessary to place the insurer under regulatory control pursuant to chapter 51 of this title, or, in the case of an insurer that is writing no business and that is running-off its existing business, the Commissioner may allow the insurer to continue its run-off under the supervision of the Commissioner. In either event, the Mandatory Control Level Event is sufficient grounds for the Commissioner to take action under chapter 51 of this title, and if the Commissioner takes action pursuant to an Adjusted RBC Report, the insurer is entitled to the protections of section 477, pertaining to summary proceedings. (3) Notwithstanding any of the foregoing, the Commissioner may forego action for up to 90 days after the Mandatory Control Level Event, if the Commissioner finds there is a reasonable expectation that the Mandatory Control Level Event may be eliminated within a 90-day period.
V.I. Code tit. 22, § 477 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 20 - Virgin Islands Risk-Based Capital for Insurers Act|§ 477. Hearings

 (a) The insurer has the right to a confidential departmental hearing, on a record, where the insurer may challenge any determination or action taken by the Commissioner upon any of the following: (1) notification to an insurer by the Commissioner of an Adjusted RBC Report; or (2) notification to an insurer by the Commissioner that: (A) The insurer’s RBC Plan or Revised RBC Plan is unsatisfactory; and (B) The notification constitutes a Regulatory Action Level Event with respect to such insurer; or (3) notification to any insurer by the Commissioner that the insurer has failed to adhere to its RBC Plan or Revised RBC Plan and that such failure has a substantial adverse effect on the ability of the insurer to eliminate the Company Action Level Event with respect to the insurer in accordance with its RBC Plan or Revised RBC Plan; or (4) notification to an insurer by the Commissioner of a corrective order with respect to the insurer. (b) The insurer shall notify the Commissioner of its request for a hearing not more than five days after the notification from the Commissioner. Upon receipt of the insurer’s request for a hearing, the Commissioner shall set a date for the hearing. The date of the hearing may not be less than 10 days nor more than 30 days after the date of the insurer’s request. The appeals procedure set forth in chapter 7 of this title applies to an appeal of the Commissioner’s order.
V.I. Code tit. 22, § 479 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 20 - Virgin Islands Risk-Based Capital for Insurers Act|§ 479. Supplemental provisions; rules; exemption

 (a) The provisions of this chapter are supplemental to any other law of the Territory, and may not preclude or limit any other powers or duties of the Commissioner under the laws, including, but not limited to, the powers and duties bestowed upon the Commissioner in chapter 3 of this title. (b) The Commissioner may adopt reasonable regulations necessary for the implementation of this chapter. (c) The Commissioner may establish appropriate, reasonable fees to carry out the intent of this chapter.
V.I. Code tit. 22, § 480 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 20 - Virgin Islands Risk-Based Capital for Insurers Act|§ 480. Foreign insurers

 (a) Any foreign insurer shall, upon the written request of the Commissioner, submit to the Commissioner an RBC Report as of the end of the calendar year just ended the later of: (1) the date an RBC Report is required to be filed by a domestic insurer under this chapter; or (2) fifteen days after the request is received by the foreign insurer. (b) Any foreign insurer at the written request of the Commissioner, shall promptly submit to the Commissioner a copy of any RBC Plan that is filed with the insurance Commissioner of any other state. (c) If a Company Action Level Event, Regulatory Action Level Event or Authorized Control Level Event occurs with respect to any foreign insurer as determined under the RBC statute applicable in the state of domicile of the insurer or, if no RBC statute is in force in that state, under the provisions of this chapter, or if the insurance commissioner of the state of domicile of the foreign insurer fails to require the foreign insurer to file an RBC Plan in the manner specified under that state’s RBC statute or, if no RBC statute is in force in that state, under section 473, the Commissioner may require the foreign insurer to file an RBC Plan with the Commissioner. In such event, the failure of the foreign insurer to file an RBC Plan with the Commissioner is ground to order the insurer to cease writing new insurance business in the Territory. In addition, the Commissioner may impose an appropriate fine on the foreign insurer for failure to submit an RBC plan upon request. (d) If a Mandatory Control Level Event occurs with respect to any foreign insurer, and no domiciliary receiver has been appointed under the rehabilitation and liquidation statute applicable in the state of domicile of the foreign insurer, the Commissioner may make application to the court of the Virgin Islands as permitted under chapter 51 of this title regarding the liquidation of property of foreign insurers found in the Territory, and the occurrence of the Mandatory Control Level Event is considered adequate grounds for the application.
V.I. Code tit. 22, § 481 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 20 - Virgin Islands Risk-Based Capital for Insurers Act|§ 481. Immunity

 No liability or cause of action arises against the Commissioner or the insurance division or its employees or agents for any action taken by them in the performance of their duties under this chapter.
V.I. Code tit. 22, § 482 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 20 - Virgin Islands Risk-Based Capital for Insurers Act|§ 482. Severability clause

 If any provision of this chapter, or its application to any person or circumstance is held invalid, that determination does not affect the other provision or applications of this chapter that can be given effect without the invalid provision or application.
V.I. Code tit. 22, § 483 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 20 - Virgin Islands Risk-Based Capital for Insurers Act|§ 483. Notices

 All notices by the Commissioner to an insurer that results in regulatory action are effective upon dispatch, if transmitted by registered or certified mail. Any other transmission is effective upon the insurer’s receipt of the notice.
V.I. Code tit. 22, § 551 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 23 - Investments|§ 551. Eligible investments

 (a) Domestic insurers shall invest in or loan their funds on the security of, and shall hold as assets, only eligible investments as prescribed in this chapter. (b) Any particular investment of a domestic insurer held by it on the effective date of this title and which was a legal investment immediately prior thereto, shall be deemed a legal investment hereunder. (c) The eligibility of an investment shall be determined as of the date of its making or acquisition. (d) Except as to section 583 of this title, this chapter applies only to domestic insurers.