reglab/housing_qa huggingface dataset:
V.I. Code tit. 22, § 508 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 21 - Assets and Liabilities|Subchapter I - General Provisions|§ 508. Increased reserves

 (a) If the Commissioner determines that an insurer's unearned premium reserves, however computed, are inadequate, he may require the insurer to compute such reserves or any part thereof according to such other method or methods as are prescribed in this chapter. (b) If the loss experience of an insurer shows that its loss reserves, however estimated, are inadequate, the Commissioner shall require the insurer to maintain loss reserves in such increased amount as is needed to make them adequate.
V.I. Code tit. 22, § 509 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 21 - Assets and Liabilities|Subchapter I - General Provisions|§ 509. Loss reserves, liability insurance

 The reserves for outstanding losses and loss expense under policies of personal injury liability insurance and under policies of employer's liability insurance shall be computed as follows: (1) for all liability suits being defended under policies written: (A) ten years or more prior to the date of determination, $1,500 for each suit; (B) five or more and less than ten years prior to the date of determination, $1,000 for each suit; and (C) three or more and less than five years prior to the date of determination, $850 for each suit. In any event the total loss and loss expense reserves for all such liability policies written more than three years prior to the date of determination shall not be less than the aggregate of the estimated unpaid losses and loss expenses under such policies computed on an individual case basis. (2) For all liability policies written during the three years immediately preceding the date of determination, such reserves shall be the sum of the reserves for each such year, which shall be 60 percent of the earned premiums on liability policies written during such year less all loss and loss expense payments made under such policies written in such year. In any event such reserves for each of such three years shall be not less than the aggregate of the estimated unpaid losses and loss expenses for claims incurred under liability policies written in the corresponding year computed on an individual case basis.
V.I. Code tit. 22, § 510 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 21 - Assets and Liabilities|Subchapter I - General Provisions|§ 510. Unallocated liability loss expense

 (a) All unallocated liability loss expense payments shall be distributed as follows: (1) if made in a given calendar year subsequent to the first four years in which an insurer has been issuing liability policies, 35 percent shall be charged to the policies written that year, 40 percent to the policies written in the preceding year, 10 percent to the policies written in the second year preceding, 10 percent to the policies written in the third year preceding and 5 percent to the policies written in the fourth year preceding; (2) if made in each of the first four calendar years in which an insurer issues liability policies, in the first calendar year 100 percent shall be charged to the policies written in that year; in the second calendar year 50 percent shall be charged to the policies written in that year and 50 percent to the policies written in the preceding year; in the third calendar year 40 percent shall be charged to the policies written in that year, 40 percent to the policies written in the preceding year, and 20 percent to the policies written in the second year preceding; and in the fourth calendar year 35 percent shall be charged to the policies written in that year, 40 percent to the policies written in the preceding year, 15 percent to the policies written in the second year preceding and 10 percent to the policies written in the third year preceding. (b) A schedule showing such distribution shall be included in the annual statement.
V.I. Code tit. 22, § 511 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 21 - Assets and Liabilities|Subchapter I - General Provisions|§ 511. Schedule of experience

 Any insurer transacting liability insurance shall include in its annual statement filed with the Commissioner, a schedule of its experience thereunder in such form as the Commissioner may prescribe.
V.I. Code tit. 22, § 512 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 21 - Assets and Liabilities|Subchapter I - General Provisions|§ 512. Loss payments, loss expense defined

 “Loss payments” and “loss expense payments” as used with reference to liability insurance shall include all payments to claimants, payments for medical and surgical attendance, legal expense, salaries and expenses of investigators, adjusters and claims field men, rents, stationery, telegraph and telephone charges, postage, salaries and expenses of office employees, home office expenses and all other payments made on account of claims, whether such payments are allocated to specific claims or are unallocated.
V.I. Code tit. 22, § 514 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 21 - Assets and Liabilities|Subchapter I - General Provisions|§ 514. Reserve credit for reinsurance

 (a) An insurer may take credit for reserves on risks ceded to a reinsurer to the extent reinsured, except that no credit shall be allowed, as an asset or as a deduction from liability, to any ceding insurer for reinsurance unless the reinsurance is payable by the assuming insurer on the basis of the liability of the ceding insurer under the contracts reinsured without diminution because of the insolvency of the ceding insurer not unless under the contract of reinsurance the liability for such reinsurance is assumed by the assuming insurer or insurers as of the same effective date. (b) A reinsurance agreement may provide that the liquidator or receiver or statutory successor of an insolvent ceding insurer shall give written notice of the pendency of a claim against the insolvent ceding insurer on the policy or bond reinsured within a reasonable time after such claim is filed in the insolvency proceeding and that during the pendency of such claim any assuming insurer may investigate such claim and interpose, at its own expense, in the proceeding where such claim is to be adjudicated, any defense or defenses which it may deem available to the ceding insurer or its liquidator or receiver or statutory successor. The expense thus incurred by the assuming insurer shall be chargeable, subject to court approval, against the insolvent ceding insurer as a part of the expense of liquidation to the extent of a proportionate share of the benefit which may accrue to the ceding insurer solely as a result of the defense undertaken by the assuming insurer. (c) Where two or more assuming insurers are involved in the same claim and a majority in interest elect to interpose to such claim, the expense shall be apportioned in accordance with the terms of the reinsurance agreement as though such expense had been incurred by the ceding insurer.
V.I. Code tit. 22, § 515 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 21 - Assets and Liabilities|Subchapter I - General Provisions|§ 515. Valuation of bonds

 (a) All bonds or other evidences of debt having a fixed term and rate held by any insurer may, if amply secured and not in default as to principal or interest, be valued as follows: (1) if purchased at par, at the par value; (2) if purchased above or below par, on the basis of the purchase price adjusted so as to bring the value to par at the earliest date callable at par or maturing at par so as to yield in the meantime the effective rate of interest at which the purchase was made; or in lieu of such method, according to such accepted method of valuation as is approved by the Commissioner; (3) purchase price shall in no case be taken at a higher figure than the actual market value at the time of purchase; and (4) unless otherwise provided by a valuation established or approved by the National Association of Insurance Commissioners, no such security shall be carried at above call price for the entire issue during any period within which the security may be so called. (b) Such securities not amply secured or in default as to principal or interest shall be carried at market value. (c) The Commissioner shall have full discretion in determining the method of calculating values according to the rules set forth in this section, and not inconsistent with any such methods then currently formulated or approved by the National Association of Insurance Commissioners.
V.I. Code tit. 22, § 516 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 21 - Assets and Liabilities|Subchapter I - General Provisions|§ 516. Valuation of securities

 (a) Securities, other than those referred to in section 515 of this title, held by an insurer shall be valued, in the discretion of the Commissioner, at their market value, or at their appraised value, or at prices determined by him as representing their fair market value, all consistent with any current method for the valuation of any such security formulated or approved by the National Association of Insurance Commissioners. (b) Preferred or guaranteed stocks or shares while paying full dividends may be carried at a fixed value in lieu of market value, at the discretion of the Commissioner and in accordance with such method of computation as he may approve. (c) The stock of a subsidiary of an insurer shall be valued on the basis of the value of only such of the assets of such subsidiary as would constitute lawful investments for the insurer if acquired or held directly by the insurer.
V.I. Code tit. 22, § 517 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 21 - Assets and Liabilities|Subchapter I - General Provisions|§ 517. Valuation of property

 (a) Real property acquired pursuant to a mortgage loan or a contract for a deed, in the absence of a recent appraisal deemed by the Commissioner to be reliable, shall not be valued at an amount greater than the unpaid principal of the defaulted loan or contract at the date of such acquisition, together with any taxes and expenses paid or incurred in connection with such acquisition, and the cost of improvements thereafter made by the insurer and any amounts thereafter paid by the insurer on assessments levied for improvements in connection with the property. (b) Other real property held by an insurer shall not be valued at any amount in excess of fair value. (c) Personal property acquired pursuant to chattel mortgages made under section 565 of this title shall not be valued at an amount greater than the unpaid balance of principal on the defaulted loan at date of acquisition together with taxes and expenses incurred in connection with such acquisition, or the fair value of such property, whichever amount is the lesser.
V.I. Code tit. 22, § 518 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 21 - Assets and Liabilities|Subchapter I - General Provisions|§ 518. Valuation of purchase money mortgages

 Purchase money mortgages shall be valued in an amount not exceeding the acquisition cost of the real property covered thereby or 90 percent of the fair value of such real property, whichever is less.
V.I. Code tit. 22, § 520 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 21 - Assets and Liabilities|Subchapter I - General Provisions|§ 520. Commissioner’s additional authority to take corrective action

 (a) For the purposes of making a determination of an insurer’s financial condition under section 519, the Commissioner may: (1) disregard any credit or amount receivable resulting from transactions with a reinsurer that is insolvent, impaired or otherwise subject to a delinquency proceeding; (2) make appropriate adjustments including disallowance to asset values attributable to investments in or transactions with parents, subsidiaries or affiliates consistent with the NAIC Accounting Practices and Procedures Manual, and Virgin Islands law and regulations; (3) refuse to recognize the stated value of accounts receivable if the ability to collect receivables is highly speculative in view of the age of the account or the financial condition of the debtor; and (4) increase the insurer’s liability in an amount equal to any contingent liability, pledge, or guarantee not otherwise included if there is a substantial risk that the insurer will be called upon to meet the obligation undertaken within the next twelve-month period. (b) If the Commissioner determines that the continued operation of the insurer licensed to transact business in this Territory may be hazardous to its policyholders, creditors or the public, then the Commissioner may, upon a determination, issue an order requiring the insurer to: (1) reduce the total amount of present and potential liability for policy benefits by reinsurance: (2) reduce, suspend or limit the volume of business being accepted or renewed; (3) reduce general insurance and commission expenses by specified methods; (4) increase the insurer’s capital and surplus; (5) suspend or limit the declaration and payment of dividend by an insurer to its stockholders or to its policyholders; (6) file reports in a form acceptable to the Commissioner concerning the market value of an insurer’s assets; (7) limit or withdraw from certain investments or discontinue certain investment practices to the extent the Commissioner deems necessary; (8) document the adequacy of premium rates in relation to the risks insured; (9) file, in addition to regular annual statements, interim financial reports on the form adopted by the National Association of Insurance Commissioners or in such format as promulgated by the Commissioner; (10) correct corporate governance practice deficiencies, and adopt and utilize governance practices acceptable to the Commissioner; (11) provide a business plan to the Commissioner to continue to transact business in the Territory; and (12) notwithstanding any other provision of law limiting the frequency or amount of premium rate adjustments, adjust rates for any non-life insurance product written by the insurer that the Commissioner considers necessary to improve the financial condition of the insurer. If the insurer is a foreign insurer, the Commissioner’s order may be limited to the extent provided by statute.
V.I. Code tit. 22, § 521 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 21 - Assets and Liabilities|Subchapter I - General Provisions|§ 521. Review and appeal of Commissioner’s order

 An insurer subject to an order issued under subsection 520(b) may request a hearing to review the order in accordance with the procedures set forth in chapter 7 of this title.
V.I. Code tit. 22, § 531 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 21 - Assets and Liabilities|Subchapter II - Standard Valuation Act of 2018|§ 531. Short title

 This subchapter may be cited as the “Standard Valuation Act of 2018”.
V.I. Code tit. 22, § 533 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 21 - Assets and Liabilities|Subchapter II - Standard Valuation Act of 2018|§ 533. Applicability of prior law

 (a) The minimum standard for the valuation of policies and contracts issued before March 29, 1968 is the minimum standard provided by the laws in effect immediately before March 29, 1968. (b) Notwithstanding any other requirements as provided in this subchapter, the Standard Valuation Law adopted on March 29, 1968 and encoded at title 22 Virgin Islands Code, section 513 is applicable to the reserves required under all policies issued before the effective date of this subchapter.
V.I. Code tit. 22, § 534 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 21 - Assets and Liabilities|Subchapter II - Standard Valuation Act of 2018|§ 534. Reserve valuation

 (a) The Commissioner shall annually value, or cause to be valued, the reserve for all outstanding life insurance contracts, annuity and pure endowment contracts, accident and health contracts, and deposit-type contracts of every company issued on or after the effective date of this subchapter. In making a valuation, the Commissioner may use the Department’s actuary or employ an actuary for that purpose. Upon demand by the Commissioner, the insurer shall pay the reasonable compensation and expenses of the actuary, at a rate approved by the Commissioner, which is supported by an itemized statement of the compensation and expenses. (b) The Commissioner may accept a valuation of the reserves of a foreign or alien company made, or caused to be made, by the insurance supervisory official of any state or other jurisdiction when the valuation complies with the minimum standard provided in this subchapter. (c) Sections 546 and 547 apply to all policies and contracts issued on or after the effective date of this subchapter.
V.I. Code tit. 22, § 536 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 21 - Assets and Liabilities|Subchapter II - Standard Valuation Act of 2018|§ 536. Computation of minimum standard

 Except as provided in sections 537, 538, and 545, the minimum standard for the valuation of policies and contracts issued before the effective date of this subchapter is that provided by the laws in effect immediately before that date. Except as otherwise provided in sections 537, 538, and 545, the minimum standard for the valuation of all policies and contracts issued on or after the effective date of this subchapter is the Commissioner’s reserve valuation methods defined in sections 539, 540, 543, and 545, plus 3 1/2 percent interest, and the following tables: (1) For all policies of life insurance issued on or after the effective date of section 997 of the Standard Nonforfeiture Law of 2018 for Life Insurance, 22 V.I.C., subch. III: (A) The Commissioner’s 1980 Standard Ordinary Mortality Table; (B) At the election of the company for any one or more specified plans of life insurance, the Commissioner’s 1980 Standard Ordinary Mortality Table with Ten-Year Select Mortality Factors; or (C) Any ordinary mortality table adopted after 1980 by the NAIC that is approved by the Commissioner for use in determining the minimum standard of valuation for the policies. (2) For individual annuity and pure endowment contracts, excluding any disability and accidental death benefits in the policies: (A) the 1937 Standard Annuity Mortality Table; or (B) at the option of the company, the Annuity Mortality Table for 1949 Ultimate; or (C) any modification of either of these tables approved by the Commissioner. (3) For group annuity and pure endowment contracts, excluding any disability and accidental death benefits in the policies: (A) The Group Annuity Mortality Table for 1951; (B) a modification of the table approved by the Commissioner; or (C) at the option of the company, any of the tables or modifications of tables specified for individual annuity and pure endowment contracts. (4) For total and permanent disability benefits in or supplementary to ordinary policies or contracts, or policies or contracts issued on or after the effective date of this subchapter: the tables of Period 2 disablement rates and the 1930 to 1950 termination rates of the 1952 Disability Study of the Society of Actuaries, with due regard to the type of benefit or any tables of disablement rates and termination rates adopted after 1980 by the NAIC that are approved by the Commissioner for use in determining the minimum standard of valuation for those policies; (5) For accidental death benefits in or supplementary to policies issued on or after the effective date of this subchapter: the 1959 Accidental Death Benefits Table or any accidental death benefits table adopted after 1980 by the NAIC that is approved by regulation promulgated by the Commissioner for use in determining the minimum standard of valuation; and (6) For group life insurance, life insurance issued on the substandard basis and other special benefits: tables approved by the Commissioner.
V.I. Code tit. 22, § 537 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 21 - Assets and Liabilities|Subchapter II - Standard Valuation Act of 2018|§ 537. Computation of minimum standard for annuities

 Except as provided in section 538, the minimum standard of valuation for individual annuity and pure endowment contracts issued on or after the effective date of this subchapter and for annuities and pure endowments under group annuity and pure endowment contracts purchased on or after the effective date of this subchapter is the Commissioner’s reserve valuation methods defined in sections 539 and 540 and the following tables and interest rates: (1) For individual single premium immediate annuity contracts issued on or after the effective date of this subchapter, excluding any disability and accidental death benefits in those contracts: the 1971 Individual Annuity Mortality Table or any individual annuity mortality table adopted after 1980 by the NAIC that is approved by the Commissioner for use in determining the minimum standard of valuation for these contracts, or any modification of these tables approved by the Commissioner and 7 1/2 percent interest; (2) For individual annuity and pure endowment contracts issued on or after the effective date of this subchapter, other than single premium immediate annuity contracts, excluding any disability and accidental death benefits in those contracts: the 1971 Individual Annuity Mortality Table or any individual annuity mortality table adopted after 1980 by the NAIC that is approved by the Commissioner for use in determining the minimum standard of valuation for those contracts, or any modification of these tables approved by the Commissioner, and 5 1/2 percent interest for single premium deferred annuity and pure endowment contracts and 4 1/2 percent interest for all other individual annuity and pure endowment contracts; and (3) For annuities and pure endowments purchased on or after the effective date of this subchapter under group annuity and pure endowment contracts, excluding any disability and accidental death benefits purchased under those contracts: the 1971 Group Annuity Mortality Table, or any group annuity mortality table adopted after 1980 by the NAIC that is approved by the Commissioner for use in determining the minimum standard of valuation for annuities and pure endowments, or any modification of these tables approved by the Commissioner and 7 1/2 percent interest.
V.I. Code tit. 22, § 540 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 21 - Assets and Liabilities|Subchapter II - Standard Valuation Act of 2018|§ 540. Reserve valuation method—annuity and pure endowment benefits

 (a) This section applies to all annuity and pure endowment contracts other than group annuity and pure endowment contracts purchased under a retirement plan or plan of deferred compensation, established or maintained by an employer including a partnership or sole proprietorship or by an employee organization, or by both, other than a plan providing individual retirement accounts or individual retirement annuities under section 408 of the Internal Revenue Code. (b) Reserves according to the Commissioner’s annuity reserve method for benefits under annuity or pure endowment contracts, excluding any disability and accidental death benefits in the contracts, is the greatest of the respective excesses of the present values, at the date of valuation, of the future guaranteed benefits, including guaranteed nonforfeiture benefits, provided for by the contracts at the end of each respective contract year, over the present value, at the date of valuation, of any future valuation considerations derived from future gross considerations, required by the terms of the contract, that become payable before the end of the respective contract year. The future guaranteed benefits must be determined by using the mortality table, if any, and the interest rate, or rates, specified in the contracts for determining guaranteed benefits. The valuation considerations are the portions of the respective gross considerations applied under the terms of the contracts to determine nonforfeiture values.