reglab/housing_qa huggingface dataset:
V.I. Code tit. 22, § 255 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 11 - Organization of Domestic Insurers|§ 255. Procedure upon application

 (a) The Commissioner shall expeditiously examine the application for a solicitation permit and make any investigation relative thereto deemed necessary. If the Commissioner finds that— (1) the application is complete; (2) the documents therewith filed are equitable in terms and proper in form; and (3) the agreements made or proposed are equitable to present and future shareholders, subscribers, members or policyholders, he shall give notice to the applicant that he will issue a solicitation permit, stating the terms to be contained therein, upon the filing of the bond required by section 261 of this title. (b) If the Commissioner does not so find, or if he finds that any of the persons named in the application as being associated or to be associated in the formation of the insurer, corporation or syndicate are untrustworthy, he shall give notice to the applicant that the permit will not be granted, stating the grounds therefor, and shall refund to the applicant all sums so deposited except the application fee.
V.I. Code tit. 22, § 256 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 11 - Organization of Domestic Insurers|§ 256. Issuance of permit, bond

 Upon the filing of any bond required by section 261 of this title and after notice by the Commissioner, the Commissioner shall file the articles of incorporation of the proposed incorporated insurer with the Lieutenant Governor, and issue to the applicant a solicitation permit.
V.I. Code tit. 22, § 257 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 11 - Organization of Domestic Insurers|§ 257. Duration of permit; contents

 Every solicitation permit issued by the Commissioner shall— (1) expire two years from its date, unless earlier terminated by the Commissioner, and shall so state; (2) state the securities for which subscriptions are to be solicited, the number, classes, par value, and selling price thereof, or identify the insurance contract for which applications and advance premiums or deposits are to be solicited; (3) limit the portion of funds received on account of stock or syndicate subscriptions, if any are proposed to be taken, which may be used for promotion and organization expenses to such amount as he deems adequate, but in no event to exceed 15 percent of such funds as and when actually received; (4) if to be a mutual insurer, limit the portion of funds received on account of applications for insurance which may be used for promotion or organization expenses to the kind of insurance and policy involved and to the costs incurred by insurers generally in the production of similar business, and provide that no such commission shall be deemed to be earned nor be paid until the insurer has received its certificate of authority and the policies applied for and upon which such commission is to be based, have been actually issued and delivered; and (5) contain such other information required by this chapter or reasonable conditions relative to accounting and reports or otherwise as the Commissioner deems necessary.
V.I. Code tit. 22, § 258 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 11 - Organization of Domestic Insurers|§ 258. Permit as inducement

 The granting of a solicitation permit is permissive only and shall not constitute an endorsement by the Commissioner of any person or thing related to the proposed insurer, corporation, or syndicate and the existence of the permit shall not be advertised or used as an inducement in any solicitation. The substance of this section in bold-faced type not less than ten point shall be printed at the top of each solicitation permit.
V.I. Code tit. 22, § 259 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 11 - Organization of Domestic Insurers|§ 259. Solicitation by individuals

 Solicitation for sale of securities to members of the public under a solicitation permit shall be made only by individuals licensed therefor, when such license is required pursuant to the provisions of any applicable federal or Virgin Islands securities act or “blue sky law”.
V.I. Code tit. 22, § 260 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 11 - Organization of Domestic Insurers|§ 260. Modification, revocation of permit

 (a) The Commissioner may, for cause, modify a solicitation permit, or may, after a hearing, revoke any solicitation permit for violation of any provision of this title, or of the terms of the permit, or of any proper order of the Commissioner, or for misrepresentation. (b) The Commissioner shall revoke a solicitation permit if requested in writing by a majority of the syndicate members, or by a majority of the incorporators and two-thirds of the subscribers to stock or applicants for insurance in the proposed incorporated insurer or corporation, or if he is so requested by a majority of the subscribers of a proposed reciprocal insurer.
V.I. Code tit. 22, § 261 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 11 - Organization of Domestic Insurers|§ 261. Bond; cash deposit

 (a) The Commissioner shall not issue a solicitation permit until the person applying therefor files with him a corporate surety bond in the penalty of $10,000, in favor of the Government of the Virgin Islands and for the use and benefit of such Government and of subscribers and creditors of the proposed organization. The bond shall be conditioned upon the payment of costs incurred by the Government of the Virgin Islands in event of any legal proceedings for liquidation or dissolution of the proposed organization before completion of organization or in event a certificate of authority is not granted; and upon a full accounting for funds received until the proposed insurer has been granted its certificate of authority, or until the proposed corporation or syndicate has completed its organization as defined in the solicitation permit. (b) In lieu of filing such bond, the person may deposit with the Commissioner of Finance through the Commissioner of Insurance $10,000 in cash or in United States Government bonds at par value, to be held in trust upon the same conditions as required for the bond. (c) The Commissioner may waive the requirement for a bond or deposit in lieu thereof if the permit provides that — (1) the proposed securities are to be distributed solely and finally to those few persons who are the active promoters intimate to the formation of the insurer, or other corporation or syndicate; or (2) the securities are to be issued in connection with subsequent financing as provided in section 267 of this title, and distribution thereof is not to be made to the general public. (d) Any bond filed or deposit or remaining portion thereof held under this section shall be released and discharged upon settlement or termination of all liabilities against it.
V.I. Code tit. 22, § 262 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 11 - Organization of Domestic Insurers|§ 262. Escrow of funds

 (a) All funds received pursuant to a solicitation permit shall be deposited and held in escrow in a bank or trust company under an agreement approved by the Commissioner. No part of any such deposit shall be withdrawn, except— (1) for the payment of promotion and organization expenses as authorized by the solicitation permit; (2) for the purpose of making any deposit with the Commissioner required for the issuance of a certificate of authority to an insurer; (3) if the proposed organization is not to be an insurer, upon completion of payments on stock or syndicate subscriptions made under the solicitation permit and deposit or appropriation of such funds to the purposes specified in the solicitation permit; or (4) for making of refunds as provided in section 266 of this title. (b) When the Commissioner has issued a certificate of authority to an insurer any such funds remaining in escrow for its account shall be released to the insurer.
V.I. Code tit. 22, § 263 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 11 - Organization of Domestic Insurers|§ 263. Liability of organizers; organization expense

 (a) The incorporators of any insurer or other corporation, or the persons proposing to form a reciprocal insurer, or a syndicate, shall be jointly and severally liable for its debts or liabilities until it has secured a certificate of authority, if an insurer, or has completed its organization if a corporation other than an insurer or a syndicate. (b) Any portion of funds received on account of stock or syndicate subscriptions which is allowed therefor under the solicitation permit, may be applied concurrently toward the payment of promotion and organization expense theretofore incurred.
V.I. Code tit. 22, § 264 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 11 - Organization of Domestic Insurers|§ 264. Payment for subscriptions, forfeiture

 (a) No such proposed stock insurer, corporation, or syndicate shall issue any share of stock or participation agreement except for payment in cash or in securities eligible for investment of funds of insurers. No such shares or agreement shall be issued until all subscriptions received under the solicitation permit have been so fully paid, nor, if an insurer, until a certificate of authority has been issued to it. (b) Every subscription contract to shares of a stock insurer or other corporation calling for payment in installments, together with all amounts paid thereon may be forfeited at the option of the corporation, upon failure to make good a delinquency in any installment upon not less than 45 days' notice in writing, and every such contract shall so provide.
V.I. Code tit. 22, § 265 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 11 - Organization of Domestic Insurers|§ 265. Mutual insurers, insurance applications

 All applications for insurance obtained in forming a mutual insurer shall provide that— (1) issuance of the policy is contingent upon completion of organization of the insurer and issuance to it of a certificate of authority; (2) the prepaid premium or deposit will be refunded in full to the applicant if the organization is not completed and certificate of authority issued prior to the solicitation permit's date of expiration; and (3) the agreement for insurance is not effective until a policy has been issued under it.
V.I. Code tit. 22, § 266 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 11 - Organization of Domestic Insurers|§ 266. Procedure on failure to complete organization or to qualify

 The Commissioner shall withdraw all funds held in escrow and refund to subscribers or applicants all sums paid in on stock or syndicate subscriptions, less that part of such sums paid in on subscriptions as has been allowed and used for promotion and organization expenses, and all sums paid in on insurance applications, and shall dissolve the proposed insurer, corporation or syndicate if the proposed insurer, corporation or syndicate fails to complete its organization and obtain full payment for subscriptions and applications, and, if an insurer, it fails to secure its certificate of authority, all before expiration of the solicitation permit; or if the Commissioner revokes the solicitation permit.
V.I. Code tit. 22, § 267 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 11 - Organization of Domestic Insurers|§ 267. Subsequent financing

 (a) No domestic insurer, or insurance holding corporation, or stock corporation for financing operations of a mutual insurer, after— (1) it has received a certificate of authority, if an insurer; or (2) it has completed its initial organization and financing, if a corporation other than an insurer, shall solicit or receive funds in exchange for any new issue of its corporate securities, other than through a stock dividend, until it has applied to the Commissioner for, and has been granted a solicitation permit. (b) The Commissioner shall issue such a permit unless he finds that— (1) the funds proposed to be secured are excessive in amount for the purpose intended; (2) the proposed securities or the manner of their distribution are inequitable; or (3) the issuance of the securities would jeopardize the interests of policyholders or the holders of other securities of the insurer or corporation. (c) Any such solicitation permit granted by the Commissioner shall be for such duration, and shall contain such terms and be issued upon such conditions as the Commissioner may reasonably specify or require.
V.I. Code tit. 22, § 268 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 11 - Organization of Domestic Insurers|§ 268. Incorporation; articles of; contents

 (a) This section applies to insurers hereafter incorporated in this territory. (b) The incorporators shall be individuals who are United States citizens, of whom two-thirds shall be residents of this territory. The number of incorporators shall be not less than five if a stock insurer, nor less than ten if a mutual insurer. (c) The incorporators shall execute articles of incorporation in quadruplicate and acknowledge their signatures thereunto before an officer authorized to take acknowledgements of deeds. (d) After approval of the articles by the Commissioner, one copy shall be filed in the office of the Lieutenant Governor, another in the office of the Commissioner, another with the Clerk of the District Court in which the insurer's principal offices are to be located, and the fourth copy shall be retained by the insurer. (e) The articles of incorporation shall state— (1) the names and addresses of the incorporators; (2) the name of the insurer. If a mutual insurer the name shall include the word “mutual”. (3) the objects for which the insurer is formed; whether it is a stock or mutual insurer, and if a mutual property insurer only, whether it will insure on the cash premium or assessment plan; and the kinds of insurance it will issue, according to the designations made in this title; (4) if a stock insurer, the amount of its capital, the aggregate number of shares, and the par value of each share, which par value shall be not less than $10. If a mutual insurer, the maximum contingent liability of its policyholders for the payment of its expenses and losses occurring under its policies. (5) the duration of its existence, which may be perpetual; (6) the names and addresses of the directors, not less than five in number, who shall constitute the board of directors of the insurer for the initial term, not less than two nor more than six months, as designated in the articles of incorporation; (7) the name of the city or town of this territory in which the insurer's principal place of business is to be located; and (8) other provisions not inconsistent with law as may be deemed proper by the incorporators.
V.I. Code tit. 22, § 301 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 13 - Domestic Insurers; Requirements and Powers|§ 301. Application of title to existing insurers

 Existing authorized domestic insurers shall continue to insure only in accordance with the provisions of this title.
V.I. Code tit. 22, § 302 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 13 - Domestic Insurers; Requirements and Powers|§ 302. Principal office

 Every domestic insurer shall establish and maintain in this territory its principal office and place of business.
V.I. Code tit. 22, § 303 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 13 - Domestic Insurers; Requirements and Powers|§ 303. Application of general corporation laws

 The laws of this territory relating to private corporations, except where inconsistent with the express provisions of this title, shall govern the corporate powers, duties, and relationships of incorporated domestic insurers.
V.I. Code tit. 22, § 304 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 13 - Domestic Insurers; Requirements and Powers|§ 304. Annual meeting

 Each incorporated domestic insurer shall, in the month of January, or February, or March, hold the annual meeting of its shareholders or members for the purpose of receiving reports of its affairs, to elect directors, and to act upon such other matters as properly be brought before it.
V.I. Code tit. 22, § 305 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 13 - Domestic Insurers; Requirements and Powers|§ 305. Directors, qualifications

 Not less than three-fourths of the directors of an incorporated domestic insurer shall be United States citizens, and a majority of the board of directors shall be residents of this territory.
V.I. Code tit. 22, § 306 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 13 - Domestic Insurers; Requirements and Powers|§ 306. Corrupt practices; penalty

 No person shall buy or sell or barter a vote or proxy, relative to any meeting of shareholders or members of an incorporated domestic insurer, or engage in any corrupt or dishonest practice in or relative to the conduct of any such meeting. Violation of this section shall constitute a gross misdemeanor.
V.I. Code tit. 22, § 307 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 13 - Domestic Insurers; Requirements and Powers|§ 307. Amendment of articles of incorporation

 (a) Amendments to the articles of incorporation of a domestic insurer shall be made by a majority vote of its board of directors and the vote or written assent of two-thirds of its voting capital stock, or two-thirds of the members (if a mutual insurer) voting at a valid meeting of members. (b) The president and secretary of the insurer shall, under the corporate seal, certify the amendment in quadruplicate, and file it in the offices of the Lieutenant Governor, the Commissioner, the Clerk of the District Court, and the insurer, as required under this title for original articles of incorporation. Thereupon, subject to the requirements of section 351 of this title relative to increase of capital stock of a stock insurer, the amendment shall become effective.
V.I. Code tit. 22, § 308 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 13 - Domestic Insurers; Requirements and Powers|§ 308. Guarantee of officers' obligations prohibited

 No domestic insurer or its affiliates or subsidiaries shall guarantee the financial obligation of any director or officer of such insurer or affiliate or subsidiary in his personal capacity, and any such guaranty attempted shall be void. This prohibition shall not apply to obligations of the insurer under surety bonds or insurance contracts issued in the regular course of business.
V.I. Code tit. 22, § 309 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 13 - Domestic Insurers; Requirements and Powers|§ 309. Management and exclusive agency contracts

 (a) No incorporated domestic insurer shall enter into any contract the effect of which would be to grant or surrender the control and management of the insurer to any person. (b) No incorporated domestic insurer shall make any contract whereby any person is granted or is to enjoy in fact the controlling or preemptive right to produce substantially all insurance business for the insurer unless such contract is filed with and approved by the Commissioner. The contract shall be deemed approved unless disapproved by the Commissioner within 60 days after date of filing. Any disapproval shall be delivered to the insurer in writing, stating the grounds therefor. (c) The Commissioner shall not approve any contract referred to in subsection (b) of this section which— (1) subjects the insurer to excessive charges for expenses or commissions; (2) vests in any person any control over the general affairs of the insurer tantamount to the exclusion of control by its board of directors or officers; (3) is to extend for an unreasonable length of time; or (4) contains other inequitable provisions or provisions which may jeopardize the security of policyholders.
V.I. Code tit. 22, § 310 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 13 - Domestic Insurers; Requirements and Powers|§ 310. Vouchers for expenditures

 (a) No domestic insurer shall make any disbursement of $25 or more, unless evidenced by a voucher correctly describing the consideration for the payment and supported by a check or receipt endorsed or signed by or on behalf of the person receiving the money. (b) If the disbursement is for services and reimbursement, the voucher shall describe the services and itemize the expenditures. (c) If the disbursement is in connection with any matter pending before any Legislature or public body or before any public official, the voucher shall also correctly describe the nature of the matter and of the insurer's interest therein.
V.I. Code tit. 22, § 311 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 13 - Domestic Insurers; Requirements and Powers|§ 311. Depositaries

 The funds of a domestic insurer shall not be deposited in any bank or banking institution which has not first been approved as a depositary by the insurer's board of directors or by a committee thereof designated for the purpose.
V.I. Code tit. 22, § 312 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 13 - Domestic Insurers; Requirements and Powers|§ 312. Restrictions upon pecuniary interest of director

 (a) No person having any authority in the investment or disposition of the funds of a domestic insurer shall accept, except for the insurer, or be the beneficiary of any fee, brokerage, gift, or other emolument because of any investment, loan, deposit, purchase, sale, payment, or exchange made by or for the insurer, or be pecuniarily interested therein in any capacity; except, that such a person may procure a loan from the insurer direct upon approval by two-thirds of its directors and upon the pledge of securities eligible for the investment of the insurer's funds under this title. (b) This section does not prohibit a life insurer from making a policy loan to such person on a life insurance contract issued by it and in accordance with the terms thereof. (c) The Commissioner may, by regulations from time to time, define and permit additional exceptions to the prohibition contained in subsection (a) of this section solely to enable payment of reasonable compensation to a director who is not otherwise an officer or employee of the insurer, or to a corporation or firm in which the director is interested, for necessary services performed or sales or purchases made to or for the insurer in the ordinary course of the insurer's business and in the usual private professional or business capacity of such director or such corporation or firm.
V.I. Code tit. 22, § 313 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 13 - Domestic Insurers; Requirements and Powers|§ 313. Compliance with foreign laws

 Any domestic insurer doing business in another territory, state or sovereignty may design and issue insurance contracts and transact insurance in such territory, state or sovereignty as required or permitted by the laws thereof, any provision of the insurer's articles of incorporation or bylaws notwithstanding.