reglab/housing_qa huggingface dataset:
V.I. Code tit. 22, § 541 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 21 - Assets and Liabilities|Subchapter II - Standard Valuation Act of 2018|§ 541. Minimum reserves

 (a) A company’s aggregate reserves for all life insurance policies, excluding disability and accidental death benefits, issued on or after the effective date of this subchapter, may not be less than the aggregate reserves calculated in accordance with the methods set forth in sections 539, 540, 543 and 544 and the mortality table or tables and rate or rates of interest used in calculating nonforfeiture benefits for the policies. (b) The aggregate reserves for all policies, contracts and benefits may not be less than the aggregate reserves determined by the appointed actuary to be necessary to render the opinion required by section 535.
V.I. Code tit. 22, § 542 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 21 - Assets and Liabilities|Subchapter II - Standard Valuation Act of 2018|§ 542. Optional reserve calculation

 (a) Reserves for policies and contracts issued before the effective date of this subchapter may be calculated, at the option of the company, according to any standards that produce greater aggregate reserves for all such policies and contracts than the minimum reserves required by the laws in effect immediately before the effective date of this subchapter. (b) Reserves for any category of policies, contracts or benefits established by the Commissioner, issued on or after the effective date of this subchapter, may be calculated, at the option of the company, according to any standards that produce greater aggregate reserves for the category than those calculated according to the minimum standard provided in this subchapter, but the rate or rates of interest used for policies and contracts, other than annuity and pure endowment contracts may not be greater than the corresponding rate or rates of interest used in calculating any nonforfeiture benefits provided in the policies or contracts. (c) A company that adopts a standard of valuation producing greater aggregate reserves than those calculated according to the minimum standard provided under this subchapter, may adopt a lower standard of valuation with the approval of the Commissioner, but not lower than the minimum provided in this subchapter; but, for the purposes of this section, the holding of additional reserves previously determined by the appointed actuary to be necessary to render the opinion required by section 535 may not be considered the adoption of a higher standard of valuation.
V.I. Code tit. 22, § 543 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 21 - Assets and Liabilities|Subchapter II - Standard Valuation Act of 2018|§ 543. Reserve calculation—valuation net premium exceeding the gross premium charged

 (a) If in any contract year the gross premium charged by a company on a policy or contract is less than the valuation net premium for the policy or contract calculated by the method used in calculating the reserve, but using the minimum valuation standards of mortality and rate of interest, the minimum reserve required for the policy or contract is the greater of either the reserve calculated according to the mortality table, rate of interest, and method actually used for the policy or contract, or the reserve calculated by the method actually used for the policy or contract but using the minimum valuation standards of mortality and rate of interest and replacing the valuation net premium by the actual gross premium in each contract year for which the valuation net premium exceeds the actual gross premium. The minimum valuation standards of mortality and rate of interest referred to in this section are those standards stated in sections 536 and 538. (b) For a life insurance policy issued on or after January 1 of the fourth calendar year commencing after the effective date of this subchapter for which the gross premium in the first policy year exceeds that of the second year and for which no comparable additional benefit is provided in the first year for the excess and which provides an endowment benefit or a cash surrender value or a combination in an amount greater than the excess premium, the provisions of this section must be applied as if the method actually used in calculating the reserve for the policy was the method described in section 539, ignoring 539(b). The minimum reserve at each policy anniversary of such a policy is the greater of the minimum reserve calculated in accordance with section 539, including section 539(b), and the minimum reserve calculated in accordance with this section.
V.I. Code tit. 22, § 544 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 21 - Assets and Liabilities|Subchapter II - Standard Valuation Act of 2018|§ 544. Reserve calculation—indeterminate premium plans

 (a) For a plan of life insurance that provides for future premium determination, the amounts of which are to be determined by the insurance company based on then estimates of future experience, or for a plan of life insurance or annuity that is of a nature that the minimum reserves cannot be determined by the methods described in sections 539, 540, and 543, the reserves that are held under the plan must: (1) Be appropriate in relation to the benefits and the pattern of premiums for that plan; and (2) Be computed by a method that is consistent with the principles of this subchapter, as determined by regulations promulgated by the Commissioner. (b) Notwithstanding section 810 of this title or any other provision in the laws of this Territory, a policy, contract or certificate providing a plan described in subsection (a), must be affirmatively approved by the Commissioner before it can be marketed, issued, delivered or used in this Territory.
V.I. Code tit. 22, § 545 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 21 - Assets and Liabilities|Subchapter II - Standard Valuation Act of 2018|§ 545. Minimum standard for accident and health insurance contracts

 For accident and health insurance contracts issued on or after the effective date of this subchapter, the standard prescribed in the valuation manual is the minimum standard of valuation required under section 534(a). For disability, accident and health or sickness insurance contracts issued on or after March 29, 1968, and before the effective date of this subchapter, the minimum standard of valuation is the standard adopted by the Commissioner by regulation.
V.I. Code tit. 22, § 547 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 21 - Assets and Liabilities|Subchapter II - Standard Valuation Act of 2018|§ 547. Requirements of a principle-based valuation

 (a) A company shall establish reserves using a principle-based valuation that meets the following conditions for policies or contracts as specified in the valuation manual: (1) Quantify the benefits and guarantees, and the funding associated with the contracts and their risks at a level of conservatism that reflects conditions that include unfavorable events that have a reasonable probability of occurring during the lifetime of the contracts. Policies or contracts with significant tail risk must reflect conditions appropriately adverse to quantify the tail risk. (2) Incorporate assumptions, risk analysis methods and financial models and management techniques that are consistent with, but not necessarily identical to, those utilized within the company’s overall risk assessment process, while recognizing potential differences in financial reporting structures and any prescribed assumptions or methods. (3) Incorporate assumptions that are derived in one of the following manners: (A) The assumption is prescribed in the valuation manual. (B) For assumptions that are not prescribed, the assumptions must: (i) Be established utilizing the company’s available experience, to the extent it is relevant and statistically credible; or (ii) if that company data is not available, relevant, or statistically credible, be established utilizing other relevant, statistically credible experience. (4) Provide margins for uncertainty including adverse deviation and estimation error, such that the greater the uncertainty the larger the margin and resulting reserve. (b) A company using a principle-based valuation for one or more policies or contracts subject to this section as specified in the valuation manual shall: (1) Establish procedures for corporate governance and oversight of the actuarial valuation function consistent with those described in the valuation manual. (2) Provide to the Commissioner and the board of directors for the company an annual certification of the effectiveness of the internal controls with respect to the principle-based valuation. The internal controls must be designed to assure that all material risks inherent in the liabilities and associated assets subject to the valuation are included in the valuation, and that valuations are made in accordance with the valuation manual. The certification must be based on the controls in place as of the end of the preceding calendar year. (3) Develop and file with the Commissioner upon request a principle -based valuation report that complies with standards prescribed in the valuation manual. (c) A principle-based valuation may include a prescribed formulaic reserve component.
V.I. Code tit. 22, § 548 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 21 - Assets and Liabilities|Subchapter II - Standard Valuation Act of 2018|§ 548. Experience reporting for policies in force on or after the effective date of the valuation manual

 A company shall submit mortality, morbidity, policyholder behavior, or expense experience and other data as prescribed in the valuation manual.
V.I. Code tit. 22, § 951 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 39 - Life Insurance and Annuities|Subchapter I - General Provisions|§ 951. Scope of chapter

 The provisions of this chapter apply to contracts of life insurance and annuities other than group life insurance, group annuities, and, except sections 976, 977, 983 and 984 of this title, other than industrial life insurance.
V.I. Code tit. 22, § 952 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 39 - Life Insurance and Annuities|Subchapter I - General Provisions|§ 952. Standard provisions required, life insurance

 (a) No policy of life insurance other than industrial, group and pure endowments with or without return of premiums or of premiums and interest, shall be delivered or issued for delivery in this territory unless it contains in substance all of the provisions required by sections 953–963, inclusive, of this title. This provision shall not apply to annuity contracts. (b) Any of such provisions or portions thereof not applicable to single premium or term policies shall to that extent not be incorporated therein.
V.I. Code tit. 22, § 953 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 39 - Life Insurance and Annuities|Subchapter I - General Provisions|§ 953. Grace period

 There shall be a provision that the insured is entitled to a grace period of one month, but not less than 30 days, within which the payment of any premium after the first may be made, subject at the option of the insurer to an interest charge not in excess of 6 percent per annum for the number of days of grace elapsing before the payment of the premium, during which period of grace the policy shall continue in force, but in case the policy becomes a claim during the grace period before the overdue premium is paid, or the deferred premiums of the current policy year, if any, are paid, the amount of such premium or premiums with interest thereon may be deducted in any settlement under the policy.
V.I. Code tit. 22, § 954 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 39 - Life Insurance and Annuities|Subchapter I - General Provisions|§ 954. Entire contract, representations

 In all such policies other than those containing a clause making the policy incontestable from date of issue, there shall be a provision that the policy and the application therefor, if a copy thereof has been endorsed upon or attached to the policy at issue and made a part thereof, shall constitute the entire contract between the parties, and that all statements made by the applicant or by the insured, shall, in the absence of fraud, be deemed representations and not warranties.
V.I. Code tit. 22, § 955 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 39 - Life Insurance and Annuities|Subchapter I - General Provisions|§ 955. Incontestability

 There shall be a provision that the policy shall be incontestable after it has been in force during the lifetime of the insured for a period of two years from its date of issue, except for nonpayment of premiums and except, at the option of the insurer, as to provisions relative to benefits in event of total and permanent disability and as to provisions which grant additional insurance specifically against accidental death.
V.I. Code tit. 22, § 956 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 39 - Life Insurance and Annuities|Subchapter I - General Provisions|§ 956. Misstatement of age

 There shall be a provision that if it is found that the age of the insured (or the age of any other individual considered in determining the premium) has been misstated, the amount payable under the policy shall be such as the premium would have purchased at the correct age or ages, according to the insurer's rate at date of issue.
V.I. Code tit. 22, § 957 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 39 - Life Insurance and Annuities|Subchapter I - General Provisions|§ 957. Participation in surplus

 (a) In all policies which provide for participation in the insurer's surplus, there shall be a provision that the policy shall so participate annually in the insurer's divisible surplus as apportioned by the insurer, beginning not later than the end of the third policy year. Any policy containing provision for annual participation beginning at the end of the first policy year, may also provide that each dividend shall be paid subject to the payment of the premiums for the next ensuing year. The insured under any annual dividend policy shall have the right each year to have the current dividend arising from such participation either paid in cash, or applied in accordance with such other dividend option as may be specified in the policy and elected by the insured. The policy shall further provide which of the options shall be effective if the insured shall fail to notify the insurer in writing of his election within the period of grace allowed for the payment of premium. (b) This section shall not apply to paid-up nonforfeiture benefits nor paid-up policies issued on default in payment of premiums.
V.I. Code tit. 22, § 959 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 39 - Life Insurance and Annuities|Subchapter I - General Provisions|§ 959. Table of values and options

 There shall be a table showing in figures the loan value, if any, and any options available under the policy each year upon default in premium payments, during at least the first 20 years of the policy, or for its life if maturity or expiry occurs in less than 20 years.
V.I. Code tit. 22, § 960 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 39 - Life Insurance and Annuities|Subchapter I - General Provisions|§ 960. Nonforfeiture options

 There shall be a provision specifying the option to which the policyholder is automatically entitled in the absence of the election of other nonforfeiture options upon default in premium payment after nonforfeiture values become available.
V.I. Code tit. 22, § 961 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 39 - Life Insurance and Annuities|Subchapter I - General Provisions|§ 961. Table of installments

 If the policy provides for payment of its proceeds in installments or as an annuity, a table showing the amount and period of such installments or annuity shall be included in the policy. Except, that if in the judgment of the Commissioner it is not practical to include certain tables in the policy, the requirements of this section may be met as to such policy by the insurer filing such tables with the Commissioner.
V.I. Code tit. 22, § 962 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 39 - Life Insurance and Annuities|Subchapter I - General Provisions|§ 962. Reinstatement

 There shall be a provision that the policy may be reinstated at any time within three years after the date of default in the payment of any premium, unless the policy has been surrendered for its cash value, or the period of any extended insurance provided by the policy has expired, upon evidence of insurability satisfactory to the insurer and the payment of all overdue premiums, and payment (or, within the limits permitted by the then cash values of the policy, reinstatement) of any other indebtedness to the insurer upon the policy with interest as to both premiums and indebtedness at a rate not exceeding 6 percent per annum compounded annually.
V.I. Code tit. 22, § 963 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 39 - Life Insurance and Annuities|Subchapter I - General Provisions|§ 963. Settlement on proof of death

 There shall be a provision that when a policy becomes a claim by the death of the insured, settlement shall be made upon receipt of due proof of death and surrender of the policy.
V.I. Code tit. 22, § 964 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 39 - Life Insurance and Annuities|Subchapter I - General Provisions|§ 964. Standard provisions; annuities, pure endowment contracts

 No annuity or pure endowment contract, other than reversionary annuities, or survivorship annuities, or group annuities, shall be delivered or issued for delivery in this territory unless it contains in substance each of the provisions specified in sections 965–971, inclusive, of this title. Any of such provisions not applicable to single premium annuities or single premium pure endowment contracts shall not, to that extent, be incorporated therein. This section shall not apply to contracts for deferred annuities included in, or upon the lives of beneficiaries under, life insurance policies.
V.I. Code tit. 22, § 965 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 39 - Life Insurance and Annuities|Subchapter I - General Provisions|§ 965. Annuities; grace period

 In such contracts, there shall be a provision that there shall be a period of grace of one month, but not less than 30 days, within which any stipulated payment to the insurer falling due after the first may be made, subject at the option of the insurer, to an interest charge thereon at a rate to be specified in the contract but not exceeding 6 percent per annum for the number of days of grace elapsing before such payment, during which period of grace, the contract shall continue in full force; but in case a claim arises under the contract on account of death prior to expiration of the period of grace before the overdue payment to the insurer of the deferred payments of the current contract year, if any, are made, the amount of such payments, with interest on any overdue payments, may be deducted from any amount payable under the contract in settlement.
V.I. Code tit. 22, § 966 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 39 - Life Insurance and Annuities|Subchapter I - General Provisions|§ 966. Incontestability; annuities, pure endowments

 If any statements, other than those relating to age, sex, and identity, are required as a condition to issuing such an annuity or pure endowment contract, and subject to section 968 of this title, there shall be a provision that the contract shall be incontestable after it has been in force during the lifetime of the person or of each of the persons as to whom such statements are required, for a period of two years from its date of issue, except for nonpayment of stipulated payments to the insurer; and at the option of the insurer, such contract may also except any provisions relative to benefits in the event of total and permanent disability and any provisions which grant insurance specifically against death by accident.
V.I. Code tit. 22, § 967 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 39 - Life Insurance and Annuities|Subchapter I - General Provisions|§ 967. Entire contract; annuities, pure endowments

 In such contracts there shall be a provision that the contract shall constitute the entire contract between the parties, or, if a copy of the application is endorsed upon or attached to the contract when issued, a provision that the contract and the application therefor shall constitute the entire contract between the parties.
V.I. Code tit. 22, § 968 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 39 - Life Insurance and Annuities|Subchapter I - General Provisions|§ 968. Misstatement of age or sex; annuities, pure endowments

 In such contracts there shall be a provision that if the age or sex of the person or persons upon whose life or lives the contract is made, or of any of them has been misstated, the amount payable or benefit accruing under the contract shall be such as the stipulated payment or payments to the insurer would have purchased according to the correct age or sex; and that if the insurer shall make or has made any overpayment or overpayments on account of any such misstatement, the amount thereof, with interest at the rate to be specified in the contract but not exceeding 6 percent per annum, may be charged against the current or next succeeding payment or payments to be made by the insurer under the contract.
V.I. Code tit. 22, § 969 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 39 - Life Insurance and Annuities|Subchapter I - General Provisions|§ 969. Dividends; annuities, pure endowments

 If such contract is participating, there shall be a provision that the insurer shall annually ascertain and apportion any divisible surplus accruing on the contract.
V.I. Code tit. 22, § 970 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 39 - Life Insurance and Annuities|Subchapter I - General Provisions|§ 970. Nonforfeiture benefits; annuities, pure endowments

 Such contracts issued after the operative date of section 984 of this title shall contain— (1) a provision that in the event of default in any stipulated payment, the insurer will grant a paid-up nonforfeiture benefit on a plan stipulated in the contract, effective as of such date, of such value as is hereinafter specified; (2) a statement of the mortality table and interest rate used in calculating the paid-up nonforfeiture benefit available under the contract; and (3) an explanation of the manner in which the paid-up nonforfeiture benefits are altered by the existence of any paid-up additions credited to the contract or any indebtedness to the insurer on the contract.
V.I. Code tit. 22, § 971 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 39 - Life Insurance and Annuities|Subchapter I - General Provisions|§ 971. Reinstatement; annuities, pure endowments

 In such contracts there shall be a provision that the contract may be reinstated at any time within one year from the date of default in making stipulated payments to the insurer, unless the cash surrender value has been paid, but all overdue stipulated payments and any indebtedness to the insurer on the contract shall be paid or reinstated, with interest thereon at a rate to be specified in the contract but not exceeding 6 percent per annum payable annually, and in cases where applicable, the insurer may also include a requirement of evidence of insurability satisfactory to the insurer.