reglab/housing_qa huggingface dataset:
V.I. Code tit. 22, § 1400 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 55 - Virgin Islands International Insurers Act|Subchapter I - Virgin Islands International Insurers Act|§ 1400. Short title

 This chapter shall be known and may be cited as the “Virgin Islands International Insurers Act”.
V.I. Code tit. 22, § 1402 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 55 - Virgin Islands International Insurers Act|Subchapter I - Virgin Islands International Insurers Act|§ 1402. Applicability of other laws

 (a) Any International Insurance Company and any International Insurer Support Business licensed by the Commissioner under this chapter shall be exempt from all other insurance laws of the Virgin Islands other than those contained in this chapter or contained in specific references contained in this Title. (b) With respect to International Insurance Companies, such exemption includes but is not limited to the following: (1) No International Insurance Company shall be required to join or otherwise contribute to or receive benefit from any pool, association, plan, guaranty or insolvency fund created or operating within this Territory. (2) No International Insurance Company shall be required to join a rating organization or otherwise be subject to rating rules of this Territory with respect to any policy issued by such International Insurance Company. (c) To the extent not otherwise provided for in this chapter and necessary for the implementation of its provisions and not otherwise inconsistent with the provisions herein, the general provisions of this title shall be applicable to all licensed International Insurance Companies and International Insurer Support Businesses. If a conflict arises between a provision of Title 22 and a provision of this chapter, the provisions of this chapter shall control.
V.I. Code tit. 22, § 1404 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 55 - Virgin Islands International Insurers Act|Subchapter I - Virgin Islands International Insurers Act|§ 1404. Application fee; annual license fee

 Each International Insurance Company shall pay to the SAM a nonrefundable application fee for examining, investigating, and processing its application for licensure, and the Commissioner is authorized to retain legal, financial, and examination services, the reasonable cost of which may be charged against the applicant. Such examination need not include an actuarial review if an independent actuary certification has been presented with the application, unless the SAM has reasonable cause to require further actuarial certification. In addition, the International Insurance Company shall pay an annual license fee commencing with the year of registration, such fee being first payable in full within thirty days of the date on which the license commences, and on or before January 30th of each calendar year that such license remains in effect. Upon request, pro rata annual license fees will be given consideration by the SAM for all applications for licenses issued during the last quarter of the calendar year. The nonrefundable application fee shall be a minimum of Five Thousand Dollars ($5,000.00) and the annual license fee shall be a minimum of Five Thousand Dollars ($5,000.00) and such annual fee shall be due upon issuance of the initial license and annually thereafter. Such fees may be altered or amended from time to time in the discretion of the SAM by regulations promulgated by the SAM.
V.I. Code tit. 22, § 1405 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 55 - Virgin Islands International Insurers Act|Subchapter I - Virgin Islands International Insurers Act|§ 1405. Minimum capital; letter of credit

 (a) No Single-parent International Insurance Company, Industrial Insured International Insurance Company incorporated as a stock insurer, or Association International Insurance Company incorporated as a stock insurer, shall be issued a license unless it shall possess and thereafter maintain unimpaired paid-in capital of: (1) in the case of a Single-parent International Insurance Company, not less than $75,000; (2) in the case of an Industrial Insured International Insurance Company incorporated as a stock insurer, not less than $100,000; (3) in the case of an Association International Insurance Company incorporated as a stock insurer, not less than $125,000; or (4) such sums as may be reasonably determined necessary for the maintenance of the insurance business of the International Insurance Company by the SAM at the time of application or as may be reviewed from time to time. (b) Such capital may be in the form of cash or an irrevocable letter of credit issued by a bank chartered by the Territory of the Virgin Islands, a local bank, a foreign bank, or a member bank of the United States Federal Reserve System properly qualified to do business in, and having a branch situated in, the Territory or similar financial or accredited investment institution situated in the Territory.
V.I. Code tit. 22, § 1406 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 55 - Virgin Islands International Insurers Act|Subchapter I - Virgin Islands International Insurers Act|§ 1406. Minimum surplus; letter of credit

 No International Insurance Company shall be issued a license unless it shall possess and thereafter maintain free surplus of: (1) in the case of a Single-parent International Insurance Company, not less than $100,000; (2) in the case of an Industrial Insured International Insurance Company incorporated as a stock insurer, not less than $125,000; (3) in the case of an Association International Insurance Company incorporated as a stock insurer, not less than $250,000; (4) in the case of an Industrial Insured International Insurance Company incorporated as a mutual insurer, not less than $200,000; (5) in the case of an Association International Insurance Company incorporated as a mutual insurer, not less than $325,000; or (6) such sums as may be reasonably determined necessary for the maintenance of the insurance business of the International Insurance Company by the SAM at the time of application or as may be reviewed from time to time. Such surplus may be in the form of cash or an irrevocable letter of credit issued by a bank chartered by the Territory of the Virgin Islands, a local bank, a foreign bank, or a member bank of the United States Federal Reserve System, properly qualified to do business in, and having a branch situated in, the Territory or similar financial or accredited investment institution situated in the Territory.
V.I. Code tit. 22, § 1407 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 55 - Virgin Islands International Insurers Act|Subchapter I - Virgin Islands International Insurers Act|§ 1407. Permissible investments; valuation

 (a) No Single-parent International Insurance Company or Industrial Insured International Insurance Company shall be subject to any restrictions on allowable investments whatsoever; provided, however, that the SAM may prohibit or limit any investment that threatens the solvency or liquidity of any such company. (b) The investments of an Association International Insurance Company shall not be subject to restriction except that the SAM may, in his discretion, deny or refuse the valuation of goodwill or other investments of any Association International Insurance Company which do not have a readily ascertainable fair market value. The SAM shall have authority to limit or prohibit any investment or investments of any Association International Insurance company which may threaten the solvency or financial condition of such Association International Insurance Company. (c) The stock of a member organization that owns more than fifty percent (50%) of the equity of an Association International Insurance Company shall be valued at book value by using the equity method of accounting. (d) Bonds and other debt instruments held as investments by an Association International Insurance Company may be carried at cost or at amortized value when purchased at a discount.
V.I. Code tit. 22, § 1408 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 55 - Virgin Islands International Insurers Act|Subchapter I - Virgin Islands International Insurers Act|§ 1408. Segregation of accounts

 (a) An International Insurance Company that is domiciled or licensed to do business in any State of the United States, or that is otherwise subject to United States federal income taxation as if it were so domiciled or licensed, shall regularly employ in its books of accounts a detailed segregation of receipts, expenditures, assets, liabilities and net worth that clearly distinguishes the income derived from insuring United States risks from the income derived from insuring other foreign risks by first allocating such items which are specifically identifiable as pertaining exclusively to the United States risks. (b) Investment income earned on reserves pertaining to United States risks shall constitute investment income pertaining to United States risks. (c) For the purposes of this section: (1) “segregated funds” means a separate and distinct fund with separate and distinct assets maintained pursuant to subsection (2). (2) Every insurer that issues policies covering life insurance or annuities as defined in section 1417 shall maintain in respect of each class or category of life insurance or annuity business that it issues one or more segregated fund. (3) A segregated fund shall consist of money or securities in which trustees may invest trust money. (4) A segregated fund is available only to meet the liabilities arising under the life insurance or annuity policies in respect of which the segregated fund is maintained, except that money or securities in the segregated fund may, at the discretion of the insurer’s directors but subject to actuarial certification, be withdrawn from the segregated fund and paid into the shareholders’ fund, but the amount when so withdrawn shall not exceed in the aggregate the proportionate interest of the shareholders in the segregated fund.
V.I. Code tit. 22, § 1410 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 55 - Virgin Islands International Insurers Act|Subchapter I - Virgin Islands International Insurers Act|§ 1410. Financial reporting

 (a) Any International Insurance Company licensed under this Chapter shall be required to file within 180 days of the end of its financial year, a balance sheet, income statement, and statement clearly reflecting that adequate reserves are maintained and such other financial statements as the SAM may determine are necessary. Upon request of the Company and showing of good cause, the SAM may extend the due date for filing. All financial statements shall be audited by an independent Auditor who shall attach an audit report on the International Insurance Company’s financial condition and solvency. The adequacy of the reserves shall be determined and certified by an Actuary. The statements must be certified as true and accurate under the sworn signature of at least two directors of the International Insurance Company, one of whom must be a resident of this Territory, or two nonresident directors and an officer of the International Insurance Company or the International Insurer Support Business representing the International Insurance Company who is resident within the Territory. (b) If an Auditor has rendered other than an unqualified opinion on the financial condition of an International Insurance Company, the Auditor and the International Insurance Company shall both notify the SAM in writing within fifteen days of the issuance of such qualified opinion. (c) Failure to comply with this section shall be punishable by a fine of in an amount established by regulations by the SAM for such noncompliance by the International Insurance Company or revocation of the International Insurance Company’s license, or both. (d) No other financial reporting by an International Insurance Company shall be necessary within this Territory, except as required by the Bureau of Internal Revenue.
V.I. Code tit. 22, § 1411 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 55 - Virgin Islands International Insurers Act|Subchapter I - Virgin Islands International Insurers Act|§ 1411. Examinations and investigations

 Other than a Single-Parent International Insurance Company at least once every five (5) years and whenever the SAM determines it to be necessary, prudent, or in the best interests of the Territory, he or his designee shall inspect and examine the affairs of an International Insurance Company to ascertain its financial condition, its ability to fulfill its obligations and whether it complies with the rules and regulations established with reference to this chapter. The expenses and charges of the examination shall be reimbursed by the International Insurance Company to the Territory. In the case of Branch Exempt International Insurers, any such audit shall only be of the Virgin Islands entity and may utilize and incorporate findings of an audit of the parent company.
V.I. Code tit. 22, § 1412 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 55 - Virgin Islands International Insurers Act|Subchapter I - Virgin Islands International Insurers Act|§ 1412. Grounds and procedures for suspension or revocation of license

 (a) The license issued to an International Insurance Company by this Territory may be suspended or revoked by the SAM for any of the following reasons: (1) insolvency or impairment of capital or surplus; (2) failure to meet the requirements of sections 1405 or 1406 of this chapter or any rules and regulations promulgated hereunder; (3) refusal or failure to submit an annual report, as required by section 1410 of this title, or any other report or statement required by law, regulation, or lawful order of the SAM; (4) failure to comply with the provisions of its own charter or bylaws; (5) failure to submit to an examination or any legal obligation relative thereto, as required by section 1411 of this title; (6) refusal or failure to pay the cost of examination as required by section 1411; (7) use of methods that, although not otherwise specifically prohibited by law, nevertheless render its operation detrimental or its condition unsound with respect to the public good or to its policyholders; or (8) failure otherwise to comply with the laws of this Territory made applicable by this chapter to International Insurance Companies. (b) If the SAM finds, upon examination, hearing, or other evidence, that any International Insurance Company has committed any of the acts specified in subsection (a) of this section, the SAM may suspend or revoke such license if the SAM deems it in the best interest of the public and the policy-holders of such International Insurance Company.
V.I. Code tit. 22, § 1413 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 55 - Virgin Islands International Insurers Act|Subchapter I - Virgin Islands International Insurers Act|§ 1413. Reinsurance

 (a) Any International Insurance Company may cede reinsurance to any insurer or reinsurer or reinsurance pool approved by the SAM for this purpose, and may provide reinsurance on risks ceded by any other insurer or reinsurer or reinsurance pool. (b) Any International Insurance Company shall receive credit for reserves on risks or portions of risks ceded to approved reinsurers. (c) Any International Insurance Company may take credit for reserves on risks or portions of risks ceded to a pool, exchange, or association acting as a reinsurer. The SAM may require any such documents, financial information or other evidence that such pool, exchange, or association will be able to provide adequate security for its financial obligations.
V.I. Code tit. 22, § 1414 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 55 - Virgin Islands International Insurers Act|Subchapter I - Virgin Islands International Insurers Act|§ 1414. International insurer support business

 (a) Any International Insurer Support Business, before commencing business, shall apply to the SAM for a license. The license application shall contain such information, in addition to the information set forth below, as may be required by the SAM pursuant to duly promulgated regulations. (b) Any International Insurer Support Business applying for a license under this chapter shall file with the SAM the following documents, together with such other documents and information as the SAM may require pursuant to duly promulgated regulations: (i) in the case of an existing entity, a certified copy of its charter and bylaws, its most recent balance sheet and income statement; (ii) in the case of a newly-formed entity or a person, a business and financial plan demonstrating the expected financial performance for the following three years. (c) Any International Insurer Support Business shall attach to its license application a nonrefundable application fee to cover the cost of examining, investigating and processing its application for license. The amount of such application fee shall be determined and set forth in duly promulgated regulations by the SAM. In addition, an International Insurer Support Business licensed under the provisions of this chapter shall pay a license fee for the year of registration and a renewal fee for each year thereafter in an amount determined and set forth in duly promulgated regulations by the SAM. (d) An International Insurer Support Business formed in the Virgin Islands shall have the privileges and be subject to the provisions of the General Corporation Law of Title 13, Virgin Islands Code, as well as the applicable provisions contained in this chapter. The provisions of this chapter shall take precedence over the provisions of the General Corporation Law in the event of conflict.
V.I. Code tit. 22, § 1415 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 55 - Virgin Islands International Insurers Act|Subchapter I - Virgin Islands International Insurers Act|§ 1415. Tax rates and benefits applicable to any International Insurance Company

 (a) Each International Insurance Company may make an Exempt Company Election under chapter 14 of Title 13 of this Code to be an exempt company subject to the provisions of such title and shall thereupon be granted a reduction in the income tax liability shown on its income tax return for each taxable year by 100 percent for such income that meets the requirements of sections 934 and 937(b) of the Internal Revenue Code of 1986, as amended, and any successor provisions to that Code, and the Treasury Regulations promulgated thereunder, as being from Virgin Islands sources or effectively connected with the conduct of a trade or business within the Virgin Islands. (b)  (1) Every person who receives a payment or allocation subject to the tax imposed by Sections 704, 871(a)(1), 881, 884, or 1446 of the Internal Revenue Code, as applicable in the Virgin Islands, from an International Insurance Company is exempt from the payment of 100 percent of such tax. (2) An International Insurance Company is exempt from the requirement to withhold tax pursuant to sections 1441, 1442, and 1446 of the Internal Revenue Code as applicable in the Virgin Islands to the extent that such payments are exempt from the tax described in paragraph (1). (c) An International Insurance Company is exempt from any other taxes imposed by the Virgin Islands, including without limitation real property used in the business of the International Insurance Company, gross receipts taxes, excise taxes, and premium tax. (d) The Office of the Lieutenant Governor is authorized and directed to provide any International Insurance Company, within sixty (60) days of a request by the International Insurance Company to do so, a contract signed by the Lieutenant Governor, on behalf of the Government of the Virgin Islands, stating that the benefits of this section as they exist upon the date of the contract shall be and remain available to said International Insurance Company, and shall not be reduced, until twenty (20) years have elapsed so long as the exempt company is: (1) in compliance with all laws, rules and regulations of the Virgin Islands; and (2) current in the payment of taxes and fees to the Virgin Islands. The contract shall further state that the Government shall not adopt any legislation impairing or limiting the obligation of such contract. (e) The contract shall become effective with regard to an International Insurance Company upon its acceptance by the International Insurance Company. Such acceptance shall be indicated by the signature of an officer or the registered agent of the International Insurance Company on a copy of the contract, which copy shall be returned to the Office of the Lieutenant Governor and shall remain on file in that office.
V.I. Code tit. 22, § 1416 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 55 - Virgin Islands International Insurers Act|Subchapter I - Virgin Islands International Insurers Act|§ 1416. Confidentiality

 No proprietary information furnished to the SAM by any applicant or licensed International Insurance Company, any International Insurer Support Business, or any auditor, actuary, agent, broker, or other duly authorized representative acting on behalf of any applicant, licensed International Insurance Company, or International Insurer Support Business, shall be disclosed by the SAM to any party, except as follows: (a) to any branch of the Virgin Islands Government in lawful furtherance of the requirements of this Chapter; (b) to the United States Internal Revenue Service or the Virgin Islands Bureau of Internal Revenue pursuant to the laws of either jurisdiction; or (c) to any person pursuant to a lawful order entered by a court of the Virgin Islands or the United States, directing the SAM to disclose specified information to the requesting party. Notwithstanding any of the foregoing, the SAM, in his discretion, shall be permitted to confirm to any party the existence, registered name, identities of registered owners and identities of registered managers, auditors, actuaries and legal counsel of any licensed International Insurance Company.
V.I. Code tit. 22, § 1418 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 55 - Virgin Islands International Insurers Act|Subchapter I - Virgin Islands International Insurers Act|§ 1418. Rules and regulations

 The SAM may establish, and from time to time amend, such rules and regulations relating to International Insurance Companies and International Insurer Support Businesses as are necessary to enable the SAM to carry out the provisions of this chapter.
V.I. Code tit. 22, § 1419 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 55 - Virgin Islands International Insurers Act|Subchapter I - Virgin Islands International Insurers Act|§ 1419. Penalties

 Violation of any provision in this chapter shall be subject to the penalties provided for in chapter 1, section 7 of this Title.
V.I. Code tit. 22, § 1422 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 55 - Virgin Islands International Insurers Act|Subchapter I - Virgin Islands International Insurers Act|§ 1422. Preservation of right

 Notwithstanding any provision to the contrary, any existing and licensed International Insurance Company and International Insurer Support Business on the effective date of this section shall not be subject to any amended provisions enacted herewith that may adversely affect, impair or limit the benefits provided prior to the amendments enacted herewith.