reglab/housing_qa huggingface dataset:
V.I. Code tit. 22, § 654 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 27 - Unauthorized Insurers|§ 654. Endorsement of contract

 Every insurance contract procured and delivered as a surplus line coverage pursuant to this chapter shall have stamped upon it and be initialed by or bear the name of the surplus line broker who procured it, the following: “This contract is registered and delivered as a surplus line coverage under the Insurance Code of the Virgin Islands.” It is not covered by the Guaranty Fund established pursuant to Title 33, section 3061, V.I.C.
V.I. Code tit. 22, § 655 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 27 - Unauthorized Insurers|§ 655. Validity of contracts

 Insurance contracts procured as surplus line coverage from unauthorized insurers in accordance with this chapter shall be fully valid and enforceable as to all parties, and shall be given recognition in all matters and respects to the same effect as like contracts issued by authorized insurers.
V.I. Code tit. 22, § 656 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 27 - Unauthorized Insurers|§ 656. Surplus line brokers; licensing

 Any person deemed by the Commissioner to be competent and trustworthy and while maintaining an office at a designated location in this territory may be licensed as a surplus line broker, as follows: (1) application to the Commissioner for the license shall be made on forms furnished by the Commissioner; (2) the license fee shall be $300 for each license year during any part of which the license is in force; and (3) prior to issuance of license the applicant shall file with the Commissioner and thereafter for as long as the license remains in effect he shall keep in force a bond in favor of the Government of the Virgin Islands in the penal sum of $10,000, with authorized corporate sureties approved by the Commissioner, conditioned that he will conduct business under the license in accordance with the provisions of this chapter and that he will promptly remit the taxes provided in section 662 of this title. No such bond shall be terminated unless not less than 30 days prior written notice thereof is filed with the Commissioner.
V.I. Code tit. 22, § 657 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 27 - Unauthorized Insurers|§ 657. Broker may accept business

 A licensed surplus line broker may accept and place surplus line business for any insurance agent or broker licensed in this territory for the kind of insurance involved, and may compensate such agent or broker therefor.
V.I. Code tit. 22, § 658 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 27 - Unauthorized Insurers|§ 658. Liability of insurer assuming direct risks

 (a) If pursuant to the surplus lines provisions of this chapter an insurer has assumed direct risk under a coverage and the premium therefor has been paid to the broker who placed such insurance, the insurer shall be liable to the insured for unearned premiums payable upon cancellation of the insurance, whether or not the broker is indebted to the insurer for such premium or otherwise. This provision shall not affect rights as between the insurer and the broker. (b) Each such insurer shall be deemed to have subjected itself to this section by acceptance of such direct risk.
V.I. Code tit. 22, § 659 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 27 - Unauthorized Insurers|§ 659. Solvent insurer required

 (a) A surplus line broker shall not place any coverage with an unauthorized insurer unless, at the same time of placement, such insurer: (1) has established satisfactory evidence of good repute and financial integrity; (2) has caused to be provided to the Commissioner, no more than six months after the close of the period reported upon, a certified copy of its current annual statement which is either: (A) filed with and approved by the regulatory authority in the domicile of the unauthorized insurer; or (B) certified by an accounting or auditing firm licensed in the jurisdiction of the insurer's domicile; and (3) has been deemed eligible for the placement of risks by the Commissioner. (b) In order to be deemed eligible by the Commissioner, the unauthorized insurer must have capital and surplus in an amount not less than $7,000,000 in the aggregate; Provided, that in order to qualify under this section, an alien insurer must maintain in the United States an irrevocable trust fund in either a national bank or a member of the Federal Reserve System, in an amount not less than $2,500,000 for the protection of all its policyholders in the United States. Such trust fund, which shall be included in any calculation of capital and surplus, shall: (1) consist of cash, securities, letters of credit, or of investments substantially the same character and quality as those which are eligible investments for the capital and statutory reserves of admitted insurers authorized to write like kinds of insurance in this Territory; and (2) have an expiration date which at no time shall be less than (5) years. (c) If at any time the Commissioner has reason to believe that an unauthorized insurer: (1) is in unsound financial condition; (2) has wilfully violated the laws of this Territory, or (3) does not make reasonably prompt payment of just losses and claims in the Virgin Islands or elsewhere, the Commissioner may declare such insurer ineligible. The Commissioner shall promptly mail notice of all such declarations to each surplus line broker. (d) For representing or aiding an unauthorized insurer in violation of this chapter, a surplus line broker shall be fined not more than $1,000 per offense, his surplus line broker's license may be revoked, his other insurance licenses may be revoked, and the broker may not again be so licensed within a period of two years thereafter.
V.I. Code tit. 22, § 660 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 27 - Unauthorized Insurers|§ 660. Record of surplus line broker

 (a) Each licensed surplus line broker shall keep a full and true record of each surplus line contract procured by him including a copy of the daily report, if any, showing such of the following items as may be applicable: (1) amount of the insurance; (2) gross premiums charged; (3) return premium paid, if any; (4) rate of premium charged upon the several items of property; (5) effective date of the contract, and the terms thereof; (6) name and address of the insurer; (7) name and address of the insured; (8) brief general description of property insured and where located; (9) other information as may be required by the Commissioner. (b) All such records as to any particular transaction shall be kept available and open to the inspection of the Commissioner at any business time during the five years next following the date of completion of such transaction.
V.I. Code tit. 22, § 661 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 27 - Unauthorized Insurers|§ 661. Broker's annual statement

 (a) Each surplus line broker shall on or before the first day of March of each year file with the Commissioner a verified statement of all surplus line insurance transacted by him during the preceding calendar year. (b) The statement shall be on forms as prescribed and furnished by the Commissioner and shall show the aggregate of net premiums and additional information as required by the Commissioner.
V.I. Code tit. 22, § 662 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 27 - Unauthorized Insurers|§ 662. Premium tax; surplus lines

 (a) On or before the first day of February, May, August and November of each year, each surplus line broker shall remit to the Commissioner of Insurance a tax of five percent (5%) on the quarterly premiums of surplus line insurance transacted by him on risks located in the territory: (b) If a surplus line policy covers risks or exposures only partially in this territory the tax so payable shall be computed upon the proportion of the premium which is properly allocable to the risks or exposures located in this territory. (c) All taxes collected pursuant to this section, as well as any penalty related thereto, shall be deposited into the Insurance Guaranty Fund.
V.I. Code tit. 22, § 663 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 27 - Unauthorized Insurers|§ 663. Penalty for default

 If any surplus line broker fails to file his annual statement, or fails to remit the tax provided by section 662 of this title, he shall be subject to the terms and conditions of the penalties set forth in chapter 25, section 604 of this title. The tax may be collected by distraint, or the tax and fine may be recovered by an action instituted by the Commissioner in any court of competent jurisdiction.
V.I. Code tit. 22, § 664 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 27 - Unauthorized Insurers|§ 664. Revocation of broker's license

 (a) The Commissioner shall revoke any surplus line broker's license if the broker fails to file his annual statement or to remit the tax as required by this chapter; or if the broker fails to maintain an office in this territory, or to keep the records, or to allow the Commissioner to examine his records as required by this chapter; or for any of the causes for which a general broker's license may be revoked. (b) The Commissioner may suspend or revoke any such license whenever he deems suspension or revocation to be for the best interests of the people of this territory. (c) The procedures provided by this title for the suspension or revocation of general brokers' licenses shall be applicable to suspension or revocation of a surplus line broker's license. (d) No broker whose license has been so revoked or suspended shall again be so licensed within one year thereafter, nor until any fines or delinquent taxes owing by him have been paid.
V.I. Code tit. 22, § 665 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 27 - Unauthorized Insurers|§ 665. Legal process against surplus line insurer

 (a) An unauthorized insurer may be sued, upon any cause of action arising in this territory under any contract issued by it as a surplus line contract, pursuant to this chapter, in the District Court of the Virgin Islands in that judicial division in which the cause of action arose. (b) Service of legal process against the insurer may be made in any such action by service upon the Commissioner. At the time of such service the plaintiff shall pay to the Commissioner $5, taxable as costs in the action if the plaintiff shall prevail therein. The Commissioner shall forthwith mail the documents of process served, or a true copy thereof, to the person designated by the insurer in the policy for the purpose of prepaid registered mail with return receipt requested. The insurer shall have 40 days from the date of service upon the Commissioner within which to plead, answer, or otherwise defend the action. Upon service of process upon the Commissioner in accordance with this provision, the court shall be deemed to have jurisdiction in personam of the insurer.
V.I. Code tit. 22, § 666 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 27 - Unauthorized Insurers|§ 666. Exemptions from surplus line requirements

 (a) The provisions of this chapter controlling the placing of insurance with unauthorized insurers shall not apply to reinsurance or to the following insurances when so placed by licensed agents or brokers of this territory: (1) ocean marine and foreign trade insurances; (2) insurance on subjects located, resident, or to be performed wholly outside of this territory, or on vehicles or aircraft owned and principally garaged outside this territory; and (3) insurance of aircraft owned or operated by manufacturers of aircraft, or of aircraft operated in scheduled interstate flight, or cargo of such aircraft, or against liability, other than employer's liability, arising out of the ownership, maintenance or use of such aircraft. (b) Agents and brokers so placing any such insurance with an unauthorized insurer shall keep a full and true record of each such coverage in detail as required of surplus line insurance under this chapter. The record shall be preserved for not less than five years from the effective date of the insurance and shall be kept available in this territory and open to the examination of the Commissioner. The agent or broker shall furnish to the Commissioner at his request and on forms as designated and furnished by him a report of all such coverages so placed in a designated calendar year.
V.I. Code tit. 22, § 667 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 27 - Unauthorized Insurers|§ 667. Records of insured; inspection

 Every person for whom insurance has been placed with an unauthorized insurer pursuant to or in violation of this chapter shall, upon the Commissioner's order, produce for his examination all policies and other documents evidencing the insurance, and shall disclose to the Commissioner the amount of the gross premiums paid or agreed to be paid for the insurance. For each refusal to obey such order, such person shall be liable to a fine of not more than $500.
V.I. Code tit. 22, § 701 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 29 - Deposits of Insurers|§ 701. Deposits of insurers

 The Commissioner of Finance shall accept, when made through the Commissioner of Insurance, deposits of securities or funds by insurers as follows: (1) Deposits in amount as required to be made as prerequisite to a certificate of authority to transact insurance in this territory; (2) Deposits of domestic, foreign or alien insurers in amount as required to be made by the laws of other jurisdictions as prerequisite for authority to transact insurance in such other jurisdictions; and (3) Deposits in other additional amounts permitted to be made by this title.
V.I. Code tit. 22, § 702 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 29 - Deposits of Insurers|§ 702. Deposits to be held in trust

 Each such deposit shall be held by the Commissioner of Finance in trust for the protection of all policyholders in the United States of the insurer making it; except that deposits of alien insurers shall be so held for the security of such insurer's obligations arising out of its insurance transactions in the United States.
V.I. Code tit. 22, § 703 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 29 - Deposits of Insurers|§ 703. Securities eligible for deposit

 All such deposits shall consist of cash funds or other assets comprised of securities which are eligible for the investment of the funds of insurers under chapter 23 of this title, and representing public obligations, corporate bonds, and mortgages on real property located in this territory.
V.I. Code tit. 22, § 704 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 29 - Deposits of Insurers|§ 704. Receipt; records

 (a) The Commissioner of Finance shall deliver to the insurer a receipt for all funds and securities so deposited by it. (b) The Commissioner of Insurance shall keep a record in permanent form of all funds and securities so deposited. This record shall be open to the inspection of the Commissioner of Finance during all office hours. (c) The Commissioner of Finance shall keep a record in permanent form of all such funds and securities, and which record shall be open to the inspection of the Commissioner of Insurance during all office hours. The Commissioner of Finance shall state in his report to the Governor the aggregate amount of all such deposits held by him and of any transfers thereof countersigned by him.
V.I. Code tit. 22, § 705 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 29 - Deposits of Insurers|§ 705. Transfer of securities

 (a) No transfer of any funds or security so held on deposit, whether voluntary or by operation of law, shall be valid unless approved in writing by the Commissioner of Insurance and countersigned by the Commissioner of Finance or by his authorized deputy or agent. (b) A statement of each such transfer shall be entered on the records of the Commissioner of Finance and of the Commissioner of Insurance, showing the name of the insurer from whose deposit such transfer is made, the name of the transferee, the par value of securities having par value, and the asset value of other securities as at last recent valuation.
V.I. Code tit. 22, § 706 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 29 - Deposits of Insurers|§ 706. Depositaries

 The Commissioner of Finance may designate any solvent trust company or other solvent financial institution having trust powers domiciled in this territory, as the Commissioner of Finance's depositary to receive and hold any such deposit of a domestic or foreign insurer, or of an alien insurer for which this territory is the port of entry into the United States. Any deposit so held shall be at the expense of the insurer.
V.I. Code tit. 22, § 707 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 29 - Deposits of Insurers|§ 707. Liability for safekeeping

 The Government of the Virgin Islands shall be responsible for the safekeeping and return of all funds and securities deposited pursuant to this chapter with the Commissioner of Finance or in any such depositary so designated by him.
V.I. Code tit. 22, § 708 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 29 - Deposits of Insurers|§ 708. Dividends and substitutions

 While solvent and complying with this title an insurer shall be entitled to collect and receive interest and dividends accruing on the securities so held on deposit for its account, and from time to time exchange and substitute for any of such securities, other securities eligible for deposit and of at least equal value.
V.I. Code tit. 22, § 709 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 29 - Deposits of Insurers|§ 709. Release of deposits, generally

 (a) Any such required deposit shall be released in these instances only: (1) upon extinguishment of all liabilities of the insurer for the security of which the deposit is held, by reinsurance contract or otherwise; (2) if any such deposit or portion thereof is no longer required under this title; and (3) upon proper order of a court of competent jurisdiction the deposit shall be released to the receiver, conservator, rehabilitator, or liquidator of the insurer for whose account the deposit is held. (b) No such release shall be made except on application to and written order of the Commissioner of Insurance made upon proof satisfactory to him of the existence of one of such grounds therefor. The Commissioner of Insurance shall have no personal liability for any such release of any deposit or part thereof so made by him in good faith. (c) All releases of deposits or any part thereof shall be made to the person then entitled thereto upon proof of title satisfactory to the Commissioner of Insurance. (d) Deposits held on account of title insurers are subject further to the provisions of chapter 47 of this title.
V.I. Code tit. 22, § 710 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 29 - Deposits of Insurers|§ 710. Release of existing deposits

 Any part of any deposit of an insurer held by the Commissioner of Finance on the effective date of this title which is in amount in excess of the deposit required or permitted to be made by such insurer under this title, shall, upon written order of the Commissioner of Insurance, be released, except, that no deposit held on account of any registered policies heretofore issued by the insurer shall be released except in accordance with the conditions under which such deposit was made.
V.I. Code tit. 22, § 711 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 29 - Deposits of Insurers|§ 711. Voluntary excess deposits

 An insurer may deposit and maintain on deposit with the Commissioner of Finance through the Commissioner of Insurance funds and eligible securities in amount exceeding its required deposit under this title by not more than $100,000, for the purpose of absorbing fluctuations in the value of securities held in its required deposit, and to facilitate the exchange and substitution of such required securities. During the solvency of the insurer any such excess deposit or any part thereof shall be released to it upon its request, transmitted through the Commissioner of Insurance. During the insolvency of the insurer such excess deposit shall be released only as provided in section 709 of this title.
V.I. Code tit. 22, § 712 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 29 - Deposits of Insurers|§ 712. Immunity from levy

 No judgment creditor or other claimant of an insurer shall levy upon any deposit held pursuant to this chapter, or upon any part thereof.
V.I. Code tit. 22, § 751 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 31 - Virgin Islands Insurance Producer and Adjuster Licensing|§ 751. Purpose and scope

 (a) This chapter governs the qualifications and procedures for the licensing of insurance producers and adjusters. It simplifies and organizes some statutory language to improve efficiency, permits the use of new technology and reduces costs associated with issuing and renewing insurance licenses. (b) This chapter does not apply to excess and surplus lines brokers licensed pursuant to chapter 27 of this title, except as provided in sections 763(b) and 764 of this chapter.
V.I. Code tit. 22, § 752 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 31 - Virgin Islands Insurance Producer and Adjuster Licensing|§ 752. License required

 (a) It is unlawful for a person to perform any act as an insurance producer in the Virgin Islands unless then licensed in the Virgin Islands. (b) It is unlawful for a person to sell, solicit or negotiate insurance in the Virgin Islands for any class or classes of insurance unless the person is licensed for that line of authority in accordance with this chapter. (c) It is unlawful for a person to act as or hold himself out as an adjuster in the Virgin Islands unless licensed by the Commissioner or otherwise authorized to act as an adjuster under this chapter.
V.I. Code tit. 22, § 755 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 31 - Virgin Islands Insurance Producer and Adjuster Licensing|§ 755. Application of chapter to insurance producers appointed by health care service contractors, health maintenance organizations, or both

 The provisions of this chapter apply to insurance producers appointed by either health care service contractors or health maintenance organizations.
V.I. Code tit. 22, § 756 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 31 - Virgin Islands Insurance Producer and Adjuster Licensing|§ 756. Determining whether authorization exists; burden on insurance producer

 Any insurance producer soliciting, negotiating, or procuring an application for insurance or health care services in the Territory must make a good faith effort to determine whether the entity that is issuing the coverage is: (1) authorized as an admitted insurer to transact health insurance coverage in this Territory; or (2) a property or casualty insurer, conducting business as an admitted insurer or through a surplus line broker licensed under chapter 27 of this title.