V.I. Code tit. 22, § 6601 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 66 - Alternative Markets Act|Subchapter I - The Alternative Market Act|§ 6601. Definitions

 (a) As used in this chapter, unless the context requires otherwise: (1) “Actuary” means a person qualified as an actuary by examination of the Institute of Actuaries in England or the Faculty of Actuaries in Scotland Casualty Actuarial Society, or the Society of Actuaries in the United States of American or Canada. (2) “Advisory board” means an ad hoc board of five members appointed by and with full discretion of the SAM, possessing knowledge of technical and complex issues that arise in the asset securitization and, insurance securitization business, which the SAM may use in evaluating the request to form or change the business plan of an applicant or licensed company. (3) “Affiliated company” means a company in the same corporate system as a parent, an industrial insured, or a member organization by virtue of common ownership, control, operation, or management. (4) “Affiliated person” means an individual or an entity that is related to a parent or owner of an entity by virtue of being: a spouse, father, mother, child, brother or sister of such individual person; or the owner, parent or affiliated company, with respect to any such person which is an entity. (5) “Alternative Market” includes any market involving a SPFC or any other securitization entity, including without limitation a Trust. (6) “Alternative market insurer” means a company that may insure or reinsure the risks of parents, owners, affiliates, and related business, provided the insurance or reinsurance that it writes complies with the laws and regulations of the United States domicile for direct placement of risk, and may directly insure the members of an association which owns the alternative market insurer. (7) “Auditor” means an individual who sits and successfully passes a financial examination and is inducted into financial charters and societies and has earned the designation as a certified public accountant or similarly recognized definition in various countries and possesses such qualifications in insurance accountancy as the SAM, by written order, approves, and is in good standing with respect to such qualifications. (8) “Broker” means an individual who places insurance risks with insurers and international reinsurers. (9) “Consolidated debt to total capital ratio” means the ratio of the sum of: (A) all debts and hybrid capital instruments including, all borrowings from banks, all senior debt, all subordinated debts, all trust preferred shares, and all other hybrid capital instruments that are not included in the determination of consolidated GAAP net worth issued and outstanding. (B) total capital, consisting of all debts and hybrid capital instruments as described in paragraph (A) plus owners' equity determined in accordance with GAAP for reporting to the United States Securities and Exchange Commission. (10) “Consolidated GAAP net worth” means the consolidated owners' equity determined in accordance with GAAP for reporting to the United States Securities and Exchange Commission. (11) “Department” means the Office of the Lieutenant Governor, Division of Banking, Insurance and Financial Regulation. (12) “GAAP” means generally accepted accounting principles. (13) “Management” means the board of directors, managing board, manager or other individual or individuals vested with overall responsibility for the management of the affairs of the Special Purpose Vehicle and the SPFC, including the election and appointment of officers or other of those agents to act on behalf of the Special Purpose Vehicle and the SPFC. (14) “Marketer” means an individual appointed by the SAM who identifies potential companies, develops the market, and is involved in all aspects of marketing Advanced Markets. (15) “NAIC” means National Association of Insurance Commissioners. (16) “Owner” of an entity means a person or entity holding title to any portion of the shares, partnership interests, membership interests or other securities of an entity. (17) “Parent” means any corporation, limited liability company, partnership, other entity or individual that directly or indirectly owns, controls, or holds with power to vote more than fifty percent of the outstanding voting interests of a Securitization Entity or an SPFC captive insurance company or group captive insurance company. (18) “Principal office” means the chief place of business required to be maintained within the Territory by every entity manager licensed under this chapter and at which the entities or manager's books and records which are prescribed by this chapter are kept permanently. The office of the Qualified Manager will constitute the “principal office” of business. (19) “Protected cell” means a separate account established and maintained by a protected cell insurance company for one or more participants. (20) “Protected cell insurance company” means a company that has been approved by the SAM to maintain segregated accounts and to segregate each participant's assets, liabilities, and activities from each other and whose owner meets appropriate capital and surplus requires appropriate C & S and reinsurance from each participant. (21) “Qualified Manager” means an entity formed in the Territory that is owned at least 51 percent by residents of the Territory who possess sufficient experience in the businesses of SPFC transactions, insurance transactions, or other relevant experience as determined by the SAM. (A) All transactions will be managed by a Qualified Manager. (B) The officers and employees of the Qualified Manager will not be held personally responsible for actions of the management of the asset securitizations and/or insurance securitizations. (22) “Regulations” means the regulations promulgated by the SAM pursuant to authority established by this chapter. (23) “SAM” means the Superintendent of Alternative Markets or the Superintendent's designee. The Director of the Division of Banking, Insurance and Financial Regulation will serve as the Acting SAM until the SAM position is filled and at any times when the SAM position is otherwise vacant. (24) “Securitization Entity” means any entity including without limitation a Trust or an SPFC, formed under or pursuant to the laws of the Territory, that purchases portfolios of assets and that uses debt obligations, equity, surplus certificates, surplus notes, funding agreements, derivatives, and other legal forms of financial instruments to transact business. (25) “Segregated account” means a separate account established and maintained by a protected cell captive insurer: (A) in which the minimum capital and surplus required under this chapter is provided by one or more persons or entities; (B) that is formed and licensed under this chapter; (C) that insures risks of separate participants by contract; (D) with respect to which one or more of the participants are authorized to act on matters relating to the segregated account; and (E) that limits each participant's losses through one or more segregated accounts. (26) “Special purpose financial captive insurance company” or “SPFC” means a captive insurance company that is formed or licensed under this chapter which does not meet the definition of any other type of captive insurance company as defined in Chapter 54, sections 1314(3) or (9) of this title. (27) “Special Purpose Vehicle (SPV) or Special Purpose Entity (SPE)” means either a trust or a company that is used to house an asset risk either through the purchase of the assets or in synthetic form. (28) “Superintendent of Alternative Markets” or the “SAM”) means the Superintendent of the Division of Alternative Markets and International Reinsurance Section of the Office of the Commissioner of Insurance. (29) “Territory” means the Territory of the Virgin Islands. (30) “Treasury rates” means the United States Treasury strips asked yield as published in the Wall Street Journal as of a balance sheet date. (31) “Trust” means a statutory trust as set up pursuant to the Virgin Islands Statutory Trust Entity Act.