reglab/housing_qa huggingface dataset:
V.I. Code tit. 22, § 1286 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 51 - Mergers, Rehabilitation, Liquidation|§ 1286. Purchase of insolvent domestic insurer; tax benefits

 (a) Any time after the District Court has ordered the Commissioner to rehabilitate an insolvent domestic insurer under this chapter, the Commissioner may enter into an agreement, subject to the approval of the Legislature, with any party qualified to hold a certificate of authority under this title concerning the purchase of the insurer being rehabilitated. The Commissioner may not enter into such an agreement unless the purchaser demonstrates the capability to fully perform each of the elements of the purchase agreement. In addition, the Commissioner must be satisfied that the purchase is in the best interests of the persons insured by the rehabilitated insurer. Any agreement under this section must provide that all valid claims by insured against the rehabilitated insurer will be paid by the purchaser. (b) As part of the negotiation of a purchase agreement under subsection (a), the Commissioner may offer the prospective purchaser: (1) any or all of the benefits granted to persons qualifying for industrial development certificates under Title 29, section 713a, Virgin Islands Code; and (2) total or partial exemption from any insurance premium tax assessed by the Virgin Islands. This subsection shall not be construed as requiring a purchaser to meet any of the requirements for the issuance of an industrial development certificate. (c) Tax benefits offered or granted under this section: (1) must be attributable to income or premiums earned or property acquired as a direct result of the purchase of the rehabilitated insurer (including any premium income attributable to renewals of insurance policies in force immediately prior to the District Court's order of rehabilitation); and (2) may not be granted for a period exceeding ten (10) years.
V.I. Code tit. 22, § 1301 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 53 - Mutual Nonprofit Benefit Societies|§ 1301. Mutual benefit society defined; application of chapter

 A corporation, society or voluntary association organized and carried on for the mutual benefit of its members and their beneficiaries and not for profit, and which makes provision for the payment of benefits in case of sickness, disability or death of its members, or disability or death of its members' wives or children, the fund from which the payment of such benefits are paid being derived from assessments or dues collected from its members, and the payment of death benefits being made to the families, heirs, blood relatives or persons named by its members as their beneficiaries, is hereby declared to be a mutual benefit society. Such societies shall be governed by the provisions of this chapter.
V.I. Code tit. 22, § 1302 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 53 - Mutual Nonprofit Benefit Societies|§ 1302. Foreign mutual benefit societies; qualification

 Any corporation, society or association coming within the description as set forth in section 1301 of this title organized under the laws of any state, other territory or commonwealth, or district of the United States or of any foreign country, shall be admitted to do business within the Virgin Islands when it shall have filed with the Commissioner a copy of its articles of incorporation or association, duly certified by its president or secretary, together with a certificate of the insurance department of the state, territory or commonwealth, district or country in which it is authorized or incorporated, showing that it is authorized to carry on business therein.
V.I. Code tit. 22, § 1303 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 53 - Mutual Nonprofit Benefit Societies|§ 1303. Appointment of Commissioner as agent for service of process

 (a) Before a permit is granted to any foreign society to transact business in the Virgin Islands it must file with the Commissioner a resolution adopted by such society and signed by its president and secretary that service of process upon the Commissioner in any action or proceeding against the society brought in the Virgin Islands upon any cause of action arising in the Virgin Islands shall be valid service upon the society and which consent shall be irrevocable so long as the society shall carry on business in the Virgin Islands. (b) Every process left with the Commissioner shall be in duplicate. He shall return the original copy with his certificate of service into the court from which the process issued and forward the remaining copy at once, postage prepaid, to the society at its principal office within the meaning of this section. (c) The society shall file with the Commissioner a written statement, setting forth the location and post-office address of its principal office and that location and post-office address shall continue to be the location and address of the society for the purpose of this section until changed by a similar statement in writing and filed with the Commissioner. Such society shall answer such process within 60 days of the mailing thereof by the Commissioner.
V.I. Code tit. 22, § 1304 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 53 - Mutual Nonprofit Benefit Societies|§ 1304. Issuance of permit

 The Commissioner shall upon the application of any mutual benefit society, having the right to do business in the Virgin Islands issue to such society a permit in writing, authorizing it to do business in the Virgin Islands for which permit the society shall pay to the Commissioner a fee of $25. No business shall be transacted by any domestic or foreign society until such permit is granted.
V.I. Code tit. 22, § 1305 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 53 - Mutual Nonprofit Benefit Societies|§ 1305. Annual report

 Every mutual benefit society doing business in this territory shall on or before the first day of March of each year make and file with the Commissioner in such form as he may require a statement under oath of its president and secretary, or corresponding officers, of its condition and standing on the 31st day of December next preceding, and of its transactions for one year ending on that date, and also shall furnish such other information as the Commissioner may deem necessary to a proper exhibit of its business and plan of working. The Commissioner may at other times require any further statement he may deem necessary to be made relating to such society. Upon the filing of such report the society shall pay to the Commissioner the sum of $10.
V.I. Code tit. 22, § 1306 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 53 - Mutual Nonprofit Benefit Societies|§ 1306. Examination of societies; payment of expenses of

 (a) The Commissioner, or his deputy or examiner may visit and examine into the affairs of any domestic or foreign mutual benefit society. He may employ assistants for the purpose of such examination, and he or his deputy, or examiner, shall have free access to all the books, papers, and documents that relate to the business of the society and may summon and qualify as witnesses under oath and examine its officers, agents, and employees or other persons in relation to the affairs, transactions, and condition of the society. (b) The expense of such examination shall be paid by the society examined, upon statement furnished by the Commissioner and the examination shall be made at least once in two years.
V.I. Code tit. 22, § 1307 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 53 - Mutual Nonprofit Benefit Societies|§ 1307. Failure to comply with law; receivership

 Whenever after examination the Commissioner is satisfied that any society has failed to comply with any provisions of this chapter, or is exceeding its powers, or is not carrying out its contracts in good faith, or is transacting business fraudulently, the Commissioner may present the facts relating thereto to the Attorney General of the Virgin Islands, who shall, if he deems the circumstances warrant, commence an action in the District Court, and such court shall thereupon notify the officers of such society of a hearing, and if it shall appear that such society should be closed, the society shall be enjoined from carrying on any further business and the Commissioner shall be appointed receiver of such society, and shall proceed at once to take possession of the books, papers, moneys, and other assets of the society, and shall forthwith, under the direction of the court, proceed to close the affairs of the society and to distribute its funds to those entitled to them.
V.I. Code tit. 22, § 1308 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 53 - Mutual Nonprofit Benefit Societies|§ 1308. Bonding of officers; condition of bond; penalty for failure to bond

 (a) Every nonprofit benefit society shall furnish for every officer, agent or person having custody of the principal funds of the association, a good and sufficient fidelity bond for the benefit of the association and its members, and file the same with the Commissioner who is hereby authorized to receive and approve the same as to form and sufficiency and to issue a certificate to such effect, or to reject the same if in his opinion such bond is not good or sufficient. The bonds shall each be in such reasonable sum, not exceeding $10,000, as the Commissioner may fix, and conditioned that such officer, agent or person shall faithfully account for and pay over the funds so received into his custody, in the manner provided by the articles of incorporation or association, or the bylaws of the society. (b) It shall be unlawful for any nonprofit mutual benefit society to do business within the Virgin Islands without first filing with the Commissioner such bond or bonds. Every such association violating the provisions of this section shall be fined not more than $500.
V.I. Code tit. 22, § 1309 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 53 - Mutual Nonprofit Benefit Societies|§ 1309. Investment of funds

 All investments and deposits of any nonprofit benefit society shall be made in the name of the society. It shall invest its funds in securities permitted by the laws of the Virgin Islands for the investments of the assets of insurance companies, and at all times shall have on hand such reasonable cash reserve for the payment of claims to which it may become liable from time to time, as the Commissioner may deem necessary.
V.I. Code tit. 22, § 1310 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 53 - Mutual Nonprofit Benefit Societies|§ 1310. Medical examination of members

 Any nonprofit benefit society may admit to beneficial membership any person not less than 18 and not more than 65 years of age, who has been examined by a legally qualified practicing physician, and no person shall be admitted to membership until a certificate duly executed by such physician shall have been filed with the society. Such certificate shall be filed and preserved by the society as a permanent record.
V.I. Code tit. 22, § 1311 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 53 - Mutual Nonprofit Benefit Societies|§ 1311. Penalty for violation of chapter

 Any person who acts within the Virgin Islands as an officer, agent, or otherwise, for any society or association which shall have failed, neglected or refused to comply with, or shall have violated, any of the provisions of this chapter or shall have failed or neglected to procure from the Commissioner proper permit to transact business as provided herein, shall be fined not more than $500 or imprisoned not more than 180 days.
V.I. Code tit. 22, § 1441 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 55A - The Virgin Islands Credit for Reinsurance|§ 1441. Short title

 This chapter may be cited as “The Virgin Islands Credit Reinsurance Act”.
V.I. Code tit. 22, § 1442 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 55A - The Virgin Islands Credit for Reinsurance|§ 1442. Definitions

 The following terms have the following meaning: (a) An “Assuming insurer” means the company that assumes the risks from the insurance policy portfolio passed from a ceding insurer. (b) A “Ceding insurer” means an insurance company that passes a part or all of its risks from its insurance policy portfolio to a reinsurance firm known as the assuming insurer. (c) “Commissioner” means the Commissioner of Insurance of the Virgin Islands. (d) “Reinsurance” means the insurance of an insurance company. In a reinsurance transaction, the ceding insurer pays the premium to the re-insurer (“assuming insurer”) for the shared risk, and the assuming insurer guarantees the amount payable by the assuming insurer if a specified event happens. (e) “Substantially similar” means standards that equal or exceed the standards set in this chapter, as determined by the Commissioner.
V.I. Code tit. 22, § 1444 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 55A - The Virgin Islands Credit for Reinsurance|§ 1444. Asset or reduction from liability for reinsurance ceded by a domestic insurer to an assuming insurer not meeting the requirements of section 1443

 An asset or a reduction from liability for the reinsurance ceded by a domestic insurer to an assuming insurer not meeting the requirements of section 545 must be allowed in an amount not exceeding the liabilities carried by the ceding insurer; provided further, that the Commissioner may adopt by regulation pursuant to section 548(b) specific additional requirements relating to or setting forth: (1) the valuation of assets or reserve credits; (2) the amount and forms of security supporting reinsurance arrangements described in section 1446(b); and/or (3) the circumstances pursuant to which credit will be reduced or eliminated. The reduction must be in the amount of funds held by or on behalf of the ceding insurer, including funds held in trust for the ceding insurer, under a reinsurance contract with the assuming insurer as security for the payment of obligations thereunder, if the security is held in the United States subject to withdrawal solely by, and under the exclusive control of, the ceding insurer; or, in the case of a trust, held in a qualified U.S. financial institution, as defined in section 1445(b). This security may be in the form of: (a) Cash; (b) Securities listed by the Securities Valuation Office of the National Association of Insurance Commissioners, including those deemed exempt from filing as defined by the Purposes and Procedures Manual of the Securities Valuation Office, and qualifying as admitted assets; (c)  (1) Clean, irrevocable, unconditional letters of credit, issued or confirmed by a qualified U.S. financial institution, as defined in section 1445(a), effective no later than December 31, of the year for which the filing is being made, and in the possession of, or in trust for, the ceding insurer on or before the filing date of its annual statement; (2) Letters of credit meeting applicable standards of issuer acceptability as of the dates of their issuance (or confirmation) shall, notwithstanding the issuing (or confirming) institution’s subsequent failure to meet applicable standards of issuer acceptability, continue to be acceptable as security until their expiration, extension, renewal, modification or amendment, whichever first occurs; or (d) Any other form of security acceptable to the Commissioner.
V.I. Code tit. 22, § 1445 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 55A - The Virgin Islands Credit for Reinsurance|§ 1445. Qualified U.S. financial institutions for purposes of section 1444(c)

 (a) A “qualified U.S. financial institution” means an institution that: (1) Is organized or (in the case of a U.S. office of a foreign banking organization) licensed, under the laws of the United States or any state thereof; (2) Is regulated, supervised and examined by U.S. federal or state authorities having regulatory authority over banks and trust companies; and (3) Has been determined by either the Commissioner or the Securities Valuation Office of the National Association of Insurance Commissioners to meet such standards of financial condition and standing as are considered necessary and appropriate to regulate the quality of financial institutions whose letters of credit will be acceptable to the Commissioner. (b) A “qualified U.S. financial institution” means, for purposes of those provisions of this subchapter specifying those institutions that are eligible to act as a fiduciary of a trust, an institution that: (1) Is organized, or, in the case of a U.S. branch or agency office of a foreign banking organization, licensed, under the laws of the United States or any state thereof and has been granted authority to operate with fiduciary powers; and (2) Is regulated, supervised and examined by federal or state authorities having regulatory authority over banks and trust companies.
V.I. Code tit. 22, § 1446 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 55A - The Virgin Islands Credit for Reinsurance|§ 1446. Rules and regulations

 (a) The Commissioner may adopt rules and regulations implementing the provisions of this chapter. (b) The Commissioner is further authorized to adopt rules and regulations applicable to reinsurance arrangements described in paragraph (1) of this section. (1) A regulation adopted pursuant to this section may apply only to reinsurance relating to: (A) Life insurance policies with guaranteed nonlevel gross premiums or guaranteed nonlevel benefits; (B) Universal life insurance policies with provisions resulting in the ability of a policyholder to keep a policy in force over a secondary guarantee period; (C) Variable annuities with guaranteed death or living benefits; (D) Long-term care insurance policies; or (E) Such other life and health insurance and annuity products as to which the NAIC adopts model regulatory requirements with respect to credit for reinsurance. (2) A regulation adopted pursuant to paragraph 1(A) or 1(B) of this section 1446(b), may apply to any treaty containing (i) policies issued on or after January 1, 2015, and/or (ii) policies issued prior to January 1, 2015, if risk pertaining to such pre-2015 policies is ceded in connection with the treaty, in whole or in part, on or after January 1, 2015. (3) A regulation adopted pursuant to this section 1446(b) may require the ceding insurer, in calculating the amounts or forms of security required to be held under regulations promulgated under this authority, to use the Valuation Manual adopted by the NAIC under section 11B(1) of the NAIC Standard Valuation Law, including all amendments adopted by the NAIC and in effect on the date as of which the calculation is made, to the extent applicable. (4) A regulation adopted pursuant to this section 548(b) shall not apply to cessions to an assuming insurer that: (A) Is certified in this territory or, if this territory has not adopted Provisions substantially equivalent to section 2E of the NAIC’s Credit for Reinsurance Model Law, certified in a minimum of five (5) other states; or (B) Maintains at least $250,000,000 in capital and surplus when determined in accordance with the NAIC Accounting Practices and Procedures Manual, including all amendments thereto adopted by the NAIC, excluding the impact of any permitted or prescribed practices; and is (i) licensed in at least 26 states; or (ii) licensed in at least 10 states, and licensed or accredited in a total of at least 35 states. (5) The authority to adopt regulations pursuant to this section does not limit the Commissioner’s general authority to adopt regulations pursuant to section 548(a) of this law.
V.I. Code tit. 22, § 1447 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 55A - The Virgin Islands Credit for Reinsurance|§ 1447. Reinsurance agreements affected

 This section applies to all cessions after the effective date of this chapter under reinsurance agreements that have an inception, anniversary or renewal date not less than nine (9) months after the effective date of this chapter.
V.I. Code tit. 22, § 1451 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 56 - Medicare Supplemental Insurance|§ 1451. Definitions

 (a) “Applicant” means: (1) In the case of an individual Medicare Supplement policy the person who seeks to contract for insurance benefits; and (2) In the case of a group Medicare Supplement policy the proposed certificate holder. (b) “Certificate” means any certificate delivered or issued for delivery in the Territory under a group Medicare Supplement policy. (c) “Certificate form” means the form on which the certificate is delivered or issued for delivery by the issuer. (d) “Issuer” includes insurance companies, fraternal benefit societies, health care service plans, health maintenance organizations, and any other entity delivering or issuing for delivery in the Territory Medicare Supplement policies or certificates. (e) “Commissioner” means the Commissioner of Insurance. (f) “Medicare” means the Health Insurance for the Aged Act, Title XVIII of the Social Security Amendments of 1965, as then constituted or later amended. (g) “Medicare Supplement Policy” means a group or individual accident and sickness insurance policy or a subscriber contract of hospital and medical service associations or health maintenance organizations, other than a policy issued pursuant to a contract under section 1876 or section 1833 of the federal Social Security Act (42 U.S.C. section 1395 et seq.), or an issued policy under a demonstration project authorized pursuant to amendments to the federal Social Security Act, which is advertised, marketed or designed primarily as a supplement to reimbursements under Medicare for the hospital, medical or surgical expenses of persons eligible for Medicare. (h) “Policy form” means the form on which the policy is delivered or issued for delivery by the issuer.
V.I. Code tit. 22, § 1452 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 56 - Medicare Supplemental Insurance|§ 1452. Applicability and scope

 (a) Except as otherwise specifically provided, this chapter shall apply to: (1) All Medicare supplement policies delivered or issued for delivery in this Territory on or after the effective date hereof; and (2) All certificates issued under group Medicare supplement policies, which certificates have been delivered or issued for delivery in this Territory. (b) This chapter shall not apply to: (1) A policy of one or more employers or labor organizations, or of the trustees of a fund established by one or more employers or labor organizations, or combination thereof, for employees or former employees, or a combination thereof, or for members or former members or a combination thereof, of the labor organizations. (c) The provisions of this chapter are not intended to prohibit or apply to insurance policies or health care benefit plans, including group conversion policies, provided to Medicare eligible persons which policies are not marketed or held to be Medicare supplement policies or benefit plans.