V.I. Code tit. 22, § 329 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 14 - Virgin Islands Insurance Holding Company System Regulation|§ 329. Group-wide supervision of internationally active insurance groups

 (a) The Commissioner may act as the group-wide supervisor for any internationally active insurance group in accordance with the provisions of this section. However, the Commissioner may otherwise acknowledge another regulatory official as the group-wide supervisor where the internationally active insurance group: (1) does not have substantial insurance operations in the United States; (2) has substantial insurance operations in the United States, but not in the Virgin Islands; (3) has substantial insurance operations in the United States and the Virgin Islands, but the Commissioner has determined pursuant to the factors set forth in subsections (b) and (f) that the other regulatory official is the appropriate group-wide supervisor; or (4) an insurance holding company system that does not otherwise qualify as an internationally active insurance group may request that the Commissioner make a determination or acknowledgment as to a group-wide supervisor pursuant to this section. (b) In cooperation with other state, federal and international regulatory agencies, the Commissioner shall identify a single group-wide supervisor for an internationally active insurance group. The Commissioner may determine that the Commissioner is the appropriate group-wide supervisor for an internationally active insurance group that conducts substantial insurance operations concentrated in the Territory. However, the Commissioner may acknowledge that a regulatory official from another jurisdiction is the appropriate group-wide supervisor for the internationally active insurance group. The Commissioner shall consider the following factors when making a determination or acknowledgment under this subsection: (1) the place of domicile of the insurers within the internationally active insurance group that hold the largest share of the group’s written premiums, assets or liabilities; (2) the place of domicile of the top-tiered insurers in the insurance holding company system of the internationally active insurance group; (3) the location of the executive offices or largest operational offices of the internationally active insurance group; (4) whether another regulatory official is acting or is seeking to act as the group-wide supervisor under a regulatory system that the Commissioner determines to be: (A) substantially similar to the system of regulation provided under the laws of the Virgin Islands; or (B) otherwise sufficient in terms of providing for group-wide supervision, enterprise risk analysis, and cooperation with other regulatory officials; and (5) whether another regulatory official acting or seeking to act as the group-wide supervisor provides the Commissioner with reasonably reciprocal recognition and cooperation. (6) However, a commissioner identified under this section as the group-wide supervisor may determine that it is appropriate to acknowledge another supervisor to serve as the group-wide supervisor. The acknowledgment of the group-wide supervisor must be made after consideration of the factors listed in paragraph (1) through (5), and must be made in cooperation with and subject to the acknowledgment of other regulatory officials involved with supervision of members of the internationally active insurance group, and in consultation with the internationally active insurance group. (c) Notwithstanding any other provision of law, when another regulatory official is acting as the group-wide supervisor of an internationally active insurance group, the Commissioner shall acknowledge that regulatory official as the group-wide supervisor. However, if a material change in the internationally active insurance group results in the internationally active insurance group’s insurers domiciled in the Virgin Islands holding the largest share of the group’s premiums, assets or liabilities, or the Virgin Islands being the place of domicile of the top-tiered insurers in the insurance holding company system of the internationally active insurance group, the Commissioner shall make a determination or acknowledgment as to the appropriate group-wide supervisor for such an internationally active insurance group pursuant to subsection (b). (d) Pursuant to section 327, the Commissioner may collect from any insurer registered pursuant to section 325 all information necessary to determine whether the Commissioner may act as the group-wide supervisor of an internationally active insurance group or if the Commissioner may acknowledge another regulatory official to act as the group-wide supervisor. Before issuing a determination that an internationally active insurance group is subject to group-wide supervision by the Commissioner, the Commissioner shall notify the insurer registered pursuant to section 325 and the ultimate controlling person within the internationally active insurance group. The internationally active insurance group has not less than 30 days to provide the Commissioner with additional information pertinent to the pending determination. The Commissioner shall publish on its internet website the identity of internationally active insurance groups that the Commissioner has determined are subject to group-wide supervision by the Commissioner. (e) If the Commissioner is the group-wide supervisor for an internationally active insurance group, the Commissioner may engage in any of the following group-wide supervision activities: (1) assess the enterprise risks within the internationally active insurance group to ensure that: (A) the material financial condition and liquidity risks to the members of the internationally active insurance group that are engaged in the business of insurance are identified by management; and (B) reasonable and effective mitigation measures are in place; (2) request, from any member of an internationally active insurance group subject to the Commissioner’s supervision, information necessary and appropriate to assess enterprise risk, including, but not limited to, information about the members of the internationally active insurance group regarding: (A) governance, risk assessment and management; (B) capital adequacy, and (C) material intercompany transactions; (3) coordinate and, through the authority of the regulatory officials of the jurisdictions where members of the internationally active insurance group are domiciled, compel development and implementation of reasonable measures designed to ensure that the internationally active insurance group is able to timely recognize and mitigate enterprise risks to members of such internationally active insurance group that are engaged in the business of insurance; (4) communicate with other state, federal and international regulatory agencies for members within the internationally active insurance group and share relevant information subject to the confidentiality provisions of section 330, through supervisory colleges as set forth in section 328 or otherwise; (5) enter into agreements with or obtain documentation from any insurer registered under section 325, any member of the internationally active insurance group, and any other state, federal and international regulatory agencies for members of the internationally active insurance group, providing the basis for or otherwise clarifying the Commissioner’s role as group-wide supervisor, including provisions for resolving disputes with other regulatory officials. Such agreements or documentation may not serve as evidence in any proceeding that any insurer or person within an insurance holding company system not domiciled or incorporated in the Virgin Islands is doing business in the Virgin Islands or is otherwise subject to jurisdiction of the Virgin Islands; and (6) other group-wide supervision activities, consistent with the authorities and purposes enumerated above, as considered necessary by the Commissioner. (f) If the Commissioner acknowledges that another regulatory official from a jurisdiction that is not accredited by the NAIC is the group-wide supervisor, the Commissioner may reasonably cooperate, through supervisory colleges or otherwise, with group-wide supervision undertaken by the group-wide supervisor, if: (1) The Commissioner’s cooperation is in compliance with the laws of the Virgin Islands; and (2) The regulatory official acknowledged as the group-wide supervisor also recognizes and cooperates with the Commissioner’s activities as a group-wide supervisor for other internationally active insurance groups where applicable. Where such recognition and cooperation is not reasonably reciprocal, the Commissioner may refuse recognition and cooperation. (g) The Commissioner may enter into agreements with or obtain documentation from any insurer registered under section 325, any affiliate of the insurer, and other state, federal and international regulatory agencies for members of the internationally active insurance group that provide the basis for or otherwise clarify a regulatory official’s role as group-wide supervisor. (h) The Commissioner may promulgate regulations necessary for the administration of this section. (i) A registered insurer subject to this section is liable for and shall pay the reasonable expenses of the Commissioner’s participation in the administration of this section, including the engagement of attorneys, actuaries and any other professionals and all reasonable travel expenses.