reglab/housing_qa huggingface dataset:
V.I. Code tit. 22, § 552 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 23 - Investments|§ 552. General qualifications

 (a) No security or other investment shall be eligible for purchase or acquisition under this chapter unless it is interest bearing or interest accruing or dividend or income paying, is not then in default in any respect, and the insurer is entitled to receive for its exclusive account and benefit the interest or income accruing thereon, except, that it may acquire real property for occupancy by the insurer for home and branch office purposes. (b) No security shall be eligible for purchase at a price above its market value. (c) No provision of this chapter shall prohibit the acquisition by an insurer of other or additional securities or property if received as a dividend or as a lawful distribution of assets, or if acquired pursuant to a lawful and bona fide agreement of bulk reinsurance or consolidation. Any investments so acquired through bulk reinsurance or consolidation, which are not otherwise eligible under this chapter, shall be disposed of pursuant to section 579 of this title if personal property or securities, or pursuant to section 567 of this title if real property.
V.I. Code tit. 22, § 553 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 23 - Investments|§ 553. Limitation on securities of one entity

 An insurer shall not, except with the consent of the Commissioner, have at any time any combination of investments in or loans upon the security of the obligations, property, and securities of any one person, institution, or municipal corporation aggregating an amount exceeding 4 percent of the insurer's assets. This section shall not apply to investments in, or loans upon the security of general obligations of the Government of the United States or of any jurisdiction of the United States, nor to investments in foreign securities pursuant to subsection (a) of section 568 of this title nor include policy loans made pursuant to section 569 of this title.
V.I. Code tit. 22, § 554 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 23 - Investments|§ 554. Public obligations

 An insurer may invest any of its funds in bonds or other evidences of debt, not in default as to principal or interest, which are valid and legally authorized obligations issued, assumed or guaranteed by the United States or by any jurisdiction of the United States or by any political subdivision thereof or by any civil division or public instrumentality of one or more of the foregoing, if, by statutory or other legal requirements applicable thereto, such obligations are payable, as to both principal and interest, (1) from taxes levied or required to be levied upon all taxable property or all taxable income within the jurisdiction of such governmental unit or, (2) from adequate special revenues pledged or otherwise appropriated or by law required to be provided for the purpose of such payment, but not including any obligation payable solely out of special assessments on properties benefited by local improvements unless adequate security is evidenced by the ratio of assessment to the value of the property or the obligation is additionally secured by an adequate guaranty fund required by law.
V.I. Code tit. 22, § 555 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 23 - Investments|§ 555. Corporate obligations

 An insurer may invest any of its funds in obligations other than those eligible for investment under section 561 of this title if they are issued, assumed, or guaranteed by any solvent institution created or existing under the laws of the United States or of any jurisdiction of the United States, and are qualified under any of the following: (1) obligations which are secured by adequate collateral security and bear fixed interest if during each of any three, including the last two, of the five fiscal years next preceding the date of acquisition by the insurer, the net earnings of the issuing, assuming or guaranteeing institution available for its fixed charges, as defined in section 556 of this title, have been not less than one and one-fourth times the total of its fixed charges for such year. In determining the adequacy of collateral security, not more than one-third of the total value of such required collateral shall consist of stock other than stock meeting the requirements of section 558 of this title; (2) fixed interest bearing obligations, other than those described in paragraph (1) of this section, if the net earnings of the issuing, assuming or guaranteeing institution available for its fixed charges for a period of five fiscal years next preceding the date of acquisition by the insurer have averaged per year not less than one and one-half times its average annual fixed charges applicable to such period and if during the last year of such period such net earnings have been not less than one and one-half times its fixed charges for such year; or (3) adjustment, income or other contingent interest obligations if the net earnings of the issuing, assuming or guaranteeing institution available for its fixed charges for a period of five fiscal years next preceding the date of acquisition by the insurer have averaged per year not less than one and one-half times the sum of its average annual fixed charges and its average annual maximum contingent interest applicable to such period and if during each of the last two years of such period such net earnings have not been less than one and one-half times the sum of its fixed charges and maximum contingent interest for such year.
V.I. Code tit. 22, § 556 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 23 - Investments|§ 556. Terms defined

 (a) Certain terms used are defined for the purposes of this chapter as follows: “Fixed charges” includes interest on funded and unfunded debt, amortization of debt discount, and rentals for leased properties. “Institution” includes corporations, joint stock associations, and business trusts. “Net earnings available for fixed charges” means net income after deducting operating and maintenance expense, taxes other than federal and state income taxes, depreciation and depletion, but excluding extraordinary nonrecurring items of income or expense appearing in the regular financial statements of such institution. “Obligation” includes bonds, debentures, notes or other evidences of indebtedness. (b) If net earnings are determined in reliance upon consolidated earnings statements of parent and subsidiary institutions, such net earnings shall be determined after provision for income taxes of subsidiaries and after proper allowance for minority stock interest, if any, and the required coverage of fixed charges shall be computed on a basis including fixed charges and preferred dividends of subsidiaries other than those payable by such subsidiaries to the parent corporation or to any other of such subsidiaries, except that if the minority common stock interest in the subsidiary corporation is substantial, the fixed charges and preferred dividends may be apportioned in accordance with regulations prescribed by the Commissioner.
V.I. Code tit. 22, § 557 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 23 - Investments|§ 557. Securities of merged or reorganized institutions

 In applying the earnings test set forth in section 556 of this title to any such institution, whether or not in legal existence during the whole of such five years next preceding the date of investment by the insurer, which has at any time during the five-year period acquired substantially all of the assets of any other institution or institutions by purchase, merger, consolidation or otherwise, or has been reorganized pursuant to bankruptcy law, the earnings of the predecessor or constituent institutions, or of the institution so reorganized, available for interest and dividends for such portion of the five-year period as may have preceded such acquisition, or such reorganization, may be included in the earnings of such issuing, assuming or guaranteeing institution for such portion of such period as may be determined in accordance with adjusted or pro forma consolidated earnings statements covering such portion of such period and giving effect to all stock or shares outstanding, and all fixed charges existing, immediately after such acquisition, or such reorganization.
V.I. Code tit. 22, § 558 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 23 - Investments|§ 558. Preferred or guaranteed stocks

 (a) An insurer may invest any of its funds, in an aggregate amount not exceeding 10 percent of its assets, if a life insurer, or not exceeding 15 percent of such assets if other than a life insurer, in preferred or guaranteed stocks or shares, other than common stocks, of solvent institutions existing under the laws of the United States or of any jurisdiction of the United States if all of the prior obligations and prior preferred stocks, if any, of such institution at the date of acquisition by the insurer are eligible as investments under this chapter; and if qualified under either of the following: (1) Preferred stocks or shares shall be deemed qualified if both these requirements are met: (A) the net earnings of the institution available for its fixed charges for a period of five fiscal years next preceding the date of acquisition by the insurer must have averaged per year not less than one and one-half times the sum of its average annual fixed charges, if any, its average annual maximum contingent interest, if any, and its average annual preferred dividend requirements applicable to such period; and (B) during each of the last two years of such period such net earnings must have been not less than one and one-half times the sum of its fixed charges, contingent interest and preferred dividend requirements for such year. The term “preferred dividend requirements” shall be deemed to mean cumulative or noncumulative dividends whether paid or not. (2) Guaranteed stocks or shares shall be deemed qualified if the assuming or guaranteeing institution meets the requirements of paragraph (1) of section 555 of this title, construed so as to include as a fixed charge the amount of guaranteed dividends of such issue or the rental covering the guarantee of such dividends. (b) An insurer shall not invest in or loan upon any preferred stock having voting rights, of any one institution, in excess of such proportion of the total issued and outstanding preferred stock of such institution having voting rights, as would, when added to any common shares of such institution, directly or indirectly held by it, exceed 15 percent of all outstanding shares of such institution having voting rights, nor an amount in excess of the limit provided by section 553 of this title. This limitation shall not apply to such shares of a corporation which is the subsidiary of an insurer, and which corporation is engaged exclusively in a kind of business properly incidental to the insurance business of the insurer.
V.I. Code tit. 22, § 559 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 23 - Investments|§ 559. Trustees' or receivers' obligations

 An insurer may invest any of its funds, in an aggregate amount not exceeding 2 percent of its assets, in certificates, notes, or other obligations issued by trustees or receivers of institutions, existing under the laws of the United States or of any jurisdiction of the United States, which, or the assets of which, are being administered under the direction of any court having jurisdiction, if such obligation is adequately secured as to principal and interest.
V.I. Code tit. 22, § 560 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 23 - Investments|§ 560. Equipment trust certificates

 An insurer may invest any of its funds, in an aggregate amount not exceeding 10 percent of its assets, in equipment trust obligations or certificates which are adequately secured, or in other adequately secured instruments evidencing an interest in transportation equipment wholly or in part within the United States and the right to receive determined portions of rental, purchase or other fixed obligatory payments for the use or purchase of such transportation equipment.
V.I. Code tit. 22, § 561 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 23 - Investments|§ 561. Mortgages, mortgage bonds, notes, contracts

 An insurer may invest any of its funds in: (1) bonds or evidences of debt which are secured by first mortgages or deeds of trust on improved unencumbered real property located in the United States; (2) chattel mortgages in connection therewith pursuant to section 565 of this title; (3) the equity of the seller of any such property in the contract for a deed, covering the entire balance due on a bona fide sale of such property, in amount not to exceed $10,000 or the amount permissible under section 553 of this title, whichever is greater, in any one such contract for deed, nor in any amount in excess of the following percentages of the actual sale price or fair value of the property, whichever is the smaller: (A) if a dwelling primarily designed for single family occupancy and occupied by the purchaser under such contract, 75 percent; (B) in all other cases, 66 ⅔ percent; (4) purchase money mortgages or like securities received by it upon the sale or exchange of real property acquired pursuant to section 566 of this title; (5) bonds or notes secured by mortgage or trust deed guaranteed or insured by the Federal Housing Administration under the terms of the Act of Congress of the United States, June 27, 1934, entitled the “National Housing Act,” as amended; and (6) bonds or notes secured by mortgage or trust deed guaranteed or insured as to principal in whole or in part by the Administrator of Veterans' Affairs pursuant to the provisions of Title III of the Act of Congress of the United States, June 22, 1944, entitled the “Servicemen's Readjustment Act of 1944,” as amended.
V.I. Code tit. 22, § 562 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 23 - Investments|§ 562. Mortgage loans limited by property value

 (a) No mortgage loan or investment therein upon any one parcel of real property shall exceed in amount at the time of acquisition: (1) seventy-five percent of the fair value of the property if the property is a dwelling house primarily intended for occupancy by one family and the loan is required to be amortized within not more than 25 years by payment of installments thereon at regular intervals not less frequent than every three months; or (2) sixty-six and two-thirds percent of the fair value of the property in all other cases. (b) The extent to which a mortgage loan made under paragraph (5) or (6) of section 561 of this title is guaranteed or insured by the Federal Housing Administration or guaranteed by the Administrator of Veterans' Affairs may be deducted before application of the limitations contained in subsection (a) of this section.
V.I. Code tit. 22, § 563 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 23 - Investments|§ 563. “Encumbrance” defined

 (a) Real property shall not be deemed to be encumbered within the meaning of section 561 of this title by reason of the existence of: (1) instruments reserving mineral, oil, timber or similar rights, rights of way, sewer rights, or rights in walls; (2) liens for taxes or assessments not delinquent, or liens not delinquent for community recreational facilities, or for the maintenance of community facilities, or for service and maintenance of water rights; (3) building restrictions or other restrictive covenants; (4) encroachments, if such encroachments are taken into consideration in determining the fair value of the property; (5) a lease under which rents or profits are reserved to the owner if in any event the security for the loan or investment is a first lien upon the real property; or (6) with respect to loans secured by mortgage, deed of trust, or other collateral guaranteed or insured in full or in part by the Government of the United States, such encumbrances as are allowed as exceptions in title by the administrator or administration of the division of such government so guaranteeing or insuring. (b) if under any of the exceptions set forth in subsection (a) of this section there is any sum owing but not due or delinquent, the total amount of such sum shall be deducted from the amount which otherwise might be loaned on the property. The value of any mineral, oil, timber or similar right reserved shall not be included in the fair value of the property.
V.I. Code tit. 22, § 564 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 23 - Investments|§ 564. Appraisal of property; insurance; limit of loan

 (a) The fair value of property shall be determined by appraisal by a competent appraiser at the time of the making or acquiring of a mortgage loan or investing in a contract for the deed thereon, except, that as to bonds or notes secured by mortgage or trust deed guaranteed or insured by the Federal Housing Administration, or guaranteed or insured as to principal in full or in part by the Administrator of Veterans' Affairs, or guaranteed or insured by the Farmers Home Administration, the valuation made by such administration or administrator shall be deemed to have been made by a competent appraiser for the purposes of this subsection. (b) Buildings and other improvements located on the mortgaged premises shall be kept insured for the benefit of the mortgagee against loss or damage from fire in an amount not less than the unpaid balance of the obligation, or the insurable value of the property, whichever is the lesser. (c) An insurer shall not make or acquire a loan or loans upon the security of any one parcel of real property in aggregate amount in excess of $25,000 or more than the amount permissible under section 553 of this title, whichever is the greater.
V.I. Code tit. 22, § 565 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 23 - Investments|§ 565. Auxiliary chattel mortgages

 (a) In connection with a mortgage loan on the security of real property designed and used primarily for residential purposes only, acquired pursuant to section 561 of this title, an insurer may loan or invest an amount not exceeding 20 percent of the amount loaned on or invested in such real property mortgage, on the security of a chattel mortgage for a term of not more than five years representing a first and prior lien, except for taxes not then delinquent, on personal property constituting durable equipment owned by the mortgagor and kept and used in the mortgaged premises. (b) The term “durable equipment” shall include only mechanical refrigerators, mechanical laundering machines, heating and cooking stoves and ranges, mechanical kitchen aids, vacuum cleaners, and fire extinguishing devices; and in addition in the case of apartment houses and hotels, room furniture and furnishings. (c) Prior to acquisition of a chattel mortgage, items of property to be included shall be separately appraised by a competent appraiser and the fair market value thereof determined. No such chattel mortgage loan shall exceed in amount the same ratio of loan to the value of the property as is applicable to the companion loan on the real property.
V.I. Code tit. 22, § 566 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 23 - Investments|§ 566. Real property owned; home office building, etc.

 (a) An insurer may own and invest or have invested in its home office and branch office buildings any of its funds in aggregate amount not to exceed 10 percent of its assets unless approved by the Commissioner, or if a mutual insurer not to exceed 10 percent of its assets nor such amount as would reduce its surplus, exclusive of such investment, below $50,000 unless approved by the Commissioner. (b) An insurer may own real property acquired in satisfaction or on account of loans, mortgages, liens, judgments, or other debts previously owing to the insurer in the course of its business, and may invest or have invested in aggregate amount not exceeding 3 percent of its assets in other real property, and in the repair, alteration, furnishing, or improvement thereof, as follows only: (1) other real property requisite for its accommodation in the convenient transaction of its business if approved by the Commissioner; (2) real property acquired by gift or devise; (3) real property acquired in exchange for real property owned by it. If necessary in order to consummate such an exchange, the insurer may put up cash in amount not to exceed 20 percent of the fair value of its real property to be so exchanged, in addition to such property. (4) real property acquired through a lawful merger or consolidation with it of another insurer and not required for the purposes specified in subsection (a) of this section and in paragraph (1) of this subsection; and (5) upon approval of the Commissioner, in real property and equipment incident to real property, requisite or desirable for the protection or enhancement of the value of other real property owned by the insurer.
V.I. Code tit. 22, § 567 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 23 - Investments|§ 567. Disposal of real property, time limit

 (a) Real property acquired by an insurer pursuant to paragraph (1) of subsection (b) of section 566 of this title shall be disposed of within five years after it has ceased being necessary for the use of the insurer in the transaction of its business. Real property acquired by an insurer pursuant to such loans, mortgages, liens, judgments, or other debts, or pursuant to paragraphs (2), (3), (4), and (5) of subsection (b) of section 566 of this title shall be disposed of within five years after date of acquisition. The time for any such disposal may be extended by the Commissioner for a definite additional period or periods upon application and proof that forced sale of the property, otherwise necessary, would be against the best interests of the insurer. (b) Any such real property held by the insurer without the Commissioner's consent beyond the time permitted for its disposal shall not be carried or allowed as an asset.
V.I. Code tit. 22, § 568 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 23 - Investments|§ 568. Foreign securities

 (a) An insurer authorized to transact insurance in a foreign country may invest any of its funds, in aggregate amount not exceeding its deposit and reserve obligations incurred in such country, in securities of or in such country possessing characteristics and of a quality similar to those required pursuant to this chapter for investments in the United States. (b) An insurer may invest any of its funds, in an aggregate amount not exceeding 5 percent of its assets, in addition to any amount permitted pursuant to subsection (a) of this section, in obligations of the governments of the Dominion of Canada or of Canadian provinces or municipalities, and in obligations of Canadian corporations, which have not been in default during the five years next preceding date of acquisition, and which are otherwise of equal quality to like United States public or corporate securities as prescribed in this chapter.
V.I. Code tit. 22, § 569 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 23 - Investments|§ 569. Policy loans

 A life insurer may loan to its policyholder upon the pledge of the policy as collateral security, any sum not exceeding the legal reserve maintained on the policy.
V.I. Code tit. 22, § 570 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 23 - Investments|§ 570. Savings and share accounts

 An insurer may invest or deposit any of its funds in share or savings accounts of savings and loan associations, or in savings accounts of banks, and in any one such institution only to the extent that such an account is insured by the Federal Savings and Loan Insurance Corporation or the Federal Deposit Insurance Corporation, unless such investment or deposit is with a bank or banks approved by the Commissioner as reputable and solvent.