reglab/housing_qa huggingface dataset:
V.I. Code tit. 22, § 201 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 9 - Insurers; General Requirements|§ 201. Domestic, foreign, alien insurers defined

 For the purposes of this title— (1) a “domestic” insurer is one formed under the laws of this territory; (2) a “foreign” insurer is an insurer which is organized under the laws of the United States, or of a state or territory of the United States other than this territory, or of the District of Columbia or the Commonwealth of Puerto Rico; (3) an “alien” insurer is one formed under the laws of a nation other than the United States.
V.I. Code tit. 22, § 202 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 9 - Insurers; General Requirements|§ 202. Certificate of authority required

 (a) No person shall act as an insurer and no insurer shall transact insurance in this territory other than as authorized by a certificate of authority issued to it by the Commissioner and then in force; except as to such transactions as are expressly otherwise provided for in this title. (b) Every certificate of authority shall specify the name of the insurer, the location of its principal office, and the kind or kinds of insurance it is authorized to transact in this territory.
V.I. Code tit. 22, § 203 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 9 - Insurers; General Requirements|§ 203. Certificate of authority, qualifications

 To qualify for and hold a certificate of authority an insurer must — (1) be a stock or mutual insurer of the same general type as may be formed as a domestic insurer under the provisions of chapter 11 of this title; or be a Lloyd's Insurer; (2) have capital funds as required by this title, based upon the type and domicile of the insurer and the kinds of insurance proposed to be transacted; (3) transact or propose to transact in this territory insurances authorized by its charter, and only such insurance as meets the standards and requirements of this title; and (4) fully comply with, and qualify according to, the other provisions of this title.
V.I. Code tit. 22, § 204 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 9 - Insurers; General Requirements|§ 204. Charter defined

 “Charter” means articles of incorporation, articles of agreement, articles of association of a corporation, or other basic constituent document of a corporation.
V.I. Code tit. 22, § 205 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 9 - Insurers; General Requirements|§ 205. Capital funds defined

 “Capital funds” means the excess of the assets of an insurer over its liabilities. Capital stock, if any, shall not be deemed to be a liability for the purposes of this section.
V.I. Code tit. 22, § 206 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 9 - Insurers; General Requirements|§ 206. Application for certificate of authority

 To apply for an original certificate of authority an insurer shall: (1) file with the Commissioner its request therefor, showing— (A) its name, home office location, type of insurer, organization date, and state or country of its domicile; (B) the kinds of insurance it proposes to transact; and (C) additional information as the Commissioner may reasonably require. (2) file with the Commissioner— (A) a copy of its charter or certificate of incorporation, as amended, certified, if a foreign or alien insurer, by the proper public officer of the state or country of domicile; (B) a copy of its bylaws, as amended, certified by its proper officer; (C) a statement of its financial condition, management, and affairs on a form satisfactory to or furnished by the Commissioner; (D) an appointment of the Commissioner as its attorney to receive service of legal process; (E) if a foreign or alien insurer, a certificate from the proper public official of its state or country of domicile showing that it is duly organized and is authorized to transact the kinds of insurance proposed to be transacted; and (F) other documents or stipulations as the Commissioner may reasonably require to evidence compliance with the provisions of this title. (3) submit to a personal examination of their affairs by the Commissioner. The examination shall include a background of the business dealings of the insurer, the insurer's organizers, principals, Board of Directors and corporate officers. The Commissioner may waive the examination if there is filed with him a certified copy of an examination made within one year immediately preceding the insurer's application for a license to do business in the Virgin Islands by some state insurance department or other insurance certification authority. (4) deposit with the Commissioner the fees required by this title to be paid for filing the accompanying documents, and for the certificate of authority, if granted.
V.I. Code tit. 22, § 207 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 9 - Insurers; General Requirements|§ 207. Foreign and alien insurers bonds or deposits required

 (a) All foreign and alien insurers shall file with the Commissioner as a condition of doing business in the Virgin Islands, and for the protection of policyholders in the Virgin Islands, the sum of not less than five hundred thousand dollars ($500,000) which may be in the form of a financial guarantee bond, certificate of deposit, letter of credit or U.S. Treasury Notes. (b) The Commissioner of Insurance shall deposit with the Commissioner of Finance in a special account within the Department of Finance the amount required pursuant to subsection (a) of this section for the investment of domestic insurance companies. (c) The amounts required to be deposited pursuant to subsection (a) of this section shall not be subject to withdrawal until all liabilities secured by the deposit have been fully paid or have been fully reinsured with insurers authorized to transact the same kind of business in the states or foreign countries where the liabilities exist. (d) The requirements of this section shall take effect 180 days after enactment of this act. (e) All domestic insurers shall file with the Commissioner for the protection of policyholders in the Virgin Islands a good and sufficient bond signed by the proper official of the insurer as principal with one or more sureties as required and to be approved by the Commissioner and running to the Commissioner and his successors in office, in a sum not less than $500,000 in the form of a U.S. treasury bond, certificate of deposit or a letter of credit.
V.I. Code tit. 22, § 208 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 9 - Insurers; General Requirements|§ 208. Same, conditions and limitations

 (a) Each bond filed pursuant to section 207 of this chapter shall be with condition that the surety or sureties on the bond shall be answerable to the amount of the bond for all judgments, decrees, or orders given, made or rendered against the principal on the bond by any court of the Virgin Islands for the payment of money. (b) In the case of any breach of a condition of any bond filed pursuant to section 207 of this chapter, the Commissioner may, and upon demand and receipt of satisfactory assurance for the payment of costs shall, enforce the bond either in his own name or in the name or names of any persons as obligees therein by appropriate proceedings in any court of competent jurisdiction for the use and benefit of any person injured by the breach. (c) The surety or sureties on any bond filed pursuant to said section 207 may withdraw from the same by giving the Commissioner written notice not less than ninety (90) days prior to the date on which the then existing certificate of authority of the insurer is to expire. Such surety or sureties shall, however, remain liable on the bond for all judgments, decrees, or orders given, made, or rendered against the principal, based on obligations incurred during the period of suretyship. (d) The securities filed or deposited pursuant to said section 207 shall always be in such amount that the market value equals or exceeds either the sum of $20,000 or the sum of $100,000, as required.
V.I. Code tit. 22, § 209 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 9 - Insurers; General Requirements|§ 209. Issuance of certificate of authority

 (a) If the Commissioner finds that an insurer has met the requirements for and is fully entitled thereto under this title, he shall issue to it a proper certificate of authority. If the Commissioner does not so find, the authority shall be refused within a reasonable length of time following completion by the insurer of the application therefor. (b) As a condition of the issuance of a certificate of authority, the Commissioner shall require that each insurer agree in writing to provide to any of its policyholders, within 30 days of the receipt of a request by such policyholder, a written summary of the terms of the policy. Such summary shall be in simple terms using language understandable to a person not trained in the law nor skilled in the interpretation of contracts. Such summary shall not be used in a court of law to limit or expand the terms of the policy or alter in any way the relationship of the parties under the policy. The Commissioner shall revoke the certificate of authority of any insurer who fails to comply with the requirements of this subsection.
V.I. Code tit. 22, § 210 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 9 - Insurers; General Requirements|§ 210. Certificate of authority; expiration, renewal, amendment

 (a) All certificates of authority shall expire on the 31st day of December next succeeding the date of issue or renewal, and if the insurer qualifies therefor its certificate shall be renewed annually for a period of not more than one year. (b) The Commissioner may amend a certificate of authority at any time in accordance with changes in the insurer's charter or insuring powers.
V.I. Code tit. 22, § 211 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 9 - Insurers; General Requirements|§ 211. Certificate of authority; mandatory refusal, revocation, suspension

 The Commissioner shall refuse to renew or shall revoke or suspend an insurer's certificate of authority, in addition to other grounds therefor in this title, if the insurer— (1) is a foreign or alien insurer and no longer qualifies or meets the requirements of the authority; or, is a domestic mutual insurer, and fails to make good a deficiency of assets as required by the Commissioner; (2) is a domestic stock insurer and has assets less in amount than its liabilities, including its capital stock as a liability, and has failed to make good such deficiency as required by the Commissioner; (3) knowingly exceeds its charter powers or its certificate of authority.
V.I. Code tit. 22, § 212 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 9 - Insurers; General Requirements|§ 212. Certificate of authority; discretionary refusal, revocation, suspension

 The Commissioner may refuse, suspend, or revoke an insurer's certificate of authority, in addition to other grounds therefor in this title, if the insurer— (1) fails to comply with any provision of this title other than those for violation of which refusal, suspension, or revocation is mandatory, or fails to comply with any proper order of the Commissioner; (2) is found by the Commissioner to be in such condition that its further transaction of insurance in this territory would be hazardous to policyholders and the people in this territory; (3) refuses to remove or discharge a director or officer who has been convicted of any crime involving fraud, dishonesty, or like moral turpitude; (4) usually compels claimants under policies either to accept less than the amount due them or to bring suit against it to secure full payment of the amount due; (5) is affiliated with and under the same general management, or interlocking directorate, or ownership as another insurer which transacts insurance in this territory without having a certificate of authority therefor, except as permitted by this title; (6) refuses to be examined, or if its directors, officers, employees or representatives refuse to submit to examination or to produce its accounts, records, and files for examination by the Commissioner when required, or refuse to perform any legal obligation relative to the examination; or (7) fails to pay any final judgment rendered against it in this territory upon any policy, bond, recognizance, or undertaking issued or guaranteed by it, within 30 days after the judgment becomes final or within 30 days after the time for taking an appeal has expired, or within 30 days after dismissal of an appeal before final determination, whichever date is the later.
V.I. Code tit. 22, § 213 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 9 - Insurers; General Requirements|§ 213. Notice of intention to refuse, revoke or suspend

 The Commissioner shall give an insurer notice of his intention to suspend, revoke, or refuse to renew its certificate of authority not less than ten days before the order of suspension, revocation or refusal is to become effective; except that no advance notice of intention is required where the order results from a domestic insurer's failure to make good a deficiency of assets as required by the Commissioner.
V.I. Code tit. 22, § 214 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 9 - Insurers; General Requirements|§ 214. Period of suspension

 The Commissioner shall not suspend an insurer's certificate of authority for a period in excess of one year, and he shall state in his order of suspension the period during which it shall be effective.
V.I. Code tit. 22, § 215 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 9 - Insurers; General Requirements|§ 215. Limitation upon reauthorization

 No insurer whose certificate of authority has been suspended, revoked, or refused shall subsequently be authorized unless the grounds for such suspension, revocation, or refusal no longer exist and the insurer is otherwise fully qualified.
V.I. Code tit. 22, § 216 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 9 - Insurers; General Requirements|§ 216. Notice of refusal, revocation, suspension; effect upon agents' authority

 Upon the suspension, revocation, or refusal of an insurer's certificate of authority, the Commissioner shall give notice thereof to the insurer and shall likewise suspend, revoke or refuse the authority of its agents to represent it in this territory and give notice thereof to the agents.
V.I. Code tit. 22, § 217 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 9 - Insurers; General Requirements|§ 217. Name of insurer

 (a) Every insurer shall conduct its business in its own legal name. (b) No insurer shall assume or use a name deceptively similar to that of any other authorized insurer.
V.I. Code tit. 22, § 218 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 9 - Insurers; General Requirements|§ 218. Commissioner as agent for service of process; resident agent service of process

 (a) Before a certificate of authority to transact business in the Virgin Islands is issued to any domestic, foreign or alien insurance company it must file with the Commissioner a resolution adopted by its board of directors consenting that service of process upon the Commissioner in any action or proceeding against the company, brought or pending in the Virgin Islands upon any cause of action arising in or growing out of business transacted in the Virgin Islands shall be valid service upon the company, and the consent shall be irrevocable, so long as a policy of insurance of such company shall remain in force in the Virgin Islands or any loss remains unpaid therein. (b) All domestic, foreign or alien insurance companies transacting business in the Virgin Islands shall at all times have one or more known places of business therein and a designated and authorized agent present upon whom process may be served in all cases, and the name and business address of the agent shall be filed in the Office of the Commissioner. Process may be served on the designated agent until such time as the agent's authority shall be revoked by a notice in writing, filed in the Office of the Commissioner, by personal service on the agent or by leaving a certified copy of the process at the business address of the agent as filed in the Office of the Commissioner. (c) Service may be had on either the authorized agent or the Commissioner.
V.I. Code tit. 22, § 219 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 9 - Insurers; General Requirements|§ 219. Service of process; procedure

 (a) Every process left with the Commissioner shall be in triplicate. He shall return the original copy with his certificate of service which shall be accepted as proof of service of process. One copy shall be forwarded at once by mail to the company addressed to its principal office and the remaining copy he shall file in his own office. For the purpose of fixing the location of the principal office within the meaning of this section the company 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 company for the purpose of this section until changed by a similar statement in writing and filed with the Commissioner. (b) Where service is had on the Commissioner, no proceeding shall be had within 60 days after service.
V.I. Code tit. 22, § 220 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 9 - Insurers; General Requirements|§ 220. Countersignature of policies

 (a) No insurer shall issue an insurance contract covering a subject of insurance resident, located, or to be performed in this territory unless the insurance contract is countersigned by its licensed agent, or manager or general agent, except as provided in section 221 of this title. The Commissioner may suspend or revoke the certificate of authority of any insurer violating this provision. (b) An agent, general agent or manager shall not sign or countersign any insurance contract in blank. The Commissioner may suspend or revoke the license of any agent or general agent violating this provision. (c) Such violation shall not invalidate any insurance contract.
V.I. Code tit. 22, § 221 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 9 - Insurers; General Requirements|§ 221. Exceptions to countersignature requirement

 The provisions of section 220 of this title shall not apply to reinsurance contracts between insurers, to life or disability insurances, or to insurance contracts— (1) issued as a surplus line under section 653 of this title, or exempted under section 666 of this title; (2) covering the rolling stock, vessels, or aircraft of any common carrier in interstate or foreign commerce, or any vehicle principally garaged and used in a state, or covering any liability or other risks incident to the ownership, maintenance, or operation thereof; or (3) covering any property in course of transportation interstate or in foreign trade, or any liability or risk incident thereto.
V.I. Code tit. 22, § 222 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 9 - Insurers; General Requirements|§ 222. Annual statement

 (a) Each authorized insurer shall annually, before the 31st day of March, file with the Commissioner a true statement of its financial condition, transactions, and affairs as at the 31st day of December preceding. The statement shall be on forms and shall contain information as required by this title and by the Commissioner, and shall be verified by the oaths of at least two of the insurer's principal officers. Statements filed by liability insurers shall include pertinent information with regard to (i) the total number of the liability policies sold by the insurer in the Territory; (ii) the total number of liability policy claims made against the insurer; and (iii) the total amount of liability policy claims paid by the insurer. All annual and quarterly statements filed pursuant to this section must be prepared in accordance with the National Association of Insurance Commissioners’ (NAIC) Annual Statement Instructions and follow those accounting procedures and practices that are prescribed in the NAIC’s Accounting Practices and Procedures Manual and any subsequent revisions thereto that are adopted for use by the Commissioner by rule, administrative order or bulletin. (b) All authorized insurers reporting to the Commissioner in accordance with the requirements of this section shall file with the Division the appropriate NAIC Annual Statement Blank, which must be prepared in accordance with the NAIC Annual Statement Instructions and follow those accounting procedures and practices prescribed by the NAIC Accounting Practices and Procedures Manual. (c) The Commissioner shall annually during November and December furnish each such insurer duplicate copies of annual statement forms as next required to be filed. The statement forms shall be in general form and context as approved by the National Association of Insurance Commissioners for the kinds of insurance to be reported upon, and as supplemented for additional information required by the Commissioner. (d) The annual statement of an alien insurer shall relate only to its transaction and affairs in the United States unless the Commissioner requires otherwise. The statement shall be verified by the insurer's United States manager or by its officers duly authorized. (e) The Commissioner may suspend, revoke or refuse to renew the Certificate of Authority of any insurer failing to file its annual statement when due or during any extension of time which the Commissioner, for good cause, may have granted.
V.I. Code tit. 22, § 223 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 9 - Insurers; General Requirements|§ 223. Records and accounts of insurers

 Every insurer shall keep full and adequate accounts and records of its assets, obligations, transactions, and affairs.
V.I. Code tit. 22, § 224 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 9 - Insurers; General Requirements|§ 224. Withdrawal of insurer; reinsurance

 (a) No insurer shall withdraw from this territory until its direct liability to its policyholders and obligees under all its insurance contracts then in force in this territory has been assumed by another authorized insurer under an agreement approved by the Commissioner. In the case of a life insurer, its liability pursuant to contracts issued in this territory in settlement of proceeds under its policies shall likewise be so assumed. (b) The Commissioner may waive this requirement if he finds upon examination that a withdrawing insurer is then fully solvent and that the protection to be given its policyholders in this territory will not be impaired by the waiver. (c) The assuming insurer shall within a reasonable time replace the assumed insurance contracts with its own, or by endorsement thereon acknowledge its liability thereunder.
V.I. Code tit. 22, § 225 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 9 - Insurers; General Requirements|§ 225. Alien reinsurers; limitations

 No credit shall be allowed to any insurer, as an asset or as a deduction from liability for reinsurance ceded to an alien insurer, other than under a contract of ocean marine insurance, covering a subject of insurance resident, located, or to be performed in this territory unless the alien insurer— (1) is authorized to transact insurance in a state of the United States; and (2) maintains an adequate guaranty deposit in a state of the United States for the protection of its insurance obligees in the United States; or (3) has an attorney in fact resident in the United States upon whom service of legal process may be made.