V.I. Code tit. 22, § 1403 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 55 - Virgin Islands International Insurers Act|Subchapter I - Virgin Islands International Insurers Act|§ 1403. Licensing authority; residency requirements

 (a) An International Insurance Company, before commencing business, shall obtain a license from the SAM to do any and all insurance comprised in section 1417 of this chapter; provided, however, that: (1) no Single-parent International Insurance Company may insure directly risks other than those of its parent(s) and affiliated companies that in the aggregate comprise up to not more than 90% of the company’s gross written premium in any one fiscal year, exclusive of the reinsurance premiums; (2) no Association International Insurance Company may insure directly risks other than those of the member organizations of its association and their affiliated companies that in the aggregate comprise more than 90% of the company’s gross written premium in any one fiscal year, exclusive of reinsurance premiums; (3) no Industrial Insured International Insurance Company may insure directly risks other than those of the Industrial Insured Group and their affiliated companies that in the aggregate comprise more than 90% of the company’s gross written premium in any one fiscal year, exclusive of reinsurance premiums; (4) no International Insurance Company may provide personal motor vehicle or homeowner’s insurance coverage or any component thereof; (5) no International Insurance Company may accept or cede reinsurance except as provided in section 1413 of this title; and (6) any International Insurance Company may provide life, accident, health, disability, employer’s liability, employee benefits, and worker’s compensation insurance to its parent(s) and affiliated companies, its member organizations or industrial insureds, as applicable. (b) Any International Insurance Company shall comply with the following: (1) Unless limited by statutory or regulatory provision, an International Insurance Company may hold meetings within or without the US Virgin Islands and by telephonic, electronic or cyber conference mechanism, provided its Board of Directors shall hold at least one meeting each year in the Virgin Islands; (2) It shall maintain its principal place of business in the Virgin Islands or shall authorize an International Insurer Support Business to conduct its insurance business within the Territory. Applicants shall designate a registered agent upon whom process may be served in all cases, and the name and business address of the agent shall be filed with the Commissioner of Insurance on behalf of any International Insurance Company, the business of which it is authorized to conduct. Whenever such registered office of the International Insurance Company or International Insurer Support Business cannot with reasonable diligence be ascertained, the Commissioner of Insurance shall be deemed to be the agent of such International Insurance Company or International Insurer Support Business upon whom any process, notice, or demand may be served. (c)  (1) Before receiving a license, an International Insurance Company shall file with the SAM, appropriate documents for filing its articles of incorporation, charter, registration statement, or trade name registration or a certified copy of its charter and bylaws, a statement under oath of its President and Secretary showing its financial condition, and any other information, documents, or statements required by the SAM. (2) In addition to the information required by subsection (c)(1) of this section, each applicant International Insurance Company shall file with the SAM evidence of the following: (A) the amount and liquidity of its assets relative to the risks to be assumed; (B) the adequacy of the expertise, experience, and character of the person or persons who will manage it; (C) the overall soundness of its plan of operation certified by an independent Actuary; (D) the adequacy of the loss prevention programs of its parent, member organizations, or industrial insureds as applicable; and (E) such other factors deemed relevant by the SAM in ascertaining whether the proposed International Insurance Company will be able to meet its policy obligations. (F) In addition to the information required by the provisions above, an applicant protected cell insurance company shall file with the SAM: (i) a business plan demonstrating how the applicant will account for the loss and expense experience of each protected cell at a level of detail found to be sufficient by the SAM, and how it will report the experience to the SAM; (ii) a statement acknowledging that all financial records of the protected cell insurance company, including records pertaining to any protected cells, must be made available for inspection or examination by the SAM; (iii) all contracts or sample contracts between the protected cell insurance company and any participants; and (iv) evidence that expenses will be allocated to each protected cell in an equitable manner. (d) If the SAM is satisfied that the documents and statements that such applicant International Insurance Company has filed is in compliance with the provisions of this chapter, the SAM shall grant a license authorizing it to conduct insurance business as an International Insurance Company until December 31st of each year. Such license shall be renewed annually within 30 days of the end of the calendar year upon payment of the annual license fee, provided the International Insurance Company is in good standing at such time.