reglab/housing_qa huggingface dataset:
V.I. Code tit. 22, § 314 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 13 - Domestic Insurers; Requirements and Powers|§ 314. Solicitation in reciprocating states

 (a) No domestic insurer shall knowingly solicit insurance business in any reciprocating state in which it is not then licensed as an authorized insurer. (b) This section shall not prohibit advertising through publications and radio and television broadcasts originating outside such reciprocating state, if the insurer is licensed in a majority of the states in which such advertising is disseminated, and if such advertising is not specifically directed to residents of such reciprocating state. (c) This section shall not prohibit insurance, covering persons or risks located in a reciprocating state, under contracts solicited and issued in states in which the insurer is then licensed. Nor shall it prohibit insurance effectuated by the insurer as unauthorized insurer in accordance with the laws of the reciprocating state. (d) A “reciprocating” state, as used herein, is one under the laws of which a similar prohibition is imposed upon and is enforced against insurers domiciled therein. (e) The Commissioner shall suspend or revoke the certificate of authority of a domestic insurer found by him, after a hearing, to have violated this section.
V.I. Code tit. 22, § 320 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 14 - Virgin Islands Insurance Holding Company System Regulation|§ 320. Short title

 This chapter may be cited as “The Virgin Islands Insurance Holding Company System Regulatory Act”.
V.I. Code tit. 22, § 328 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 14 - Virgin Islands Insurance Holding Company System Regulation|§ 328. Supervisory colleges

 (a) With respect to any insurer registered under section 325, and in accordance with subsection (c), the Commissioner may participate in a supervisory college for any domestic insurer that is part of an insurance holding company system with international operations in order to determine compliance by the insurer with this chapter. The powers of the Commissioner with respect to supervisory colleges include, but are not limited to, the following: (1) initiating the establishment of a supervisory college; (2) clarifying the membership and participation of other supervisors in the supervisory college; (3) clarifying the functions of the supervisory college and the role of other regulators, including the establishment of a group-wide supervisor; (4) coordinating the ongoing activities of the supervisory college, including planning meetings, supervisory activities, and processes for information sharing; and (5) establishing a crisis management plan. (b) Each registered insurer subject to this section is liable for and shall pay the reasonable expenses of the Commissioner’s participation in a supervisory college in accordance with section 328(c), including reasonable travel expenses. For purposes of this section, a supervisory college may be convened as either a temporary or permanent forum for communication and cooperation between the regulators charged with the supervision of the insurer or its affiliates, and the Commissioner may establish a regular assessment to the insurer for the payment of these expenses. (c) In order to assess the business strategy, financial position, legal and regulatory position, risk exposure, risk management and governance processes, and as part of the examination of individual insurers in accordance with section 327, the Commissioner may participate in a supervisory college with other regulators charged with supervision of the insurer or its affiliates, including other state, federal and international regulatory agencies. The Commissioner may enter into agreements in accordance with section 330(c) providing the basis for cooperation between the Commissioner and the other regulatory agencies, and the activities of the supervisory college. Nothing in this section delegates to the supervisory college the authority of the Commissioner to regulate or supervise the insurer or its affiliates within its jurisdiction.
V.I. Code tit. 22, § 331 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 14 - Virgin Islands Insurance Holding Company System Regulation|§ 331. Rules and regulations

 The Commissioner may, upon notice and opportunity for all interested persons to be heard, issue such rules, regulations and orders as are necessary to carry out the provisions of this chapter.
V.I. Code tit. 22, § 334 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 14 - Virgin Islands Insurance Holding Company System Regulation|§ 334. Receivership

 Whenever it appears to the Commissioner that any person has committed a violation of this chapter which so impairs the financial condition of a domestic insurer as to threaten insolvency or make the further transaction of business by it hazardous to its policyholders, creditors, shareholders or the public, the Commissioner may proceed as provided in chapter 51 of this title to take possessions of the property of the domestic insurer and to conduct its business.
V.I. Code tit. 22, § 335 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 14 - Virgin Islands Insurance Holding Company System Regulation|§ 335. Recovery

 (a) If an order for liquidation or rehabilitation of a domestic insurer has been entered, the receiver appointed under the order shall have a right to recover on behalf of the insurer: (1) from any parent corporation or holding company or person or affiliate who otherwise controlled the insurer, the amount of distributions other than distributions of shares of the same class of stock paid by the insurer on its capital stock, or (2) any payment in the form of a bonus, termination settlement or extraordinary lump sum salary adjustment made by the insurer or its subsidiary to a director, officer or employee, where the distribution or payment pursuant to (1) or (2) is made at any time during the one year preceding the petition for liquidation, conservation or rehabilitation, as the case may be, subject to the limitations of section 335(b), (c), and (d). (b) No distribution may be recoverable if the parent or affiliate shows that when paid the distribution was lawful and reasonable, and that the insurer did not know and could not reasonably have known that the distribution might adversely affect the ability of the insurer to fulfil its contractual obligations. (c) Any person who was a parent corporation or holding company or a person who otherwise controlled the insurer or affiliate at the time the distributions were paid are liable up to the amount of distributions or payments under section 335(a) which the person received. Any person who otherwise controlled the insurer at the time the distributions were declared is liable up to the amount of distributions that would have been received if they had been paid immediately. If two or more persons are liable with respect to the same distributions, they are jointly and severally liable. (d) The maximum amount recoverable under this section is the amount needed in excess of all other available assets of the impaired or insolvent insurer to pay the contractual obligations of the impaired or insolvent insurer and to reimburse any guaranty funds. (e) If any person liable under section 335(c) is insolvent or otherwise fails to pay claims due from it, its parent corporation or holding company or person who otherwise controlled it at the time the distribution was paid, is jointly and severally liable for any resulting deficiency in the amount recovered from the parent corporation or holding company or person who otherwise controlled it.
V.I. Code tit. 22, § 336 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 14 - Virgin Islands Insurance Holding Company System Regulation|§ 336. Revocation, suspension, or nonrenewal of insurer’s license

 Whenever it appears to the Commissioner that any person has committed a violation of this chapter that makes the continued operation of an insurer contrary to the interests of policy holders or the public, the Commissioner may, after giving notice and an opportunity to be heard, suspend, revoke or refuse to renew the insurer’s license or authority to do business in the Territory for such period as the Commissioner finds is required for the protection of policyholders or the public. Any such determination may be accompanied by specific findings of fact and conclusions of law.
V.I. Code tit. 22, § 337 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 14 - Virgin Islands Insurance Holding Company System Regulation|§ 337. Judicial review

 Any person aggrieved by determination, rule, regulation or order or any other action of the Commissioner pursuant to this chapter may appeal in accordance with the procedures set forth in chapter 7 of this title.
V.I. Code tit. 22, § 338 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 14 - Virgin Islands Insurance Holding Company System Regulation|§ 338. Conflict with other laws

 All laws and parts of laws of the Territory inconsistent with this chapter are superseded with respect to matters covered by this chapter.
V.I. Code tit. 22, § 339 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 14 - Virgin Islands Insurance Holding Company System Regulation|§ 339. Separability of provisions

 If any provision of this chapter or the application thereof to any person or circumstances is held invalid, the invalidity does not affect other provisions or applications of this chapter which can be given effect without the invalid provisions or application, and for this purpose the provisions of this chapter are separable.
V.I. Code tit. 22, § 351 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 15 - Domestic Stock Insurers|§ 351. Increase of capital stock

 (a) Increase of the capital stock of a domestic stock insurer shall be by amendment of its articles of incorporation. The increase shall not be effective unless and until within six months after filing such amendment with the Lieutenant Governor, as required by section 307 of this title, nor until the increased capital has been fully paid in, in cash, and a certificate certifying such payments has been made in quadruplicate under oath by the insurer's president and secretary and the corporate seal and is filed in the public offices named in section 307 of this title. (b) If the entire increase of the capital stock is purchased in good faith by employees, directors, and agents of the insurer or of its affiliated corporations under an installment purchase plan approved by the Commissioner in advance of the amendment, the Commissioner may extend a period not exceeding twelve months the time within which such increase of capital must be so fully paid in and such certificate so filed. (c) If the increased capital stock is to be distributed as a stock dividend, such increased capital stock may be fully paid in out of any available surplus funds as is provided in section 353 of this title, and such payment shall be effected by a transfer on the insurer's books from its surplus account to its capital account.
V.I. Code tit. 22, § 352 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 15 - Domestic Stock Insurers|§ 352. Reduction of capital stock

 (a) Reduction of the capital stock of a domestic stock insurer shall be by amendment of its articles of incorporation. No such reduction shall be made which results in capital stock less in amount than the minimum required by this title for the kinds of insurance thereafter to be transacted by the insurer. (b) No surplus funds of the insurer resulting from a reduction of its capital stock shall be distributed to stockholders, except as a stock dividend on a subsequent increase of capital stock, or upon dissolution of the insurer, or upon approval by the Commissioner of a distribution upon proof satisfactory to him that the distribution will not impair the interests of policyholders or the insurer's solvency. (c) Upon such reduction of capital stock, the insurer's directors shall call in any outstanding stock certificates required to be changed pursuant thereto, and issue proper certificates in their stead.
V.I. Code tit. 22, § 353 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 15 - Domestic Stock Insurers|§ 353. Dividends to stockholders

 (a) No domestic stock insurer shall pay any cash dividend to stockholders except out of that part of its available surplus funds which is derived from any realized net profit on its business. (b) Such an insurer may pay a stock dividend out of any available surplus funds. (c) Payment of any dividend to stockholders of a domestic stock insurer shall also be subject to all the limitations and requirements governing the payment of dividends by other domestic private corporations. (d) No dividend shall be declared or paid which would reduce the insurer's surplus to an amount less than the minimum required for the kinds of insurance thereafter to be transacted. (e) For the purposes of this chapter “surplus funds” means the excess of the insurer's assets over its liabilities, including its capital stock as a liability, and “available surplus” means the excess over the minimum amount of surplus required for the kinds of insurance the insurer is authorized to transact.
V.I. Code tit. 22, § 354 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 15 - Domestic Stock Insurers|§ 354. Illegal dividends, reductions; penalty against directors

 Any director of a domestic stock insurer who votes for or concurs in the declaration or payment of any dividend to stockholders or a reduction of capital stock not authorized by law shall, in addition to any other liability imposed by law, be guilty of a gross misdemeanor.
V.I. Code tit. 22, § 355 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 15 - Domestic Stock Insurers|§ 355. Impairment of capital

 (a) If the capital stock of a domestic stock insurer becomes impaired, the Commissioner shall at once determine the amount of the deficiency and serve notice upon the insurer to require its stockholders to make good the deficiency within 90 days after service of such notice. (b) The deficiency shall be made good in cash, or in assets eligible under this title for the investment of the insurer's funds, or by reduction of the insurer's capital stock to an amount not below the minimum required for the kinds of insurance to be thereafter transacted. (c) If the deficiency is not made good and proof thereof filed with the Commissioner within such 90-day period, the insurer shall be deemed insolvent and shall be proceeded against as authorized by this title. (d) After service of notice as provided in subsection (a) of this section the insurer shall not issue or deliver any policy until after the deficiency shall have been corrected and proof thereof filed with the Commissioner and approved by him. Any officer or director who violates or knowingly permits the violation of this provision shall be subject to a fine of from $50 to $1,000 for each violation.
V.I. Code tit. 22, § 356 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 15 - Domestic Stock Insurers|§ 356. Repayment of contributions to surplus

 Contributions to the surplus of a domestic stock insurer other than resulting from sale of its capital stock shall not be subject to repayment except out of surplus in excess of the minimum surplus initially required of such an insurer transacting like kinds of insurance.
V.I. Code tit. 22, § 357 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 15 - Domestic Stock Insurers|§ 357. Participating policies

 (a) Any domestic stock insurer may, if its charter so provides, issue policies entitled to participate from time to time in the earnings of the insurer through dividends. (b) Any classification of its participating policies and of risks assumed thereunder which the insurer may make shall be reasonable. No dividend shall be paid which is inequitable or which unfairly discriminates as between such classifications or as between policies within the same classification. (c) No such insurer shall issue in this territory both participating and nonparticipating policies for the same class of risks; except, that both participating and nonparticipating life insurance policies may be issued if the right or absence of the right to participate is reasonably related to the premium charged. (d) Dividends to participating life insurance policies issued by such insurer shall be paid only out of its surplus funds as defined in subsection (e) of section 353 of this title. Dividends to participating policies for other kinds of insurance shall be paid only out of that part of such surplus funds which is derived from any realized net profits from the insurer's business. (e) No dividend, otherwise earned, shall be made contingent upon the payment of renewal premium on any policy.
V.I. Code tit. 22, § 358 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 15 - Domestic Stock Insurers|§ 358. Mutualization of stock insurers

 (a) Any domestic stock insurer may become a domestic mutual insurer pursuant to such plan and procedure as are approved by the Commissioner in advance of such mutualization. (b) The Commissioner shall not approve any such plan, procedure, or mutualization unless— (1) it is equitable to both shareholders and policyholders; (2) it is approved by vote of the holders of not less than three-fourths of the insurer's capital stock having voting rights, and by vote of not less than two-thirds of the insurer's policyholders who vote on such plan, pursuant to such notice and procedure as may be approved by the Commissioner. Such vote may be registered in person, by proxy, or by mail; (3) if a life insurer, the right to vote thereon is limited to those policyholders whose policies have face amounts of not less than $1,000 and have been in force one year or more; (4) mutualization will result in retirement of shares of the insurer's capital stock at a price not in excess of the fair value thereof as determined by competent disinterested appraisers; (5) the plan provides for appraisal and purchase of the shares of any nonconsenting stockholder in accordance with the laws of this territory relating to the sale or exchange of all the assets of a private corporation; (6) the plan provides for definite conditions to be fulfilled by a designated early date upon which such mutualization will be deemed effective; and (7) the mutualization leaves the insurer with surplus funds reasonably adequate to preserve the security of its policyholders and its ability to continue successfully in business in the states in which it is then authorized, and in the kinds of insurance it is then authorized to transact.
V.I. Code tit. 22, § 401 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 17 - Domestic Mutual Insurers|§ 401. Initial qualifications

 (a) The Commissioner shall not issue a certificate of authority to a domestic mutual insurer unless it has fully qualified therefor under this title, and unless it has met the minimum requirements for the kind of insurance it proposes to transact as provided in this chapter. (b) All applications for insurance submitted by such an insurer as fulfilling qualification requirements shall be bona fide applications from persons resident in this territory covering lives, property, or risks resident or located in this territory. (c) All qualifying premiums collected and initial surplus funds of such an insurer shall be in cash. Any deposit made by such an insurer in lieu of applications, premiums, and initial surplus funds, shall be in cash or in securities eligible for the investment of the capital of a domestic stock insurer transacting the same kind of insurance.
V.I. Code tit. 22, § 402 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 17 - Domestic Mutual Insurers|§ 402. Requirements; kinds of insurance

 (a) When newly organized a domestic mutual insurer may be authorized to transact any one of the kinds of insurance listed in the schedule contained in subsection (b) of this section. (b) When applying for an original certificate of authority the insurer must be otherwise qualified therefor under this title, and must have received and accepted bona fide applications as to substantial insurable subjects for insurance coverage of a substantial character of the kind of insurance proposed to be transacted; must have collected in cash the full premium therefor at a rate not less than usually charged by stock insurers for comparable coverages; and must have surplus funds on hand as of the date such insurance coverages are to become effective, or, in lieu of such applications, premiums, and surplus, may deposit surplus, all in accordance with that part of the following schedule which applies to the one kind of insurance the insurer then proposes to transact: SCHEDULE (A)(B)(C)(D)(E)(F)(G)(H)Kind ofinsur-anceMinimumno. ofapplicantsacceptedMinimumno. ofsubjectscoveredMinimumpremiumcollectedMinimumamountins. eachsubjectMaximumamount ofins. eachsubject (v)MinimumSurplusFundsDepositof sur-plus inlieu (vi)Life (i)500500annual$1,000$2,500$25,000$50,000    1025  Disability (ii)500500quart.weeklyindem.weeklyindem.25,00050,000Property (iii)100250annual1,0003,00025,00050,000Vehicle (iv)200500annual1,00010,000150,000150,000Casualty (v)250250annual1,00010,000150,000200,000 The following provisos are respectively applicable to the foregoing schedule and provisions as indicated by like roman numerals appearing in such schedule: (1) No group insurance, nor term policies for terms of less than ten years shall be included. (2) No group or blanket or family plans of insurance shall be included. In lieu of weekly indemnity a like premium value in medical, surgical and hospital benefits may be provided. Any accidental death or dismemberment benefit provided shall not exceed $2,500. (3) Only insurance of the owner's interest in real property may be included, and all such coverages must be in compliance with the provisions of section 464(b) of this title. (4) Must include insurance of legal liability for bodily injury and property damage, to which the maximum and minimum insured amounts apply. (5) The maximums provided for in column (F) are net of applicable reinsurance. (6) The deposit of surplus in the amount specified in column (H) must thereafter be maintained unimpaired. The deposit is subject to the provisions of chapter 29 of this title (deposits of insurers).
V.I. Code tit. 22, § 403 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 17 - Domestic Mutual Insurers|§ 403. Additional kinds of insurance

 A domestic mutual insurer may be authorized to transact kinds of insurance in addition to that for which it was originally authorized, if it has otherwise complied with the provisions of this title therefor, and while it possesses and maintains surplus funds in aggregate amount not less than the minimum amount of capital and special surplus, if any, required under this title of a domestic stock insurer authorized to transact like kinds of insurance.
V.I. Code tit. 22, § 404 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 17 - Domestic Mutual Insurers|§ 404. Minimum surplus

 A domestic mutual insurer on the cash premium plan shall at all times have and maintain surplus funds, representing the excess of its assets over its liabilities, in amount not less than the aggregate of — (1) the amount of any surplus funds deposited by it with the Commissioner to qualify for its original certificate of authority; and (2) the amount of any additional surplus required of it pursuant to sections 403, 461 and 462 of this title for authority to transact additional kinds of insurance.