reglab/housing_qa huggingface dataset:
V.I. Code tit. 22, § 433 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 18 - Reciprocal or Interinsurance Contracts|§ 433. Declaration to be filed by attorney in fact

 Such attorney shall file with the Commissioner of Insurance of this Territory a declaration, verified by the oath of its president or oaths of its treasurer and secretary setting forth: (a) The name of the attorney and the name or designation of the exchange under which such contracts are to be issued, which name or designation shall not be so similar to any other name or designation therefore adopted by any attorney or by any insurance organization in this Territory so as to confuse or deceive; (b) The kind or kinds of insurance to be effected or exchanged; (c) A copy of the form of policy contract or agreement under or by which such insurance is to be effected or exchanged and forms of application therefor; (d) A certified copy of the power of attorney or other authorization of such attorney under or by which such attorney is to effect or exchange such insurance contracts; (e) The location of the office or offices from which such contracts or agreements are to be issued; (f) That except as to the kinds of insurance hereinafter specifically mentioned in this paragraph, applications have been made for indemnity upon at least twenty-five (25) separate risks aggregating not less than one million dollars ($1,000,000) represented by executed contracts or bona fide applications to become concurrently effective. In the case of automobile insurance, applications shall have been made for indemnity upon at least five hundred motor vehicles or for insurance aggregating not less than one-half million dollars ($500,000.00) represented by executed contracts or bona fide applications to become concurrently effective on any or all classes of automobile insurance effected by said subscribers through said attorneys. The Commissioner of Insurance, in his discretion, may require greater or fewer applications aggregating higher or lesser sums; (g) That there shall be maintained at the exchange, available for the payment of losses, assets conforming to the requirements of section 435 of this chapter; (h) A financial statement under oath in form prescribed by the Commissioner of Insurance; (i) An instrument authorizing service of process as provided for in this chapter; and (j) Where the principal office of the attorney is located in another jurisdiction, a certificate from the proper official of the jurisdiction where the principal office is maintained, that the subscribers and the attorney have complied with all provisions of law and are authorized in that jurisdiction to transact the classes of business which are sought to be transacted in this Territory.
V.I. Code tit. 22, § 434 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 18 - Reciprocal or Interinsurance Contracts|§ 434. Instrument authorizing service of process on Commissioner of Insurance to be filed; service fee

 Concurrently with the filing of the declaration provided for by section 433 of this chapter, the attorney shall file with the Commissioner of Insurance an instrument in writing duly executed by him for said subscribers, conditioned that upon the issuance of a Certificate of Authority provided for in section 411 of this chapter action may be brought in the Territory, and service of process may be had upon the Commissioner of Insurance in all actions or proceedings in this Territory arising out of any policies, contracts or agreements issued, which service shall be valid and binding upon all subscribers exchanging at any time reciprocal or inter-insurance contracts through such attorney. Three copies of such process shall be served and the Commissioner of Insurance shall file one copy in his office, forward one copy to said attorney, and return one copy with his admission of service. Where the principal office of the attorney is located in this Territory, service of process may also be had upon all subscribers by serving the attorney at said office. Service of process shall not be had upon subscribers or any of them in any action or proceeding in this Territory, except in the manner provided in this section and any action or other proceeding may be begun and prosecuted or defended by them under the name or designation adopted by them. A service fee of two dollars ($2) shall accompany each such service and be paid to the Commissioner of Insurance.
V.I. Code tit. 22, § 435 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 18 - Reciprocal or Interinsurance Contracts|§ 435. Reinsurance reserve; surplus; claim or loss reserve

 There shall be maintained at all times by the exchange, a reinsurance reserve in cash or securities authorized by the laws of the jurisdiction in which the principal office of the attorney is located for the investment of similar funds of insurance companies doing the same kind of business, in an amount equal to fifty percent (50%) of the net annual premium deposits collected and credited to the accounts of subscribers on policies having one year or less to run and pro rated on those for longer periods, or, in lieu thereof, one hundred percent (100%) of the net unearned premium deposits collected and credited to the accounts of subscribers calculated separately for each policy in force as of any given date. In addition to the reserves provided for in this section, there shall be maintained at all times at the exchange, as assets, a surplus in cash or such securities as aforesaid of not less than the amount of minimum capital and surplus required of a domestic stock insurance company to do the kind or kinds of insurance which it is authorized to write under section 431 of this chapter. There shall also be maintained at all times in the hands of the attorney, as a claim or loss reserve, in cash or such securities as aforesaid, assets sufficient to discharge all liabilities on all outstanding or accrued losses arising under policies issued, which are to be calculated in accordance with the laws of the Territory relating to similar reserves for companies insuring similar risks. If at any time the amounts on hand are less than the foregoing requirements, the subscribers, or their attorney, shall make up the deficiency. “Net premium deposits”, as used in this chapter, shall be construed to mean the premium deposits made by subscribers after deducting therefrom the amount paid as return premiums upon canceled contracts and reinsurance. If it appears that the amount of funds required in this section has not been accumulated, then the subscribers, or the attorney for them, shall immediately advance such sums as are needed to comply with the provisions of this section, and the funds so advanced shall not be treated as a liability at the exchange, and shall not be withdrawn except with the approval of the chief insurance officer of the jurisdiction wherein the exchange is domiciled, and such advances shall be repaid only out of the surplus, over and above the minimum required by this section. If the subscribers, or their attorney, shall fail to advance sums necessary for the maintenance of such minimum reserves and surplus, within thirty days after receipt of notice from the Commissioner of Insurance to do so, then said Commissioner of Insurance shall take charge of and liquidate or rehabilitate such exchange in the manner provided by law in the case of other insurers; and in the case of an exchange of another jurisdiction said Commissioner of Insurance may revoke its license to transact business in this Territory.
V.I. Code tit. 22, § 436 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 18 - Reciprocal or Interinsurance Contracts|§ 436. General deposit with Commissioner

 Each domestic and foreign exchange transacting business in this Territory shall keep and maintain with the Commissioner of Insurance a bond as required by section 207 of this title.
V.I. Code tit. 22, § 437 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 18 - Reciprocal or Interinsurance Contracts|§ 437. Report of financial condition to Commissioner; examination of records, affairs and financial condition

 Such attorney shall, within the time limited for filing the annual statement by insurance companies, transacting the same kind of business, make a report, under oath, to the Commissioner of Insurance for each calendar year in such form as he may prescribe, showing the financial condition of affairs at the office where such contracts are issued, and shall at any reasonable time furnish such additional information and reports as may be required by said Commissioner; provided, however, that the attorney shall not be required to furnish the names and addresses of any subscribers, except in the case of unpaid final judgments. The records, affairs and financial condition of the exchange shall be subject to examination by the Commissioner of Insurance, and such examination shall be at the expense of the office examined. Where the principal office of the attorney is located in another jurisdiction, the Commissioner of Insurance may, in lieu of the examination provided for in this section, accept a certified copy of the report of examination made by the insurance department of the jurisdiction where the principal office is located, or by the insurance department of any other jurisdiction.
V.I. Code tit. 22, § 438 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 18 - Reciprocal or Interinsurance Contracts|§ 438. Power to exchange contracts; insurance of trust property

 (a) Any corporation now or hereafter organized under the laws of this Territory shall, in addition to the rights, powers and franchises specified in its articles of incorporation, have full power and authority as a subscriber to exchange insurance contracts of the kind and character herein mentioned. The right to exchange such contracts is hereby declared to be incidental to the purposes for which such corporations are organized, and as much granted as the rights and powers expressly conferred. (b) All persons, firms or corporations holding property in trust may insure the same at a reciprocal exchange and, in their representative capacity, be entitled to the rights of a subscriber.
V.I. Code tit. 22, § 439 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 18 - Reciprocal or Interinsurance Contracts|§ 439. Misdemeanor; solicitation of powers of attorney and applications for insurance contracts; injunction; appointment of receiver

 Any attorney who shall exchange any contracts of insurance of the kind and character specified in this chapter, or any attorney or representative of such attorney who shall solicit or negotiate any applications for same, without the attorney first complying with the foregoing provisions, shall be subject to a fine of not less than $100 nor more than $1,000 if so ordered, after hearing, by the Commissioner of Insurance. The District Court shall have jurisdiction to restrain any violation of this chapter in an action brought for that purpose by the Commissioner of Insurance, and may appoint a receiver for such assets of any person, partnership, corporation, or association of persons as are actually employed in the conduct of business in violation of this chapter. For the purposes of organization, and upon issuance of a permit by the Commissioner of Insurance of this Territory, and under such conditions as he may impose, powers of attorney and applications for such insurance contracts may be solicited without compliance with the provisions of this chapter, but no attorney or other person shall execute or issue any such contracts of insurance until all the provisions of this chapter shall have been complied with and a Certificate of Authority issued by the Commissioner of Insurance.
V.I. Code tit. 22, § 440 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 18 - Reciprocal or Interinsurance Contracts|§ 440. Certificate of Authority

 Before issuing any such contracts in this Territory, the attorney shall procure from the Commissioner of Insurance a Certificate of Authority showing that the exchange has complied with all the requirements of this chapter and is authorized to transact business in this Territory, which said Certificate shall expire on the thirty-first day of December, and shall be renewed each year as of the first day of January thereof. Such Certificate shall specify the name or designation under which such contracts of insurance are issued. The Commissioner of Insurance may, after hearing, revoke or suspend any Certificate of Authority issued hereunder in the violation of any of the provisions of this chapter, after reasonable notice has been given such attorney in writing, so that he may appear and show cause why such action should not be taken. Any order of the Commissioner of Insurance may be appealed as provided by the insurance laws of the Territory.
V.I. Code tit. 22, § 441 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 18 - Reciprocal or Interinsurance Contracts|§ 441. Authority of attorney to insert in policy provisions or conditions

 The attorney may insert in any form of policy any provisions or conditions required by the plan of reciprocal or inter-insurance; provided, however, that the same shall not be in conflict with the laws of this Territory.
V.I. Code tit. 22, § 442 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 18 - Reciprocal or Interinsurance Contracts|§ 442. Fees and taxes

 Such exchanges shall be subject to the same fees and taxes, as are provided by the laws of the Territory, now or hereafter enacted, applicable to insurance companies organized or admitted to do the same kind or kinds of business under the laws of this Territory. Exchanges or reciprocals organized under this chapter shall not be required to be member insurers of the Insurance Guaranty Association under chapter 10 of this title.
V.I. Code tit. 22, § 443 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 18 - Reciprocal or Interinsurance Contracts|§ 443. Application of law as to appointment, licensing and regulation of insurance agents and solicitors

 The provisions of the general insurance laws of this Territory regarding the appointment, licensing, qualification and regulation of insurance agents and solicitors shall not apply to an exchange or its attorney, or executive officer of such attorney, if a corporation, but shall apply to any other person, partnership or corporation representing any such reciprocal or inter-insurance exchange in soliciting, negotiating or affecting of business in this Territory.
V.I. Code tit. 22, § 451 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 19 - Insuring Powers of Domestic Companies|§ 451. Kinds of insurance; capital and surplus requirements

 (a) Domestic stock insurers may transact different kinds of insurance in the territory upon qualifying therefor and by having paid-in capital and surplus represented by assets, as follows: MinimumcapitalrequiredMinimumsurplusinitiallyrequired(1) Life insurance$1,000,000500,000(2) Disability insurance1,000,000250,000  (A) Life and disability insurance1,250,000750,000(3) Property insurance2,000,000950,000(4) Marine and transportation insurance2,500,0001,250,000(5) Casualty insurance:    (A) Vehicle only2,000,0001,000,000  (B) General casualty3,000,0001,500,000(6) Surety insurance:    (A) Surety1,000,0004,000,000  (B) Bail bonds only500,000250,000(7) Title insurance:    In accordance with the provisions of Chapter 49 of this title.  (8) All insurance, except life and title insurance4,500,0002,500,000 (b) Domestic stock insurers engaging in business on the date of enactment of this Act shall have sixty (60) months from the date of enactment to come into compliance with the minimum paid-in capital and surplus requirements specified in subsection (a) of this Section. (c) In accordance with chapter 20 of this title, the Commissioner may require additional capital and surplus above the minimum capital and surplus requirements set forth in this section, or any other section of this Code based upon the type, volume and nature of the insurance business transacted. (d) Notwithstanding the provisions of this section, the Commissioner may in his discretion and when warranted by particular circumstance, waive the minimum capital and surplus requirements for any insurer doing business in the Territory.
V.I. Code tit. 22, § 452 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 19 - Insuring Powers of Domestic Companies|§ 452. Life insurance defined

 “Life insurance” is insurance on human lives and insurances appertaining thereto or connected therewith. For the purposes of this title the transacting of life insurance includes the granting of annuities and endowment benefits; additional benefits in event of death by accident; additional benefits in event of the total and permanent disability of the insured; and optional modes of settlement of proceeds.
V.I. Code tit. 22, § 453 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 19 - Insuring Powers of Domestic Companies|§ 453. Disability insurance defined

 “Disability insurance” is insurance against bodily injury, disablement or death by accident, against disablement resulting from sickness, and every insurance appertaining thereto.
V.I. Code tit. 22, § 454 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 19 - Insuring Powers of Domestic Companies|§ 454. Property insurance defined

 “Property insurance” is insurance against loss of or damage to real or personal property of every kind and any interest therein, from any or all hazard or cause, and against loss consequential upon such loss or damage.
V.I. Code tit. 22, § 455 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 19 - Insuring Powers of Domestic Companies|§ 455. Marine and transportation insurance defined

 (a) “Marine and transportation insurance” is insurance against loss of or damage to— (1) vessels, craft, aircraft, vehicles, goods, freights, cargoes, merchandise, effects, disbursements, profits, moneys, securities, choses in action, evidences of debt, valuable papers, bottomry, and respondentia interest and all other kinds of property and interests therein, in respect to, appertaining to or in connection with any and all risks or perils of navigation, transit or transportation, or while being assembled, packed, crated, baled, compressed or similarly prepared for shipment or while awaiting shipment, or during any delays, storage, transshipment, or reshipment incident thereto, including war risks, marine builder's risks, and all personal property floater risks; (2) person or property in connection with or appertaining to a marine, transit or transportation insurance, including liability for loss of or damage to either incident to the construction repair operation, maintenance or use of the subject matter of such insurance (but not including life insurance or surety bonds nor insurance against loss by reason of bodily injury to any person arising out of the ownership, maintenance, or use of automobiles); (3) precious stones, jewels, jewelry, precious metals, whether in course of transportation or otherwise; and (4) bridges, tunnels and other instrumentalities of transportation and communication (excluding buildings, their furniture and furnishings, fixed contents and supplies held in storage); piers, wharves, docks and slips, and other aids to navigation and transportation, including dry docks and marine railways, dams and appurtenant facilities for the control of waterways. (b) “Marine protection and indemnity insurance” is insurance against, or against legal liability of the insured for loss, damage, or expense incident to ownership, operation, chartering, maintenance, use, repair or construction of any vessel, craft or instrumentality in use in ocean or inland waterways, including liability of the insured for personal injury, illness or death or for loss of or damage to the property of another person.
V.I. Code tit. 22, § 456 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 19 - Insuring Powers of Domestic Companies|§ 456. Vehicle insurance defined

 (a) “Vehicle insurance” is insurance against loss or damage to any land vehicle or aircraft or any draft or riding animal or to property while contained therein or thereon or being loaded or unloaded therein or therefrom, and against any loss or liability resulting from or incident to ownership, maintenance, or use of any such vehicle or aircraft or animal. (b) Insurance against accidental death or accidental injury to individuals while in, entering, alighting from, adjusting, repairing, or cranking, or caused by being struck by a vehicle, aircraft, or draft or riding animal, if such insurance is issued as part of insurance on the vehicle, aircraft, or draft or riding animal, shall be deemed to be vehicle insurance.
V.I. Code tit. 22, § 457 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 19 - Insuring Powers of Domestic Companies|§ 457. General casualty insurance defined

 “General casualty insurance” includes vehicle insurance as defined in section 456 of this title and in addition is insurance— (1) against legal liability for the death, injury, or disability of any human being, or for damage to property; (2) of medical, hospital, surgical and funeral benefits to persons injured, irrespective of legal liability of the insured, when issued with or supplemental to insurance against legal liability for the death, injury or disability of human beings; (3) of the obligations accepted by, imposed upon, or assumed by employers under law for Workmen's Compensation Administration. (4) against loss or damage by burglary, theft, larceny, robbery, forgery, fraud, vandalism, malicious mischief, confiscation or wrongful conversion, disposal or concealment, or from any attempt of any of the foregoing; also insurance against loss of or damage to moneys, coins, bullion, securities, notes, drafts, acceptances or any other valuable papers or documents, resulting from any cause, except while in the custody or possession of and being transported by any carrier for hire or in the mail; (5) upon personal effects against loss or damage from any cause; (6) against loss or damage to glass, including its lettering, ornamentation and fittings; (7) against any liability and loss or damage to property resulting from accidents to or explosions of boilers, pipes, pressure containers, machinery, or apparatus and to make inspection of and issue certificates of inspection upon elevators, boilers, machinery, and apparatus of any kind; (8) against loss or damage to any property caused by the breakage or leakage of sprinklers, water pipes and containers, or by water entering through leaks or openings in buildings; (9) against loss or damage resulting from failure of debtors to pay their obligations to the insured (credit insurance); and (10) against any other kind of loss, damage, or liability properly the subject of insurance and not within any other kind or kinds of insurance as defined in this chapter, if such insurance is not contrary to law or public policy.