V.I. Code tit. 22, § 776 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 31 - Virgin Islands Insurance Producer and Adjuster Licensing|§ 776. License refusal, nonrenewal, suspension or revocation

 (a) The Commissioner may suspend, revoke or refuse to issue or renew an insurance producer’s license or may levy a civil penalty in accordance with this chapter or any combination of actions, for any one or more of the following causes: (1) providing incorrect, misleading, incomplete or materially untrue information in the license application; (2) violating or failing to comply with any insurance laws, rule, subpoena, consent agreement, or order of the Commissioner or of another state’s commissioner; (3) obtaining, maintaining, or attempting to obtain a license through material misrepresentation or fraud; (4) improperly withholding, misappropriating or converting any money or properties received in the course of doing insurance business or in his fiduciary capacity; (5) intentionally misrepresenting the terms, benefits, value, cost, or effective dates of any actual or proposed insurance contract or application for insurance; (6) conviction of or plea of guilty or no contest to a felony regardless of whether a judgment of conviction has been entered by the court; (7) conviction of or a plea of guilty or no contest to a misdemeanor that involves the misuse or theft of money or property belonging to another, fraud, forgery, dishonest acts, or breach of a fiduciary duty, that is based on any act or omission relating to the business of insurance, securities, or financial services, or that involves moral turpitude regardless of whether a judgment has been entered by the court; (8) having admitted to or has been found to have committed any insurance unfair trade act or practice or insurance fraud; (9) using fraudulent, coercive, or dishonest practices, or demonstrating incompetence, untrustworthiness or financial irresponsibility in the conduct of business in the Virgin Islands or elsewhere; (10) having an insurance producer or adjuster license, its equivalent, denied, suspended or revoked in any other state, province, district or territory; (11) forging or causing the forgery of another’s name to an application for insurance or to any document related to an insurance transaction; (12) improperly using notes or any other reference material, equipment or devices of any kind to complete an examination for an insurance license; (13) knowingly accepting insurance business from an individual who is not licensed; (14) failing to pay income taxes in accordance with Virgin Islands and Federal laws or comply with any administrative or court order directing payment of income or corporate taxes in accordance with Virgin Islands and Federal laws; (15) failing to respond to an order or request of the Commissioner or its designee more than 15 days after the request; (16) if in the conduct of affairs under the license, the licensee has shown to be, and is considered by the Commissioner, incompetent, or untrustworthy, or a source of injury and loss to the public; (17) if the licensee has dealt with, or attempted to deal with, insurances or to exercise powers relative to insurance outside the scope of the licenses; (18) for any cause for which issuance of the license could have been refused had it then existed and been known to the Commissioner; (19) failing to pay commission to broker; or (20) any other action determined to be hazardous or injurious to the public. (b) If the action by the Commissioner is to not-renew or to deny an application for a license, the Commissioner shall notify the applicant or licensee and advise, in writing, the applicant or licensee of the reason for the denial or nonrenewal of the applicant’s or licensee license. The applicant or licensee may make written demand upon the Commissioner not later than 15 days after the notice for a hearing before the Commissioner to determine the reasonableness of the Commissioner’s action. The hearing must beheld not more than 30 days after receipt of the demand and must be held pursuant to section 151 of this title. (c) The license of a business entity may be suspended, revoked or not renewed if the Commissioner finds, after hearing, that an individual licensee’s violation was known or should have been known by one or more of the partners, officers or managers acting on behalf of the partnership or corporation and the violation was neither reported to the Commissioner nor subject to corrective action taken. (d) In addition to or in lieu of any applicable refusal, nonrenewal, denial, suspension or revocation of a license, a person may, after hearing, be subject to a civil fine in accordance with this chapter. (e) Notwithstanding subsection (b), the Commissioner shall revoke or refuse to renew license immediately and without a hearing upon conviction of the licensee of a felony by final judgment of any court of competent jurisdiction. (f) The Commissioner retains the authority to enforce the provisions of and impose any penalty or remedy authorized by this chapter against any person who is under investigation and found in violation of this chapter even if the person’s license or registration has been surrendered or has lapsed by operation of law. (g) After hearing and in addition to or in lieu of suspension, revocation, or refusal to renew any such license, the Commissioner may impose a fine upon the licensee in amount not less than $250 and not more than $10,000. The order imposing the fine must specify the period within which the fine must be fully paid, and the period must not be less than 15 nor more than 30 days after the date of the order. Upon failure to pay the fine when due, the Commissioner shall revoke the licenses of the licensee if not already revoked, and the fine may be recovered in a civil action brought on behalf of the Commissioner by the Attorney General. Any fine so collected must be paid to the Financial Services Fund. (h) The Commissioner must not reinstate the license of, or relicense any licensee or former licensee whose license was suspended, revoked, or renewal refused, until any cause for the suspension, revocation, or refusal of such license is no longer existing, or until any fine imposed upon the licensee pursuant to section (g) has been fully paid. (i) Every order suspending a license must specify the period during which suspension will be effective, and the period may not exceed 12 months. For purposes of this section, the 12-months period applies only to suspension. (j) The holder of any license that has been revoked or suspended shall surrender the license certificate to the Commissioner at the Commissioner’s request. (k) The license of any firm or corporation may be suspended, revoked, or refused for any cause relating to any individual designated in the license to exercise its powers. (l) Notwithstanding any other provision of this title, the sections providing penalties and fines for violations of this chapter are controlling unless specifically provided otherwise.