reglab/housing_qa huggingface dataset:
V.I. Code tit. 22, § 6609 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 66 - Alternative Markets Act|Subchapter I - The Alternative Market Act|§ 6609. Conditions of all licenses

 (a) It is a condition of every license issued under this chapter, breach of which renders the license subject to cancellation by the SAM, that: (1) The Qualified Manager, intermediary, broker, actuary and auditor must be aware of the content of each license application and business plan submitted with the license application, shall monitor for material changes in information submitted with the license application and the changes in the officers of the licensees' business organization and shall immediately notify SAM of: (A) any material change in the information supplied in or accompanying the application or in the documents submitted with the application of which the licensee is aware; or (B) the removal from office or the resignation of any director, officer partner or member of the licensee, and the reason for the removal or resignation from office of which the licensee was aware. (2) No shares or other interest, whether legal or equitable, in the licensee may be issued, transferred or otherwise disposed of and no appointment of a director, officer, partner or member may be made without the prior written consent of the SAM. (3) The licensee may not without the prior written consent of the SAM: (A) enter into any merger, amalgamation, consolidation or reorganization; (B) transfer, other than in the ordinary course of business by way of reinsurance any of its contracts of insurance or the whole or any part of its property, assets or liabilities; (C) charge or pledge the whole or any part of its assets; (D) change its name from that set out in its license; or (E) alter the terms of its articles of incorporation, articles of organization or other instrument of incorporation or formation. (b) With every application for a license under this chapter, the applicant shall file with the SAM a business plan. The SAM may rely upon the business plan as a condition of issuing a license. (c) The SAM may approve or deny the requested change to the business plan in its discretion. (d) All licensed managers shall report to the SAM any and all actual and proposed changes to the business plan of a Securitization Entity.
V.I. Code tit. 22, § 6610 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 66 - Alternative Markets Act|Subchapter I - The Alternative Market Act|§ 6610. Adoption of name

 The Qualified Manager intermediary, broker, auditor, actuary or any other entity that may be licensed under this chapter may not adopt a name that is the same as, deceptively similar to, or likely to be confused with or mistaken for any other existing business name registered in this Territory or in the state or country in which it will conduct business.
V.I. Code tit. 22, § 6611 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 66 - Alternative Markets Act|Subchapter I - The Alternative Market Act|§ 6611. Restriction on payment of dividends; liability

 (a) A corporation or other entity may declare and pay dividends or make other distributions in cash or its bonds or its property, including the shares or bonds of other corporations, on its outstanding shares, except when the corporation is insolvent or would thereby be made insolvent, or when the declaration, payment or distribution would be contrary to any restrictions contained in the certificate of incorporation or organizational document. (b) Dividends may be declared or paid and other distributions may be made out of surplus only, so that the net assets of the corporation or entity remaining after such declaration, payment or distribution at least equal the amount of its stated capital. (c) Directors of a corporation or managers of an LLC who vote for or concur in any of the following corporate actions are jointly and severally liable to the corporation or LLC for the benefit of its creditors, shareholders or members, to the extent of any injury suffered by such persons, respectively, as a result of such action: (1) The declaration of any dividend or other distribution to the extent that it is contrary to the provisions of subsections (a) and (b) of this section; and (2) The distribution of assets to shareholders or members after dissolution of the corporation or LLC without paying or adequately providing for all known liabilities of the corporation or LLC, excluding any claims not filed by creditors within the time limit set in a notice given to creditors.
V.I. Code tit. 22, § 6612 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 66 - Alternative Markets Act|Subchapter I - The Alternative Market Act|§ 6612. Suspension or revocation of license

 (a) The license of the Qualified Manager, intermediary broker, actuary and auditor to conduct a business in this Territory may be suspended or revoked by the SAM for: (1) insolvency or impairment of capital or surplus; (2) refusal or failure to submit an annual report, or any other report or statement required by law or by lawful order of the SAM; (3) failure to comply with its own charter, bylaws, or other organizational documents; (4) failure to submit to examination or any legal obligation relative to an examination; (5) refusal or failure to pay the cost of examination or fees; (6) use of methods that, although not otherwise specifically prohibited by law, nevertheless render its operation detrimental or its condition unsound with respect to the public or to its policyholders; or (7) failure otherwise to comply with laws of this Territory.
V.I. Code tit. 22, § 6613 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 66 - Alternative Markets Act|Subchapter I - The Alternative Market Act|§ 6613. Rules, regulations, and orders

 The SAM may promulgate and from time to time amend rules and regulations, and issue such orders relating to Securitization Entities or SPFCs as are necessary to enable the SAM to carry out the provisions of this chapter.
V.I. Code tit. 22, § 6614 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 66 - Alternative Markets Act|Subchapter I - The Alternative Market Act|§ 6614. Formation of protect celled insurance company; establishing protected cells

 (a) One or more entities may form a protected cell insurance company under this chapter. (b) A protected cell insurance company formed or licensed under this chapter may establish and maintain one or more protected cells to insure risks of one or more participants, subject to the following conditions: (1) each protected cell must be accounted for separately on the books and records of the captive insurance company established pursuant to Chapter 54 of this title or each Securitization Entity or SPFC established pursuant to this chapter 66 to reflect the financial condition and results of operations of the protected cell, net income or loss, dividends or other distributions to participants, and other factors may be provided in the participant contract or required by the SAM; (2) the assets of a protected cell must not be chargeable with liabilities arising out of any other insurance business the sponsored captive insurance company, established pursuant to Chapter 54 of this Title or each Securitization Entity or SPFC established pursuant to this Chapter 66, may conduct; (3) no sale, exchange, or other transfer of assets may be made by the captive insurance company established pursuant to Chapter 54 of this title or each Securitization Entity or SPFC established pursuant to this chapter 66 between or among any of its protected cells without the consent of the protected cells; (4) no sale, exchange, transfer of assets, dividend, or distribution may be made from a protected cell or participant without the SAM's approval and in no event may the approval be given if the sale, exchange, transfer, dividend, or distribution would result in insolvency or impairment with respect to a protected cell; (5) a protected cell insurance company annually shall file with the SAM such financial reports as the SAM requires which includes, but are not limited to, accounting statements detailing the financial experience of each protected cell; (6) a protected cell insurance company shall notify the SAM in writing within ten business days of a protected cell that is insolvent or otherwise unable to meet its claim or expense obligations; and (7) no participant contract may take effect without the SAM's prior written approval, and the addition of each new protected cell and withdrawal of any participant of any existing protected cell constitutes a change in the business plan requiring the SAM's prior written approval.
V.I. Code tit. 22, § 6615 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 66 - Alternative Markets Act|Subchapter I - The Alternative Market Act|§ 6615. Participants in protected cell insurance companies

 (a) An association, a corporation, a limited liability company, a partnership, a trust, or other business entity may be a participant in a protected cell insurance company formed or licensed pursuant to this chapter. (b) The owner may be a participant in a protected cell insurance company. (c) A participant need not be a shareholder of the protected cell insurance company or an affiliate of the company.
V.I. Code tit. 22, § 6616 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 66 - Alternative Markets Act|Subchapter I - The Alternative Market Act|§ 6616. Terms and conditions for protected cell insurance companies; exception

 In the case of a protected cell insurance company: (a) a protected cell need not be established solely for the purpose of effecting insurance securitizations, but may be established for the purpose of isolating the expenses and claims of a protected cell insurance company participant; and (b) the protected cell insurance company shall attribute all insurance obligations, assets, and liabilities relating to a participant's risks to the participant's protected cell.
V.I. Code tit. 22, § 6617 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 66 - Alternative Markets Act|Subchapter I - The Alternative Market Act|§ 6617. Tax rates and payment schedules

 Each Securitization Entity must be taxed in the same manner as an SPFC pursuant to section 6670(c), (d), (e) and (f) of Subchapter III of this chapter.
V.I. Code tit. 22, § 6640 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 66 - Alternative Markets Act|Subchapter II - Asset-Backed Securities Facilitation Act|§ 6640. Title

 This subchapter may be cited as the “Asset-Backed Securities Facilitation Act.”
V.I. Code tit. 22, § 6641 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 66 - Alternative Markets Act|Subchapter II - Asset-Backed Securities Facilitation Act|§ 6641. Intent

 It is intended by the Legislature that the term “securitization transaction” must be construed broadly.
V.I. Code tit. 22, § 6642 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 66 - Alternative Markets Act|Subchapter II - Asset-Backed Securities Facilitation Act|§ 6642. Securitization transaction

 (a) Notwithstanding any other provision of law, to the extent set forth in the transaction documents relating to a securitization transaction, including a transaction entered into pursuant to subchapter II of this chapter: (1) Any property, assets or rights purported to be transferred, in whole or in part, in the securitization transaction are deemed to no longer be the property, assets or rights of the transferor; (2) A transferor in the securitization transaction, its creditors or, in any insolvency proceeding with respect to the transferor or the transferor's property, a bankruptcy trustee, receiver, debtor, debtor in possession or similar person, to the extent the issue is governed by Virgin Islands law, has no rights, legal or equitable, whatsoever to reacquire, reclaim, recover, repudiate, disaffirm, redeem or re-characterize as property of the transferor any property, assets or rights purported to be transferred, in whole or in part, by the transferor; and (3) In the event of a bankruptcy, receivership or other insolvency proceeding with respect to the transferor or the transferor's property, to the extent the issue is governed by Virgin Islands law, such property, assets and rights may not be deemed to be part of the transferor's property, assets, rights or estate. (b) Nothing contained in this subchapter may be deemed to require any securitization transaction to be treated as a sale for federal or Virgin Islands tax purposes or to preclude the treatment of any securitization transaction as debt for federal or Virgin Islands tax purposes or to change any applicable laws relating to the perfection and priority of security or ownership interests of persons other than the transferor, hypothetical lien creditor or, in the event of a bankruptcy, receivership or other insolvency proceeding with respect to the transferor or its property, a bankruptcy trustee, receiver, debtor, debtor in possession or similar person. (c) It is not the purpose of this subchapter to change the tax treatment of securitizations that take place pursuant to this subchapter.
V.I. Code tit. 22, § 6651 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 66 - Alternative Markets Act|Subchapter III - Special Purpose Financial Captives|§ 6651. Purpose

 This subchapter provides for the creation of Special Purpose Financial Captives (SPFCs) exclusively to facilitate the securitization of one or more risks, as a means of accessing alternative sources of capital and achieving the benefits of securitization. SPFCs are created for the limited purpose of entering into an SPFC contract and insurance securitization transactions and into related agreements to facilitate the accomplishment and execution of those transactions. The creation of SPFCs is intended to achieve greater efficiencies in structuring and executing insurance securitizations, to diversify and broaden insurers' access to sources of capital, to facilitate access for many insurers to insurance securitization and capital markets financing technology, and to further the economic development and expand the interest of the Territory through its captive insurance program.
V.I. Code tit. 22, § 6653 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 66 - Alternative Markets Act|Subchapter III - Special Purpose Financial Captives|§ 6653. Relation to other Title 22 provisions

 (a) No provisions of title 22 other than those specifically referenced in this subchapter apply to an SPFC, and those provisions apply only as modified by this subchapter. If a conflict occurs between a provision of title 22 and a provision of this subchapter, the latter controls. (b) The SAM, by rule, regulation, or order, may exempt an SPFC or its protected cells, on a case by case basis, from provisions of this subchapter that the SAM determines to be inappropriate given the nature of the risks to be insured.
V.I. Code tit. 22, § 6655 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 66 - Alternative Markets Act|Subchapter III - Special Purpose Financial Captives|§ 6655. Organization requirements; privileges and restrictions

 (a) An SPFC may be established as a stock corporation, limited liability company, mutual, partnership, trust or other form of organization approved by the SAM. (b) The SPFC's organizational documents must limit the SPFC's authority to transact the business of insurance or reinsurance to those activities the SPFC conducts to accomplish its purpose as expressed in this subchapter. (c) The SPFC may not adopt a name that is the same as, deceptively similar to, or likely to be confused with or mistaken for another existing business name registered in this Territory. (d) An SPFC may not have fewer than three incorporators or organizers of whom not fewer than two must be bona fide residents of this Territory. (e) Before transmitting its organizational documents to the Office of the Lieutenant Governor, the incorporators or organizers shall petition the SAM to issue a certificate setting forth a finding that the establishment and maintenance of the proposed SPFC promotes the general good of the Territory. In arriving at this finding the SAM shall consider: (1) the character, reputation, financial standing, and purposes of the incorporators or organizers; (2) the character, reputation, financial responsibility, insurance experience, and business qualifications of the officers, directors, partners, members, manager, or organizers, as applicable; and (3) other aspects as the SAM considers advisable. (f) The organizational documents, the certificate issued pursuant to subsection (e), and the required organization fees must be transmitted to the SAM and the Office of the Lieutenant Governor, Division of Corporations and Trademarks who shall record the relevant organizational documents. (g) At least one of the members of the management of the SPFC, or the Qualified Manager representing the SPFC must be a resident of this Territory. (h) An SPFC formed pursuant to the provisions of this subchapter has the privileges of and is subject to the provisions of the Virgin Islands Code, applicable to its formation, as well as the applicable provisions contained in this subchapter. If a conflict occurs between a provision of the applicable law and a provision of this subchapter, the latter controls. Nothing contained in this subsection with respect to an SPFC may abrogate, limit, or rescind in any way the authority of the Office of the Lieutenant Governor, Division of Banking, Insurance and Financial Regulation.
V.I. Code tit. 22, § 6656 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 66 - Alternative Markets Act|Subchapter III - Special Purpose Financial Captives|§ 6656. Capitalization

 (a) An SPFC initially shall possess and after that maintain minimum capitalization of not less than $250,000. All of the minimum initial capitalization must be in cash. All other funds of the SPFC in excess of its minimum initial capitalization must be in the form of cash, cash equivalent, or securities invested as provided in section 6665 of this subchapter and approved by the SAM. (b) Additional capitalization for the SPFC must be determined, if so required, by the SAM after giving due consideration to the SPFC's business plan, feasibility study, pro-formas, and the nature of the risks being insured or reinsured, which may be prescribed in formulas approved by the SAM. (c) All of the minimum capitalization must be held in a bank or financial institution licensed and doing business in the Territory.
V.I. Code tit. 22, § 6657 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 66 - Alternative Markets Act|Subchapter III - Special Purpose Financial Captives|§ 6657. Authorized contracts

 (a) An SPFC may insure only the risks of a counter party. (b) An SPFC may not issue a contract for assumption of risk or indemnification of loss other than an SPFC contract. However, the SPFC may cede risks assumed through an SPFC contract to third party international reinsurers through the purchase of reinsurance or retrocession protection on terms approved by the SAM. (c) An SPFC may enter into contracts and conduct other commercial activities related or incidental to and necessary to fulfill the purposes of the SPFC contract, insurance securitization, and this subchapter. Those activities may include: entering into SPFC contracts; issuing securities of the SPFC in accordance with applicable securities law; complying with the terms of these contracts or securities; entering into trust, swap, tax, administration, reimbursement, or fiscal agent transactions; or complying with trust indenture, reinsurance, or retrocession, and other agreements necessary or incidental to effectuate an insurance securitization in compliance with this subchapter or the plan of operation approved by the SAM. (d) An SPFC may discount its reserves at discount rates as approved by the SAM. (e) An SPFC shall file annually an actuarial opinion on reserves provided by an approved and licensed independent actuary.
V.I. Code tit. 22, § 6660 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 66 - Alternative Markets Act|Subchapter III - Special Purpose Financial Captives|§ 6660. Issuance of securities

 (a) An SPFC may issue securities, including surplus notes and other forms of financial instruments, subject to and in accordance with applicable law, its approved plan of operation, and its organizational documents. (b) An SPFC, in connection with the issuance of securities, may enter into and perform all of its obligations under any required contracts to facilitate the issuance of these securities. (c) Subject to the approval of the SAM, an SPFC may lawfully: (1) account for the proceeds of surplus notes as surplus and not as debt for purposes of statutory accounting; (2) submit for prior approval of the SAM periodic written requests for payments of interest on and repayments of principal of surplus notes. (d) The SAM, without otherwise prejudicing the SAM's authority, may approve formulas for an ongoing plan of interest payments or principal repayments, or both, to provide guidance in connection with his ongoing reviews of requests to approve the payments on and principal repayments of the surplus notes. (e) The obligation to repay principal or interest, or both, on the securities issued by the SPFC must reflect the risk associated with the obligations of the SPFC to the counterparty under the SPFC contract.
V.I. Code tit. 22, § 6661 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 66 - Alternative Markets Act|Subchapter III - Special Purpose Financial Captives|§ 6661. Swap agreements and other forms of asset management agreements

 An SPFC may enter into swap agreements, or other forms of asset management agreements, including guaranteed investment contracts, or other transactions that have the objective of leveling timing differences in funding of up-front or ongoing transaction expenses or managing asset, credit, or interest rate risk of the investments in the trust to ensure that the investments are sufficient to assure payment or repayment of the securities, and related interest or principal payments, issued pursuant to an SPFC insurance securitization transaction or the obligations of the SPFC under the SPFC contract.
V.I. Code tit. 22, § 6663 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 66 - Alternative Markets Act|Subchapter III - Special Purpose Financial Captives|§ 6663. Securities issued by SPFC as insurance contract; underwriters or selling agents as insurance producers

 Securities issued by an SPFC pursuant to an insurance securitization may not be considered to be insurance or reinsurance contracts. An investor in these securities or a holder of these securities, by sole means of this investment or holding, may not be considered to be transacting the business of insurance in this Territory. The underwriter's placement or selling agents and their partners, directors, officers, members, managers, employees, agents, representatives, and advisors involved in an insurance securitization pursuant to this subchapter may not be considered to be insurance producers or brokers or conducting business as an insurance or reinsurance company or agency, brokerage, intermediary, advisory, or consulting business only by virtue of their activities in connection with them.