reglab/housing_qa huggingface dataset:
V.I. Code tit. 22, § 571 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 23 - Investments|§ 571. Insurance stocks

 (a) An insurer other than a life insurer may invest a portion of its surplus funds in an aggregate amount not exceeding 50 percent of its surplus over its capital stock and other liabilities, or 35 percent of its capital funds, whichever is greater, in the stocks of other insurers organized and existing under the laws of any jurisdiction of the United States. Indirect or proportionate interests in insurance stocks held by an insurer through any intermediate subsidiary or subsidiaries shall be included in applying the limitations provided in this subsection and in subsections (b) and (c) of this section. (b) A life insurer may invest in such insurance stocks in an aggregate amount not exceeding the smaller of the following amounts: 5 percent of its assets; or 25 percent of its surplus over its capital stock and other liabilities, or of surplus over its required minimum surplus if a mutual life insurer. (c) An insurer shall not purchase or hold as an investment more than 5 percent of the voting stocks of any one other insurer, and subject further to the investment limits of section 553 of this title. This limitation shall not apply if such other insurer is the subsidiary of, and substantially all its shares having voting powers are owned by, an insurer other than a life insurer. (d) No such insurance stock shall be eligible as an investment unless it meets the qualifications for stocks of other corporations as set forth in section 572 of this title. (e) The limitations on investment in insurance stocks set forth in this chapter shall not apply to stocks acquired under a plan for merger of the insurers which has been approved by the Commissioner or to shares received as stock dividends upon shares already owned.
V.I. Code tit. 22, § 572 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 23 - Investments|§ 572. Common stocks

 (a) After satisfying the requirements of section 576 of this title, an insurer may invest any of its funds in common shares of stock in solvent United States corporations that qualify as a sound investment, except, that as to life insurers such investments shall further not aggregate an amount in excess of 50 percent of the insurer's surplus over its minimum required surplus. (b) The insurer shall not invest in or loan upon the security of more than 10 percent of the outstanding common shares of any one such corporation, subject further to amount invested as limited by section 553 of this title. This limitation shall not apply to investment in the securities of any subsidiary corporation of the insurer which is engaged exclusively in a kind of business properly incidental to the insurance business of the insurer.
V.I. Code tit. 22, § 573 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 23 - Investments|§ 573. Collateral loans

 An insurer may loan its funds upon the pledge of securities or evidences of debt eligible for investment under this chapter. As at date made, no such loan shall exceed in amount 90 percent of the market value of such collateral pledged, except that loans upon pledges of United States government bonds may be equal to the market value of the bonds pledged. The amount so loaned shall be included in the maximum percentage of funds permitted to be invested in the kinds of securities or evidences of debt pledged or permitted by section 553 of this title.
V.I. Code tit. 22, § 574 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 23 - Investments|§ 574. Miscellaneous investments

 (a) An insurer may loan or invest its funds in an aggregate amount not exceeding the lesser of the following sums: 5 percent of its assets, or 50 percent of its surplus over its capital and other liabilities, or if a mutual insurer 50 percent of its surplus over minimum required surplus, in kinds of loans or investments not otherwise specifically made eligible for investment and not specifically prohibited or made ineligible by this section or other provisions of this title. (b) No such loan or investment shall be represented by— (1) any item described in section 502 of this title; (2) any loan or investment of a kind specifically made eligible under any other provision of this title; or (3) any loan, investment, or asset theretofore acquired or held by the insurer under any other category of loans or investments. (c) No one such investment or loan shall exceed the amount specified in subsection (a) of this section or one percent of the insurer's assets, whichever is the lesser. (d) The insurer shall keep a separate record of all investments acquired under this section.
V.I. Code tit. 22, § 575 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 23 - Investments|§ 575. Special consent investments

 Upon advance approval of the Commissioner and in compliance with section 552 of this title, an insurer may make any investment or kind of investment or exchange of assets otherwise prohibited or not eligible under any other section of this chapter. The Commissioner's order of approval if granted shall specify whether the investment or any part thereof may be credited to required minimum capital or surplus investments, or to investment of reserves.
V.I. Code tit. 22, § 576 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 23 - Investments|§ 576. Required investments for capital and reserves

 (a) An insurer shall invest and keep invested its funds aggregating in amount, if a stock insurer, not less than 100 percent of its minimum required capital, or if a mutual insurer, not less than 100 percent of its required minimum surplus, in cash or investments eligible in accordance with section 554 of this title (public obligations), and in mortgage loans on real property located within this territory, pursuant to section 561 of this title. (b) In addition to the investments required by subsection (a) of this section, an insurer shall invest and keep invested its funds aggregating not less than 100 percent of its reserves required by this title in cash or premiums in course of collection or in investments eligible in accordance with the following sections of this title: 554 (public obligations), 555 (corporate obligations), 558 (preferred or guaranteed stocks), 559 (trustees' or receivers obligations), 560 (equipment trust certificates), 561 (mortgages, mortgage bonds, notes, contracts), 565 (auxiliary chattel mortgages), 566 (real property owned; home office building, etc.), 568 (foreign securities), 569 (policy loans), 570 (savings and share accounts), 573 (collateral loans), and 575 (special consent investments). (c) This section shall not apply to title insurers nor to mutual insurers on the assessment premium plan.
V.I. Code tit. 22, § 577 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 23 - Investments|§ 577. Investments secured by real estate

 An insurer shall not invest or have invested at any one time more than 65 percent of its assets in investments in real estate, real estate contracts, and notes, bonds and other evidences of debt, secured by mortgage on real estate, as described in sections 561 and 566 of this title. Any insurer which, on the effective date of this title, has in excess of 65 percent of its assets so invested shall not make any further such investments while such excess exists.
V.I. Code tit. 22, § 578 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 23 - Investments|§ 578. Prohibited investments

 In addition to investments excluded under other provisions of this title, an insurer shall not, except with the Commissioner's approval in advance, invest in or loan its funds upon the security of, or hold— (1) issued shares of its own capital stock, except for the purpose of mutualization in accordance with section 358 of this title; (2) securities issued by any corporation, except as specifically authorized by this chapter directly or by exception, if a majority of the outstanding stock of such corporation, or a majority of its stock having voting powers, is or will be after such acquisition, directly or indirectly owned by the insurer, or by any combination of the insurer and the insurer's directors, officers, parent corporation, and subsidiaries; (3) securities issued by any corporation if a majority of its stock having voting power is owned directly or indirectly by or for the benefit of any one or more of the insurer's officers and directors; (4) any investment or loan ineligible under the provisions of section 553 of this title; (5) securities issued by any insolvent corporation; or (6) any investment or security which is found by the Commissioner to be designed to evade any prohibition of this title.
V.I. Code tit. 22, § 579 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 23 - Investments|§ 579. Securities underwriting, agreements to withhold or repurchase, prohibited

 No insurer shall participate in the underwriting of the marketing of securities in advance of their issuance or enter into any transaction for such underwriting for the account of such insurer jointly with any other person; or enter into any agreement to withhold from sale any of its property, or to repurchase any property sold by it.
V.I. Code tit. 22, § 580 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 23 - Investments|§ 580. Disposal of ineligible property or securities

 (a) Any personal property or securities lawfully acquired by an insurer, which it could not otherwise have invested in or loaned its funds upon at the time of such acquisition, shall be disposed of by the insurer within one year from date of acquisition, unless within such period the security has attained to the standard for eligibility. The Commissioner, upon application and proof that forced sale of any such property or security would be against the best interests of the insurer, may extend the disposal period for an additional reasonable time. (b) While any such property or security remains so ineligible it shall not be allowed as an asset of the insurer. (c) Any ineligible property or security unlawfully acquired by an insurer shall be disposed of forthwith, and for failure so to do within 30 days after order of the Commissioner requiring such disposal, the Commissioner may revoke or suspend the insurer's certificate of authority. (d) For the purposes of subsection (c) of this section, an investment otherwise eligible shall not be deemed ineligible for the reason that it is in excess of the amount permitted under this chapter to be invested in the category of investments to which it belongs; and any such excess investment shall be disposed of within the time prescribed in subsection (a) of this section.
V.I. Code tit. 22, § 581 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 23 - Investments|§ 581. Authorization of investments

 Except for policy loans of a life insurer, no domestic insurer shall sell or exchange any investment or loan unless authorized or approved by its board of directors or by a committee charged by the board of directors or the bylaws with the duty of making such investment, loan, sale or exchange. The minutes of any such committee shall be recorded and reports thereof shall be submitted to the board of directors for approval or disapproval.
V.I. Code tit. 22, § 582 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 23 - Investments|§ 582. Record of investments

 (a) As to each investment or loan of the funds of a domestic insurer a written record in permanent form showing the authorization thereof shall be made and signed by an officer of the insurer or by the chairman of such committee authorizing the investment or loan. (b) As to each such investment or loan the insurer's records shall contain: (1) In the case of loans: the name of the borrower; the location and legal description of the property; a physical description, and the appraised value of the security; the amount of the loan, rate of interest and terms of repayment. (2) In the case of securities: the name of the obligor; a description of the security and the record of earnings; the amount invested, the rate of interest or dividend, the maturity and yield based upon the purchase price. (3) In the case of real estate: the location and legal description of the property; a physical description and the appraised value; the purchase price and terms. (4) In the case of all investments: (A) the amount of expenses and commissions if any incurred on account of any investment or loan and by whom and to whom payable if not covered by contracts with mortgage loan representatives or correspondents which are part of the insurer's records; and (B) the name of any officer or director of the insurer having any direct, indirect, or contingent interest in the securities or loan representing the investment, or in the assets of the person in whose behalf the investment or loan is made, and the nature of such interest.
V.I. Code tit. 22, § 583 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 23 - Investments|§ 583. Investments of foreign and alien insurers

 The investments of a foreign or alien insurer shall be as permitted by the laws of its domicile but shall be of a quality substantially as high as those required under this chapter for similar funds of like domestic insurers.
V.I. Code tit. 22, § 601 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 25 - Fees and Taxes, Annual Statement|§ 601. Fee Schedule

 (a) The Commissioner may establish by regulation such reasonable filing fees, initial and renewal application licensing fees, examination fees, and other administrative fees necessary for the implementation, administration and enforcement of all programs under the jurisdiction of the Commissioner. (b) All fees and penalties collected pursuant to this section shall be deposited into the Virgin Islands Insurance Guaranty Fund established at 33 V.I.C. § 3061.
V.I. Code tit. 22, § 602 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 25 - Fees and Taxes, Annual Statement|§ 602. Annual statement

 Each insurer now and hereafter doing business in the Virgin Islands must file with the Commissioner on or before March 1st in each year a statement of all insurance business written or contracted for, by the insurer making such statement, in the Virgin Islands during the year ending December 31st next preceding, setting forth: (1) the amounts of premiums received or contracted for; (2) the amounts of premiums received as returned premiums; (3) the amounts paid policyholders as returned premiums; (4) the amounts paid policyholders as dividends; (5) the amounts of insurance reinsured in companies, naming them, not authorized to do business in the Virgin Islands and the amount of premiums paid therefor; and (6) the amount of reinsurance accepted from admitted companies and the premiums received for such reinsurance on risks located in the Virgin Islands, with the names of the companies so reinsuring.
V.I. Code tit. 22, § 603 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 25 - Fees and Taxes, Annual Statement|§ 603. Premium taxes, disposition of proceeds

 (a) “Commissioner” as used in this section means the “Commissioner of Insurance”. (b) Each insurer shall, on or before the first day of February, May, August and November of each year, pay to the Office of the Commissioner of Insurance a tax of five percent (5%) on the quarterly gross receipts premiums on all types of insurance, except for annuities, transacted in the Virgin Islands or covering risks resident, located or to be performed in the Virgin Islands, less return premiums relating thereto and less reinsurance premiums on such business received from insurance companies authorized to do business in the Virgin Islands. (c) The tax imposed under this section shall be in lieu of any gross receipts taxes that would otherwise be levied on the insurer. (d) Taxes collected under subsection (b) of this section, other than taxes collected with respect to contracts of insurance regulated under chapter 18 of this title, shall be disposed of as follows: (1) One-half of such taxes shall be designated as a special fund for the Commissioner of Insurance to administer the Division of Insurance, but not to exceed an annual amount of $3,000,000. All monies allocated to the special fund of the Commissioner of Insurance shall remain available until expended. (2) The remainder of taxes collected shall be deposited into the Insurance Guaranty Fund (“the Fund”), and when the funds exceed the amount required to fund the Insurance Guaranty Fund as specified in Title 33, chapter 111, section 3061, the Commissioner of Insurance shall deposit such excess into the General Fund. (3) [Repealed.] (4) [Repealed.] (e) All premiums taxes paid with respect to contracts of insurance regulated under chapter 18 of this title shall be deposited in the Special Fund for the Commissioner of Insurance provided under subsection (d), paragraph (2)(A) of this section.
V.I. Code tit. 22, § 603A (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 25 - Fees and Taxes, Annual Statement|§ 603A. Tax exemption for certain health and/or life insurance contracts

 Contracts for health and/or life insurance procured by the Government of the Virgin Islands pursuant to the provisions of Title 3, Chapter 25, Subchapter VIII, Virgin Islands Code, shall be exempt from the payment of premium tax requirements as provided in section 603 of this chapter.
V.I. Code tit. 22, § 604 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 25 - Fees and Taxes, Annual Statement|§ 604. Penalty for failure to file statement and pay taxes

 An insurer failing to file the statements and information required and to pay the taxes specified in this chapter, on the dates set forth herein, shall be assessed a penalty of $1,000 or 10% of the taxes due, whichever is greater, plus interest at the rate of 12% per annum, and shall be prohibited from doing any business in the Virgin Islands until such taxes and penalties are paid: Provided, That, if the insurer's failure to file the requisite statements and pay the tax, or any underpayment related thereto, is due to (1) negligence or (2) the intentional disregard of the law, the Commissioner may, in the case of negligence, reduce the penalty to $250 or 5% of the taxes due, whichever is greater, or, in the case of the intentional disregard of the law, increase the penalty to $5,000 or 15% of the taxes due, whichever is greater.
V.I. Code tit. 22, § 622 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 26 - Annual Audit and Financial Reporting|§ 622. General requirements related to filing and extensions for filing of annual audited financial reports and audit committee appointment

 (a) All insurers shall have an annual audit by an independent certified public accountant and shall file an audited financial report with the Commissioner on or before June 1 for the year ended December 31 immediately preceding. The Commissioner may require an insurer to file an audited financial report earlier than June 1 with 90 days advance notice to the insurer. (b) Extensions of the June 1 filing date may be granted by the Commissioner for 30-day periods upon a showing by the insurer and its independent certified public accountant of the reasons for requesting an extension and determination by the Commissioner of good cause for an extension. The request for extension must be submitted in writing not later than 10 days before the due date in sufficient detail to permit the Commissioner to make an informed decision with respect to the requested extension. (c) If an extension is granted in accordance with subsection (b), a similar extension of 30 days is granted to the filing of Management’s Report of Internal Control over Financial Reporting. (d) Every insurer required to file an annual audited financial report pursuant to the requirements of this chapter shall designate a group of individuals as constituting its audit committee. The audit committee of an entity that controls an insurer is considered to be the insurer’s audit committee for purposes of this chapter at the election of the controlling person.
V.I. Code tit. 22, § 623 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 26 - Annual Audit and Financial Reporting|§ 623. Suspension or revocation for failure to file

 (a) Every insurer is subject to the requirements of this chapter. Insurers having direct premiums written in this Territory of less than $1,000,000 in any calendar year and less than 1,000 policyholders or certificate holders of direct written policies nationwide at the end of the calendar year are exempt from these requirements for the year, unless the Commissioner makes a specific finding that compliance is necessary for the Commissioner to carry out statutory responsibilities, but insurers having assumed premiums pursuant to contracts or treaties of reinsurance of $1,000,000 or more are not exempt from the requirements. (b) The Commissioner shall suspend or revoke the certificate of authority of any insurer who fails to timely file its audited annual report unless an extension is requested and granted in accordance with section 622.
V.I. Code tit. 22, § 624 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 26 - Annual Audit and Financial Reporting|§ 624. Exemptions

 (a) Foreign insurers filing the audited financial report in another state, pursuant to that state’s requirement for filing of audited financial reports, which has been found by the Commissioner to be substantially similar to the requirements of this chapter, are exempt from sections 622 through 633 if: (1) A copy of the audited financial report, Communication of Internal Control Related Matters Noted in an Audit, and the Accountant’s Letter of Qualifications that are filed with the other state are filed with the Commissioner in accordance with the filing dates specified in required in sections 622, and 631-632, respectively. Canadian insurers may submit accountants’ reports as filed with the Office of the Superintendent of Financial Institutions, Canada. (2) A copy of any Notification of Adverse Financial Condition Report filed with the other state is filed with the Commissioner within the time specified in section 630. (b) Foreign insurers required to file the Management’s Report on Internal Control over Financial Reporting in another state are exempt from filing the report in this Territory provided the other state has substantially similar reporting requirements and the report is filed with the commissioner of the other state within the time specified. (c) The requirements of this chapter do not prohibit, preclude or in any way limit the Commissioner of Insurance from ordering or conducting or performing examinations of insurers under the rules and regulations and practices and procedures of the Virgin Islands Office of the Lieutenant Governor, Division of Banking, Insurance and Financial Regulation.