reglab/housing_qa huggingface dataset:
V.I. Code tit. 22, § 405 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 17 - Domestic Mutual Insurers|§ 405. Membership

 (a) Each holder of one or more insurance contracts issued by a domestic mutual insurer, other than a contract of reinsurance, is a member of the insurer, with the rights and obligations of such membership, and each insurance contract so issued shall effectively so stipulate. (b) Any person, government or governmental agency, state or political subdivision thereof, public or private corporation, board, association, estate, trustee or fiduciary may be a member of a mutual insurer.
V.I. Code tit. 22, § 406 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 17 - Domestic Mutual Insurers|§ 406. Rights of members

 (a) A domestic mutual insurer is owned by and shall be operated in the interest of its members. (b) Each member is entitled to one vote in the election of directors and on matters coming before corporate meetings of members, subject to such reasonable minimum requirements as to duration of membership and amount of insurance held as may be made in the insurer's bylaws. The person named as the policyholder in any group insurance policy issued by such insurer shall be deemed the member, and shall have but one such vote regardless of the number of individuals insured by such policy. (c) With respect to the management, records, and affairs of the insurer, a member shall have the same character of rights and relationship as a stockholder has toward a domestic stock insurer.
V.I. Code tit. 22, § 407 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 17 - Domestic Mutual Insurers|§ 407. Bylaws

 A domestic mutual insurer shall adopt bylaws for the conduct of its affairs. Such bylaws, and any modification thereof, shall forthwith be filed with the Commissioner. The Commissioner shall disapprove any such bylaws, or modifications thereof, if he finds after a hearing thereon, that it is not in compliance with the laws of this territory, and he shall forthwith communicate such disapproval to the insurer. No such bylaws, or modification, so disapproved shall be effective during the existence of such disapproval.
V.I. Code tit. 22, § 408 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 17 - Domestic Mutual Insurers|§ 408. Notice of annual meeting

 (a) Notice of the time and place of the annual meeting of members of a domestic mutual insurer shall be given by imprinting such notice plainly on the policies issued by the insurer. (b) Except as provided in subsection (c) of this section, any change of the time or place of the annual meeting shall be made only by annual meeting of members. Notice of such change may be given— (1) by imprinting such new time or place on all policies which will be in effect as of the time of such changed meeting; or (2) unless the Commissioner otherwise orders, notice of the new time or place need be given only through policies issued after the time of the annual meeting at which such change was made and in premium notices and renewal certificates issued during the 24 months immediately following such meeting. (c) In the event of an emergency the board of directors of such insurer, with the approval of the Commissioner, may change the time and place of the annual meeting. Notice of such change shall be given by mailing the details of the change to policyholders two weeks prior to the meeting.
V.I. Code tit. 22, § 409 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 17 - Domestic Mutual Insurers|§ 409. Voting, proxies

 (a) A member of a domestic mutual insurer may vote in person or by proxy given another member on any matter coming before a corporate meeting of members; Provided, however, That an officer of the insurer shall not hold or vote the proxy of any member. (b) No such proxy shall be valid beyond the earlier of the following dates— (1) the date of expiration set forth in the proxy; (2) the date of termination of membership; or (3) five years from the date of execution of the proxy. (c) No member's vote upon any proposal to divest the insurer of its business and assets, or the major part thereof, shall be registered or taken except in person or by a proxy newly executed and specific as to the matter to be voted upon.
V.I. Code tit. 22, § 410 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 17 - Domestic Mutual Insurers|§ 410. Directors; disqualification

 No individual shall be disqualified to be a director of a domestic mutual insurer by reason of his holding public office. Adjudication as a bankrupt or taking the benefit of any insolvency law or making a general assignment for the benefit of creditors disqualifies an individual from being or acting as a director.
V.I. Code tit. 22, § 411 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 17 - Domestic Mutual Insurers|§ 411. Limitation of expenses as to property and casualty insurance

 (a) For any calendar year after its first two full calendar years of operation, no domestic mutual insurer on the cash premium plan, other than one issuing nonassessable policies, shall incur any costs or expense in the writing or administration of property, disability, and casualty insurance (other than boiler and machinery or elevator) transacted by it which, exclusive of losses paid, loss adjustment expenses, investment expenses, dividends, and taxes exceeds the sum of— (1) forty percent of the net premium income during that year after deducting therefrom net earned reinsurance premiums for such year, plus (2) all of the reinsurance commissions received on reinsurance ceded by it. (b) The bylaws of every domestic mutual property insurer on the assessment premium plan shall impose a reasonable limitation upon its expenses.
V.I. Code tit. 22, § 412 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 17 - Domestic Mutual Insurers|§ 412. Procedure upon violation of limitation

 The officers and directors of an insurer violating section 411 of this title shall be jointly and severally liable to the insurer for any excess of expenses incurred. If the insurer fails to exercise reasonable diligence or refuses to enforce such liability, the Commissioner may prosecute action thereon for the benefit of the insurer. Such failure or refusal constitutes grounds for revocation of the insurer's certificate of authority.
V.I. Code tit. 22, § 413 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 17 - Domestic Mutual Insurers|§ 413. Limitation of action on officer's and director's salary

 No action to recover, or on account of, any salary or other compensation due or claimed to be due any officer or director of a domestic mutual insurer, or on any note or agreement relative thereto, shall be brought against such insurer after 12 months after the date on which such salary or compensation, or any installment thereof, first accrued.
V.I. Code tit. 22, § 414 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 17 - Domestic Mutual Insurers|§ 414. Contingent liability of members

 (a) Each member of a domestic mutual insurer, except as otherwise provided in this chapter, shall have a contingent liability, pro rata and not one for another, for the discharge of its obligations. The contingent liability shall be in such maximum amount as is stated in the insurer's articles of incorporation, but shall be not less than one, nor more than five, additional premiums for the member's policy at the annual premium rate and for a term of one year. (b) Every policy issued by the insurer shall contain a statement of the contingent liability. (c) Termination of the policy of any such member shall not relieve the member of contingent liability for his proportion of the obligations of the insurer which accrued while the policy was in force.
V.I. Code tit. 22, § 415 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 17 - Domestic Mutual Insurers|§ 415. Assessment of members

 (a) If at anytime the assets of a domestic mutual insurer doing business on the cash premium plan are less than its liabilities and the minimum surplus, if any, required of it by this title as prerequisite for continuance of its certificate of authority, and the deficiency is not cured from other sources, its directors may, if approved by the Commissioner, make an assessment only on its members who at any time within the 12 months immediately preceding the date such assessment was authorized by its directors held policies providing for contingent liability. (b) Such an assessment shall be for such an amount of money as is required, in the opinion of the Commissioner, to render the insurer fully solvent, but not to result in surplus in excess of 5 percent of the insurer's liabilities as of the date of the assessment. (c) A member's proportionate part of any such assessment shall be computed by applying to the premium earned, during the period since the deficiency first appeared, on his contingently liable policy or policies the ratio of the total assessment to the total premium earned during such period on all contingently liable policies which are subject to the assessment. (d) No member shall have an offset against any assessment for which he is liable on account of any claim for unearned premium or losses payable.
V.I. Code tit. 22, § 416 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 17 - Domestic Mutual Insurers|§ 416. Contingent liability of members of assessment insurer

 The contingent liability of members of a domestic mutual insurer doing business on the assessment premium plan shall be called upon and enforced by its directors as provided in its bylaws.
V.I. Code tit. 22, § 417 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 17 - Domestic Mutual Insurers|§ 417. Contingent liability as asset

 Any contingent liability of members of a domestic mutual insurer to assessment does not constitute an asset of the insurer in any determination of its financial condition.
V.I. Code tit. 22, § 418 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 17 - Domestic Mutual Insurers|§ 418. Liability as lien on policy reserves

 As to life insurance, any portion of an assessment of contingent liability upon a policyholder which remains unpaid following notice of such assessment, demand for payment, and lapse of a reasonable waiting period as specified in such notice, may, if approved by the Commissioner, be secured by placing a lien on the reserves held by the insurer to the credit of such policyholder.
V.I. Code tit. 22, § 419 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 17 - Domestic Mutual Insurers|§ 419. Nonassessable policies

 (a) A domestic mutual insurer on the cash premium plan, after it has established a surplus not less in amount than the minimum capital funds required of a domestic stock insurer to transact like kinds of insurance, and for so long as it maintains such surplus, may extinguish the contingent liability of its members to assessment and omit provisions imposing contingent liability in all policies currently issued. (b) Any deposit made with the Commissioner as a prerequisite to the insurer's certificate of authority may be included as part of the surplus required in this section. (c) When the surplus has been so established and the Commissioner has so ascertained, he shall issue to the insurer, at its request, his certificate authorizing the extinguishment of the contingent liability of its members and the issuance of policies free therefrom. (d) While it maintains surplus funds in amount not less than the minimum capital required of a domestic stock insurer authorized to transact like kinds of insurance, and subject to the requirements of section 462(b) of this title as to special surplus, a foreign or alien mutual insurer on the cash premium plan may, if consistent with its charter and the laws of its domicile, issue nonassessable policies covering subjects located, resident, or to be performed in this territory.
V.I. Code tit. 22, § 420 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 17 - Domestic Mutual Insurers|§ 420. Qualification on issuance of nonassessable policies

 The Commissioner shall not authorize a domestic mutual insurer so to extinguish the contingent liability of any of its members or in any of its policies to be issued, unless it qualifies to and does extinguish such liability of all its members and in all such policies for all kinds of insurance transacted by it. Except, that if required by the laws of a state in which such an insurer is transacting insurance as an authorized insurer, the insurer may issue policies providing for the contingent liability of such of its members as may acquire such policies in such state, and need for extinguishing the contingent liability applicable to policies theretofore in force in such state.
V.I. Code tit. 22, § 421 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 17 - Domestic Mutual Insurers|§ 421. Revocation of right to issue nonassessable policies

 (a) The Commissioner shall revoke the authority of a domestic mutual insurer so to extinguish the contingent liability of its members if— (1) at any time the insurer's assets are less than the sum of its liabilities and the surplus required for such authority; or (2) the insurer, by resolution of its directors approved by its members, requests that the authority be revoked. (b) Upon revocation of such authority for any cause, the insurer shall not thereafter issue any policies without contingent liability, nor renew any policies then in force without written endorsement thereon providing for contingent liability.
V.I. Code tit. 22, § 422 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 17 - Domestic Mutual Insurers|§ 422. Dividends

 (a) The directors of a domestic mutual insurer on the cash premium plan may from time to time apportion and pay to its members as entitled thereto, dividends only out of that part of its surplus funds which are in excess of its required minimum surplus and which represent net realized savings and net realized earnings from its business. (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 dividend, otherwise earned, shall be made contingent upon the payment of renewal premium on any policy.
V.I. Code tit. 22, § 423 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 17 - Domestic Mutual Insurers|§ 423. Nonparticipating policies

 (a) If its articles of incorporation so provide, a domestic mutual insurer on the cash premium plan may, while it is authorized to issue policies without contingent liability to assessment, issue policies not entitled to participate in the insurer's savings and earnings. (b) Such insurer shall not 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.
V.I. Code tit. 22, § 424 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 17 - Domestic Mutual Insurers|§ 424. Borrowed capital

 (a) A domestic mutual insurer on the cash premium plan may, with the Commissioner's advance approval and without the pledge of any of its assets, borrow money to defray the expenses of its organization or for any purpose required by its business, upon an agreement that such money and such interest thereon as may be agreed upon, but not exceeding 6 percent per annum, shall be repaid only out of the insurer's earned surplus in excess of its required minimum surplus. (b) Any money so borrowed shall not form a part of the insurer's legal liabilities or be the basis of any setoff; but until repaid, financial statements filed or published by the insurer shall show as a footnote thereto the amount thereof then unpaid together with interest thereon accrued but unpaid. (c) The Commissioner's approval of such loan, if granted, shall specify the amount to be borrowed, the purpose for which the money is to be used, the terms and form of the loan agreement, the date by which the loan must be completed, and such other related matters as the Commissioner shall deem proper. If the money is to be borrowed upon multiple agreements, the agreements shall be serially numbered. No loan agreement or series thereof shall have or be given any preferential rights over any other such loan agreement or series. No commission or promotional expense shall be incurred or be paid on account of any such loan.
V.I. Code tit. 22, § 425 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 17 - Domestic Mutual Insurers|§ 425. Repayment of borrowed capital

 (a) The insurer may repay any loan received pursuant to section 424 of this title, or any part thereof as approved by the Commissioner, only out of its funds which represent such loan or realized net earned surplus. No repayment shall be made which reduces the insurer's surplus below the minimum surplus required for the kinds of insurance transacted. (b) The insurer shall repay any such loan or the largest possible part thereof when the purposes for which such funds were borrowed have been fulfilled and when the insurer's surplus is adequate to so repay without unreasonable impairment of the insurer's operations. (c) No repayment of such loan shall be made unless approved by the Commissioner. The insurer shall notify the Commissioner in writing, not less than 60 days in advance, of its intention to repay such loan or any part thereof, and the Commissioner shall forthwith ascertain whether the insurer's financial condition is such that the repayment can properly be made. (d) Upon dissolution and liquidation of the insurer, after the retirement of all its other outstanding obligations the holders of any such loan agreements then remaining unpaid shall be entitled to payment before any distribution of surplus is made to the insurer's members.
V.I. Code tit. 22, § 426 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 17 - Domestic Mutual Insurers|§ 426. Impairment of surplus

 (a) If the assets of a domestic mutual insurer on the cash premium plan fall below the amount of its liabilities, plus the amount of any surplus required by this title for the kinds of insurance authorized to be transacted, the Commissioner shall at once ascertain the amount of the deficiency and serve notice upon the insurer to cure the deficiency within 90 days after such service of notice. (b) If the deficiency is not made good in cash or in assets eligible under this title for the investment of the insurer's funds, 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. (c) If the deficiency is not made good the insurer shall not issue or deliver any policies after the expiration of such 90-day period. Any officer or director who violates or knowingly permits the violating of this provision shall upon conviction, be subject to a fine of from $50 to $1,000 for each violation.
V.I. Code tit. 22, § 427 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 17 - Domestic Mutual Insurers|§ 427. Mutual may not reorganize as stock insurer; reinsurance

 (a) No domestic mutual insurer shall hereafter be converted, changed, or reorganized as a stock corporation. (b) Such an insurer may be wholly reinsured in and its assets transferred to and its liabilities assumed by another mutual or stock insurer under such terms and conditions as are approved by the Commissioner in advance of such reinsurance. (c) The Commissioner shall not approve any such reinsurance agreement which does not determine the amount of and make adequate provision for paying to policyholders of such mutual insurer, reasonable compensation for their equities as owners of such insurer, such compensation to be apportioned to policyholders as identified and in the manner prescribed in section 428 of this title.
V.I. Code tit. 22, § 428 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 17 - Domestic Mutual Insurers|§ 428. Distribution of assets upon liquidation

 (a) Upon the liquidation of a domestic mutual insurer, its assets remaining after discharge of its indebtedness and policy obligations shall be distributed to its members who were such within the 36 months prior to the last termination of its certificate of authority. (b) The distributive share of each such member shall be in the proportion that the aggregate premiums earned by the insurer on the policies of the member during the combined periods of his membership, bear to the aggregate of all premiums so earned on the policies of all such members. If a life insurer, the insurer shall make a reasonable classification of its life insurance policies so held by such members and a formula based upon such classification for determining the equitable distributive share of each such member. Such classification and formula shall be subject to the Commissioner's approval.
V.I. Code tit. 22, § 431 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 18 - Reciprocal or Interinsurance Contracts|§ 431. Exchange of contracts authorized; law exclusive

 Individuals, partnerships, trustees and all corporations of this Territory, herein designated “subscribers”, are hereby authorized to exchange reciprocal or interinsurance contracts with each other and with individuals, partnerships, trustees and corporations of other States, districts, provinces and countries, for any or all of the kinds of business for which a company may be formed or authorized to transact under the provisions of this title, except life insurance. Such contracts and the exchange thereof and such subscribers, their attorneys in fact and representatives shall be regulated by this chapter, and by no other statute of this Territory relating to insurance, except as herein otherwise provided.
V.I. Code tit. 22, § 432 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 18 - Reciprocal or Interinsurance Contracts|§ 432. Attorney in fact; exchange

 Such contracts may be executed by an attorney in fact, herein designated “attorney”, duly authorized and acting for such subscribers, and such attorney may be a corporation. The office or offices of such attorney, herein defined as an “exchange”, shall be maintained at such place or places as may be designated by the subscribers in the power of attorney.