V.I. Code tit. 22, § 780 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 31 - Virgin Islands Insurance Producer and Adjuster Licensing|§ 780. Notification of insurance Commissioner of termination

 (a) An insurer or authorized representative of the insurer who terminates the appointment, employment, contract or other insurance business relationship with a producer shall notify the Commissioner not more than 15 days after the effective date of the termination, using a format prescribed by the Commissioner, if the reason for termination is one of the reasons set forth in section 776 or the insurer has knowledge the producer was found by a court, government body, or self-regulatory organization authorized by law to have engaged in any of the activities in section 776. Upon the written request of the Commissioner, the insurer shall provide additional information, documents, records or other data pertaining to the termination or activity of the producer. (b) An insurer or authorized representative of the insurer who terminates the appointment, employment, or contract with a producer for any reason not set forth in section 776, shall notify the Commissioner not more than 30 days after the effective date of the termination, using a format prescribed by the Commissioner. Upon written request of the Commissioner, the insurer shall provide additional information, documents, records or other data pertaining to the termination. (c) The insurer or the authorized representative of the insurer shall promptly notify the Commissioner in a format acceptable to the Commissioner if, upon further review or investigation, the insurer discovers additional information that would have been reportable to the Commissioner in accordance with subsection (a) had the insurer then known of its existence. (1) Not more than 15 days after making the notification required by subsections (a), (b) and (c), the insurer shall mail a copy of the notification to the producer at his or her last known address. If the producer is terminated for cause for any of the reasons listed in section 776, the insurer shall provide a copy of the notification to the producer at the producer’s last known address by certified mail, return receipt requested, postage prepaid or by overnight delivery using a nationally recognized carrier. (2) Not more than 30 days after the producer has received the original or additional notification, the producer may file written comments concerning the substance of the notification with the Commissioner. The producer shall, by the same means, simultaneously send a copy of the comments to the reporting insurer, and the comments become a part of the Commissioner’s file and accompany every copy of a report distributed or disclosed for any reason about the producer as permitted under subsection (f). (A) Any document, materials or other information in the control or possession of the Division of Banking, and Financial Regulation that is provided by an insurer, producer or an employee or agent thereof acting on behalf of the insurer or producer, or obtained by the Commissioner in an examination pursuant to this title is confidential and privileged, and is subject to section 881(a) of title 3, unless otherwise ordered by a court, by the lawful custodian of records, or by another person duly authorized to release information. However, the Commissioner may use the documents, materials or other information in furtherance of any regulatory or legal action brought as a part of the Commissioner’s duties. (B) Neither the Commissioner nor any person who receives documents, materials or other information while acting under the authority of the Commissioner is permitted or required to testify in any private civil action concerning any confidential documents, materials, or information subject subparagraph (A) (1) of this paragraph. (3) In order to assist in the performance of the Commissioner’s duties under this chapter, the Commissioner: (A) may share documents, materials or other information, including the confidential and privileged documents, materials or information subject to paragraph (2)(A), with other state, federal, and international regulatory agencies, with the NAIC, its affiliates or subsidiaries, and with state, territory, federal, and international law enforcement authorities if the recipient agrees to maintain the confidentiality and privileged status of the document, material or other information; (B) may receive documents, materials or information, including otherwise confidential and privileged documents, materials or information, from the NAIC, its affiliates or subsidiaries and from regulatory and law enforcement officials of other foreign or domestic jurisdictions, and shall maintain as confidential or privileged any document, material or information received with notice or the understanding that it is confidential or privileged under the laws of the jurisdiction that is the source of the document, materials or information; and (C) may enter into agreements governing sharing and use of information consistent with this subsection. (4) No waiver of any applicable privilege or claim of confidentiality in the documents, materials, or information occurs as a result of disclosure to the Commissioner under this section or as a result of sharing as authorized in paragraph (3) of this subsection. (5) Nothing in this chapter prohibits the Commissioner from releasing final, adjudicated actions including for cause terminations, which are open to public inspection pursuant to sections 56(b) of this title and section 881(a) of title 3 to a database or other clearinghouse service maintained by the NAIC affiliates or subsidiaries. (f) An insurer, the authorized representative of the insurer, or producer who fails to report as required under the provisions of this section or that is found to have reported with actual malice by a court of competent jurisdiction, after notice and hearing, may have its license or certificate of authority suspended or revoked and may be fined not more than $5,000.