reglab/housing_qa huggingface dataset:
V.I. Code tit. 22, § 972 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 39 - Life Insurance and Annuities|Subchapter I - General Provisions|§ 972. Standard provisions; reversionary annuities

 No contract for a reversionary annuity shall be delivered or issued for delivery in this territory unless it contains in substance each of the provisions specified in sections 973 and 974 of this title. Any of such provisions not applicable to single premium annuities shall not, to that extent, be incorporated therein. This section shall not apply to group annuities or to annuities included in life insurance policies.
V.I. Code tit. 22, § 973 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 39 - Life Insurance and Annuities|Subchapter I - General Provisions|§ 973. Sections applicable

 Any such reversionary annuity contract shall contain the provisions specified in sections 965–969, inclusive, of this title, except that under section 965 the insurer may at its option provide for an equitable reduction of the amount of the annuity payments in settlement of an overdue or deferred payment in lieu of providing for a deduction of such payments from an amount payable upon a settlement under the contract.
V.I. Code tit. 22, § 974 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 39 - Life Insurance and Annuities|Subchapter I - General Provisions|§ 974. Reinstatement, reversionary annuities

 In such reversionary annuity contracts there shall be a provision that the contract may be reinstated at any time within three years from the date of default in making stipulated payments to the insurer, upon production of evidence of insurability satisfactory to the insurer, and upon condition that all overdue payments and any indebtedness to the insurer on account of the contract be paid, or, within the limits permitted by the then cash values of the contract, reinstated, with interest as to both payment and indebtedness at a rate to be specified in the contract but not exceeding 6 percent per annum compounded annually.
V.I. Code tit. 22, § 975 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 39 - Life Insurance and Annuities|Subchapter I - General Provisions|§ 975. Supplemental benefits

 The Commissioner may make reasonable rules and regulations concerning the conditions in provisions granting additional benefits in event of the insured's accidental death, or in event the insured becomes totally and permanently disabled, which are a part of or supplemental to life insurance contracts.
V.I. Code tit. 22, § 976 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 39 - Life Insurance and Annuities|Subchapter I - General Provisions|§ 976. Limitation of liability

 (a) The insurer may in any life insurance policy or annuity or pure endowment contract limit its liability to a determinable amount not less than the full reserve of the policy and of dividend additions thereto in event only of death occurring— (1) as a result of war, or any act of war, declared or undeclared, or of service in the military, naval or air forces or in civilian forces auxiliary thereto, or from any cause while a member of any such military, naval or air forces of any country at war, declared or undeclared; (2) as a result of suicide of the insured, whether sane or insane, within two years from date of issue of the policy; or (3) as a result of aviation under conditions specified in the policy. (b) An insurer may specify conditions pertaining to the items of subsection (a) of this section which in the Commissioner's opinion are more favorable to the policyholder.
V.I. Code tit. 22, § 977 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 39 - Life Insurance and Annuities|Subchapter I - General Provisions|§ 977. Incontestability after reinstatement

 The reinstatement of any policy of life insurance or contract of annuity hereafter delivered or issued for delivery in this territory may be contestable on account of fraud or misrepresentation of acts material to the reinstatement only for the same period following reinstatement as the policy provides with respect to contestability after original issuance.
V.I. Code tit. 22, § 978 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 39 - Life Insurance and Annuities|Subchapter I - General Provisions|§ 978. Premium deposits

 (a) A life insurer may, under such policy provisions or agreements as have been approved by the Commissioner consistent with this section, contract for and accept premium deposits in addition to the regular premiums specified in the policy, for the purpose of paying future premiums, or to facilitate conversion of the policy, or to increase the benefits thereof. (b) The unused accumulation from such deposits shall be held and accounted for as a premium deposit fund, and the policy or agreement shall provide for the manner of application of the premium deposit fund to the payment of premiums otherwise in default and for the disposition of the fund if it is not sufficient to pay the next premium. (c) Such fund shall— (1) be available upon surrender of the policy, in addition to the cash surrender value; (2) be payable upon the insured's death or upon maturity of the policy; and (3) be paid to the insured whenever the cash surrender value together with the premium deposit fund equals or exceeds the amount of insurance provided by the policy, unless the amount of the deposit does not exceed that which may be required to facilitate conversion of the policy to another plan in accordance with its terms. (d) No part of the premium deposit fund shall be paid to the insured during the continuance of the policy except at such times and in such amounts as is specified in the policy or in the deposit agreement.
V.I. Code tit. 22, § 979 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 39 - Life Insurance and Annuities|Subchapter I - General Provisions|§ 979. Policy settlements

 A life insurer shall have the power to hold under agreement the proceeds of any policy issued by it, upon such terms and restrictions as to revocation by the policyholder and control by beneficiaries, and with such exemptions from the claims of creditors of beneficiaries other than the policyholder as set forth in the policy or as agreed to in writing by the insurer and the policyholder. Upon maturity of a policy in the event the policyholder has made no such agreement, the insurer shall have the power to hold the proceeds of the policy under an agreement with the beneficiaries. The insurer shall not be required to segregate funds so held but may hold them as part of its general assets.
V.I. Code tit. 22, § 980 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 39 - Life Insurance and Annuities|Subchapter I - General Provisions|§ 980. Deduction of indebtedness

 In determining the amount due under any life insurance heretofore or hereafter issued, deduction may be made of— (1) any unpaid premiums or installments thereof for the current policy year due under the terms of the policy; and (2) the amount of principal and accrued interest of any policy loan or other indebtedness against the policy then remaining unpaid, such principal increased by unpaid interest and compounded as provided in this chapter.
V.I. Code tit. 22, § 981 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 39 - Life Insurance and Annuities|Subchapter I - General Provisions|§ 981. Miscellaneous proceeds

 Upon the death of the insured and except as is otherwise expressly provided by the policy or premium deposit agreement, a life insurer may pay to the surviving spouse, children, beneficiary, or other person other than the insured's estate, appearing to the insurer to be equitably entitled thereto, sums held by it and comprising— (1) premiums paid in advance, and which premiums did not fall due prior to such death, or funds held on deposit for the payment of future premiums; (2) dividends theretofore declared on the policy and held by the insurer under the insured's option; and (3) dividends becoming payable on or after the death of the insured.
V.I. Code tit. 22, § 982 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 39 - Life Insurance and Annuities|Subchapter I - General Provisions|§ 982. Trafficking in dividend rights

 No life insurer nor any of its representatives, agents, or affiliates, shall buy, take by assignment other than in connection with policy loans, or otherwise deal or traffic in any rights to dividends existing under participating life insurance policies issued by the insurer.
V.I. Code tit. 22, § 983 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 39 - Life Insurance and Annuities|Subchapter I - General Provisions|§ 983. Prohibited policy plan

 No life insurer shall hereafter issue for delivery or deliver in this territory any life insurance policy— (1) issued under any plan for the segregation of policyholders into mathematical groups and providing benefits for a surviving policyholder of a group arising out of the death of another policyholder of such group, or under any other similar plan; or (2) providing benefits or values for surviving or continuing policyholders contingent upon the lapse or termination of the policies of other policyholders, whether by death or otherwise.
V.I. Code tit. 22, § 991 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 39 - Life Insurance and Annuities|Subchapter III - Standard Nonforfeiture Law of 2018 for Life Insurance|§ 991. Short title

 This subchapter shall be known as “the Standard Nonforfeiture Law of 2018 for Life Insurance.”
V.I. Code tit. 22, § 992 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 39 - Life Insurance and Annuities|Subchapter III - Standard Nonforfeiture Law of 2018 for Life Insurance|§ 992. Definitions

 The term “operative date of the valuation manual” means January 1st of the first calendar year that the valuation manual as defined in the Standard Valuation Law of 2018 is effective.
V.I. Code tit. 22, § 993 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 39 - Life Insurance and Annuities|Subchapter III - Standard Nonforfeiture Law of 2018 for Life Insurance|§ 993. Applicability of prior law

 Notwithstanding any other requirements provided in the subchapter, the Standard Nonforfeiture Law adopted on March 29, 1968 and codified in section 984 of title 22 of the Virgin Islands Code, is applicable to nonforfeiture benefits under all life insurance policies issued before the effective date of this subchapter.
V.I. Code tit. 22, § 995 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 39 - Life Insurance and Annuities|Subchapter III - Standard Nonforfeiture Law of 2018 for Life Insurance|§ 995. Computation of cash surrender value

 (a) Any cash surrender value available under the policy in the event of default in a premium payment due on any policy anniversary, whether or not required by section 994, is an amount not less than the excess, if any, of the present value, on the anniversary, of the future guaranteed benefits which would have been provided for by the policy, including any existing paid-up additions, if there had been no default, over the sum of: (1) The then present value of the adjusted premiums as defined in section 997, corresponding to premiums which would have fallen due on and after the anniversary; and (2) The amount of any indebtedness to the company on the policy. (b) Any policy issued on or after the operative date of section 997, which provides supplemental life insurance or annuity benefits at the option of the insured and for an identifiable additional premium by rider or supplemental policy provision, the cash surrender value referred to in subsection (a) must be an amount not less than the sum of the cash surrender value for an otherwise similar policy issued at the same age without the rider or supplemental policy provision and the cash surrender value as defined in subsection (a) for a policy which provides only the benefits otherwise provided by such rider or supplemental policy provision. (c) Any family policy issued on or after the operative date of this subchapter, which defines a primary insured and provides term insurance on the life of the spouse of the primary insured expiring before the spouse’s age 71, the cash surrender value referred to in subsection (a) is for an amount not less than the sum of the cash surrender value for an otherwise similar policy issued at the same age without term insurance on the life of the spouse and the cash surrender value as defined in subsection (a) for a policy which provides only the benefits otherwise provided by term insurance on the life of the spouse. (d) Any cash surrender value available not later than 30 days after any policy anniversary under any policy paid-up by completion of all premium payments or any policy continued under any paid-up nonforfeiture benefit, whether or not required by section 994, is an amount not less than the present value, on the anniversary, of the future guaranteed benefits provided for by the policy, including any existing paid-up additions, decreased by any indebtedness to the company on the policy.
V.I. Code tit. 22, § 996 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 39 - Life Insurance and Annuities|Subchapter III - Standard Nonforfeiture Law of 2018 for Life Insurance|§ 996. Computation of paid-up nonforfeiture benefits

 Any paid-up nonforfeiture benefit available under the policy in the event of default in a premium payment due on any policy anniversary is such that its present value as of the anniversary is at least equal to the cash surrender value then provided for by the policy or, if none is provided for, that cash surrender value which would have been required by this subchapter in the absence of the condition that premiums are paid for at least a specified period.
V.I. Code tit. 22, § 998 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 39 - Life Insurance and Annuities|Subchapter III - Standard Nonforfeiture Law of 2018 for Life Insurance|§ 998. Nonforfeiture benefits for indeterminate premium plans

 Any plan of life insurance which provides for future premium determination, the amounts of which are to be determined by the insurance company based on estimates of future experience or for any plan of life insurance which is of such a nature that minimum values cannot be determined by the methods described in sections 994, 995, 996 or 997, then: (1) The Commissioner must be satisfied that the benefits provided under the plan are substantially as favorable to policyholders and insureds as the minimum benefits otherwise required by sections 994, 995, 996 or 997; (2) The Commissioner must be satisfied that the benefits and the pattern of premiums of that plan are not such as to mislead prospective policyholders or insureds; and (3) The cash surrender values and paid-up nonforfeiture benefits provided by the plan must not be less than the minimum values and benefits required for the plan computed by a method consistent with the principles of this Standard Nonforfeiture Law for 2018 for Life Insurance, as determined by regulations promulgated by the Commissioner.
V.I. Code tit. 22, § 999 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 39 - Life Insurance and Annuities|Subchapter III - Standard Nonforfeiture Law of 2018 for Life Insurance|§ 999. Proration of values; net value of paid-up additions

 Any cash surrender value and any paid up nonforfeiture benefit, valuable under the policy in the event of default in a premium payment due at any time other than the policy anniversary, are calculated with allowance for the lapse of time and the payment of fractional premiums beyond the last preceding policy anniversary. All values referred to in sections 995, 996, and 997 may be calculated upon the assumption that any death benefit is payable at the end of the policy year of death. The net value of any paid-up additions, other than paid-up term addition may not be less than the amounts used to provide such additions. Notwithstanding section 995, additional benefits payable: (1) In the event of death or dismemberment by accident or accidental means; (2) In the event of total and permanent disability; (3) As reversionary annuity or deferred reversionary annuity benefits; (4) As term insurance benefits provided by a rider or supplemental policy provision to which, if issued as a separate policy, this subchapter would not apply; (5) As term insurance in the life on a child or on the lives of children provided in a policy on the life of a parent of the child, if such term insurance expires before the child’s age is twenty-six, is uniform in amount after the child’s age is one, and has not become paid-up by reason of the death of a parent of the child; and (6) As other policy benefits additional to life insurance and endowment benefits, and premiums for all such additional benefits, are disregarded in ascertaining cash surrender values and nonforfeiture benefits required by this subchapter, and no such additional benefits are required to be included in any paid-up non-forfeiture benefit.
V.I. Code tit. 22, § 1000a (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 39 - Life Insurance and Annuities|Subchapter III - Standard Nonforfeiture Law of 2018 for Life Insurance|§ 1000a. Exceptions

 (a) This subchapter does not apply to any of the following: (1) Reinsurance; (2) Group insurance; (3) Pure endowment; (4) Annuity or reversionary annuity contract; (5) A term policy of uniform amount, which provides no guaranteed nonforfeiture or endowment benefits, or renewal thereof, of 20 years or less expiring before age 71, for which uniform premiums are payable during the entire term of the policy; (6) A term policy of decreasing amount, which provides no guaranteed nonforfeiture or endowment benefits, on which each adjusted premium, calculated as specified in section 997, is less than the adjusted premium so calculated, on a term policy of uniform amount, or renewal thereof, which provides no guaranteed nonforfeiture or endowment benefits, issued at the same age and for the same initial amount of insurance and for a term of 20 years or less expiring before age 71, for which uniform premiums are payable during the entire term of the policy; (7) A policy, which provides no guaranteed nonforfeiture or endowment benefits, for which no cash surrender value, if any, or present value of any paid-up nonforfeiture benefit, at the beginning of any policy year, calculated as specified in sections 995, 996 and 997, exceeds two and one-half percent of the amount of insurance at the beginning of the same policy year; nor (8) Policy which are delivered outside the Virgin Islands through an agent or other representative of the company issuing the policy. (b) For purposes of determining the applicability of this subchapter, the age at expiry for a joint term life insurance policy is the age at expiry of the oldest life.
V.I. Code tit. 22, § 1000b (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 39 - Life Insurance and Annuities|Subchapter III - Standard Nonforfeiture Law of 2018 for Life Insurance|§ 1000b. Approval by Commissioner

 Notwithstanding the requirements set forth in chapter 33, section 810 of this title or the requirement of any other provision in the laws of the Virgin Islands, any policy, contract or certificate providing life insurance under any plan must be affirmatively approved by the Commissioner before it can be marketed, issued, delivered, or used in the Virgin Islands.
V.I. Code tit. 22, § 1051 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 43 - Property Insurance|Subchapter I - General Provisions|§ 1051. Over-insurance prohibited

 (a) Over-insurance shall be deemed to exist if property or an insurable interest therein is insured by one or more insurance contracts against the same hazard in any amount in excess of the cash value of the property or of such interest, as determined as of the effective date of the loss or of any renewal thereof. (b) For the purposes of this section only the term “fair value” means the cost of replacement less such depreciation as is properly applicable to the subject insured. (c) No person shall knowingly issue, place, procure, or accept any insurance contract which would result in over-insurance of the property or interest therein proposed to be insured, except as is provided in section 1052 of this title. (d) Each violation of this section shall subject the violator to the penalties provided by this title.
V.I. Code tit. 22, § 1052 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 43 - Property Insurance|Subchapter I - General Provisions|§ 1052. Replacement insurance

 By any contract of insurance of property or of any insurable interest therein, the insurer may in connection with a special provision or endorsement made a part of the policy insure the cost of repair or replacement of such property, if damaged or destroyed by a hazard insured against, and without deduction of depreciation, subject to such reasonable rules and regulations as may be made by the Commissioner.
V.I. Code tit. 22, § 1054 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 43 - Property Insurance|Subchapter II - Property and Casualty Actuarial Opinion Statement|§ 1054. Statement of actuarial opinion [Effective December 31, 2019]

 Every property and casualty insurance company doing business in the Virgin Islands, unless otherwise exempted by the domiciliary Commissioner of Insurance, shall annually submit the opinion of an Appointed Actuary entitled “Statement of Actuarial Opinion.” This opinion must be filed in accordance with the appropriate National Association of Insurance Commissioners (“NAIC”) Property and Casualty Annual Statement Instructions.
V.I. Code tit. 22, § 1055 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 43 - Property Insurance|Subchapter II - Property and Casualty Actuarial Opinion Statement|§ 1055. Actuarial opinion summary [Effective December 31, 2019]

 (a) Every property and casualty insurance company domiciled in the Virgin Islands that is required to submit a Statement of Actuarial Opinion shall annually submit an Actuarial Opinion Summary written by the company’s appointed actuary, as a document supporting the Actuarial Statement of Actuarial Opinion required by section 1054. The Actuarial Opinion Summary must be filed in accordance with the appropriate NAIC Property and Casualty Annual Statement Instructions. (b) A company licensed but not domiciled in the Virgin Islands shall provide the Actuarial Opinion Summary upon the Commissioner’s request.
V.I. Code tit. 22, § 1056 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 43 - Property Insurance|Subchapter II - Property and Casualty Actuarial Opinion Statement|§ 1056. Actuarial report and work papers [Effective December 31, 2019]

 (a) An Actuarial Report and underlying work papers, as required by the appropriate NAIC Property and Casualty Annual Statement Instructions, must be prepared to support each Actuarial Opinion. (b) If the insurance company fails to provide a supporting Actuarial Report or work papers at the request of the Commissioner, or the Commissioner determines that the supporting Actuarial Report or work papers provided by the insurance company are otherwise unacceptable, the Commissioner may engage a qualified actuary at the expense of the company to review the opinion and the basis for the opinion and prepare the supporting Actuarial Report or work papers.
V.I. Code tit. 22, § 1057 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 43 - Property Insurance|Subchapter II - Property and Casualty Actuarial Opinion Statement|§ 1057. Limitation on liability of appointed actuary to third parties

 The appointed actuary is not liable for damages to any person, other than the insurance company and the Commissioner, for any act, error, omission, decision or conduct with respect to the actuary’s opinion, except in cases of fraud or willful misconduct on the part of the appointed actuary.