V.I. Code tit. 22, § 1502 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 59 - Virgin Islands Windstorm and Earthquake Insurance Authority|§ 1502. Powers and duties of the Authority

 The Virgin Islands Windstorm and Earthquake Insurance Authority has the following powers and duties: (a) to provide the persons having an insurable interest in eligible property with windstorm and earthquake property insurance at reasonable rates; (b) to insure government owned properties, properties owned by the Government Employees Retirement System, and properties owned by the independent instrumentalities of the Government of the Virgin Islands; (c) to adopt, amend, and administer a Plan of Operation; (d) to adopt any form of policy necessary for providing windstorm and earthquake property insurance; (e) to perform inspections of eligible properties, issue policies with binding authority, provide policyholder services, provide claim services and any other necessary services for applicants and policyholders, and/or contract with servicing facilities to provide the same; (f) to establish reserves to be used for payment of expenses and valid claims for covered events insured by the Authority; provided, however, that no amounts transferred to such reserves from monies on deposit in the Virgin Islands Insurance Guaranty Fund established pursuant to Title 33, section 3061, Virgin Islands Code, shall be expended to pay claims covered by Title 22, section 248 et seq., Virgin Islands Code; (g) to collect and maintain statistical and other data as may be required; (h) to exercise all such incidental powers as may be necessary or convenient for the purpose of carrying out its powers and duties; (i) to have a common seal and to alter the same from time to time; (j) to acquire real or personal property by grant, gift, purchase, devise or bequest, and to hold, lease, mortgage and otherwise exercise the rights of ownership of such property, and to dispose of such property, including by sale, lease or other disposition of such property to any person, including the Government of the Virgin Islands or any agency, instrumentality, commission, authority, or political subdivision of the Virgin Islands; (k) to acquire any property in the settlement or reduction of debts previously contracted or in exchange for investments previously made in the course of its business, where such acquisition is necessary to minimize or avoid loss in connection therewith, and to hold such property for such periods as the Board may deem advisable and to exercise the rights of ownership of and to dispose of the same; (l) to establish one or more offices necessary or convenient for the transaction of its business within or without the Virgin Islands; (m) to purchase or otherwise acquire bonds out of any funds available therefor, subject to such agreements with bondholders as may exist; (n) to sue and be sued; (o) to appoint, employ and contract for the services of officers, agents, employees, professional assistants and servicing facilities and to pay such compensation for their services as the Board may determine; (p) to make contracts and issue guarantees and to execute all instruments necessary or convenient in the exercise of any of its powers, including but not limited to, guarantees, standby agreements or other credit enhancements, interest exchange agreements, agreements in connection with credit enhancement procedures, including letters of credit, guarantees, standby agreements or other credit enhancements and agreements in connection with, without limitation, the private sale of its bonds, the remarketing of its bonds, the repurchase of its bonds, and its guaranty programs; (q) to make, and from time to time modify and repeal, bylaws, rules and regulations, not inconsistent with this chapter, providing for the internal organization and management of the Authority, for the administration of its affairs and operations, and for carrying into effect the powers and purposes of the Authority; (r) to accept grants, or loans from, and enter into contracts, leases, agreements, or other transactions with the United States, any agency, instrumentality, commission, authority or other political subdivision thereof, the Government of the Virgin Islands or any agency, instrumentality, commission, authority, or political subdivision thereof, and to apply the proceeds of any such grants or loans for any of its corporate purposes; to participate in the programs of the United States or any agency, instrumentality, commission, authority or other political subdivision thereof, and, consistent with this chapter, to do any and all things necessary to secure participation in such programs and the cooperation of such entities in achieving the policies and purposes of this chapter; and to enter into agreements with the Government of the Virgin Islands, the United States or any agency, instrumentality, commission, authority or political subdivision thereof, providing for the guarantee of the payment of the principal of, or interest on, bonds of the Authority, which guaranty agreements may contain such terms or covenants as the Board shall deem necessary or appropriate; and (s) to exercise such other corporate powers, not inconsistent herewith, as are conferred upon corporations by the laws of the United States Virgin Islands and to exercise all its powers within and without the United States Virgin Islands to the same extent as natural persons might or could do.