Insurance laws U.S. Virgin Islands (US)
The U.S. Virgin Islands (USVI) has a comprehensive legal and regulatory framework governing the insurance industry, primarily codified in Title 22 of the Virgin Islands Code. Here's an overview of key provisions:
π Key Legislation
Title 22, Chapter 14 β Virgin Islands Insurance Holding Company System Regulation
ξ s chapter outlines the registration and regulatory requirements for insurers that are part of an insurance holding company system. It mandates disclosures regarding ownership, financial condition, and intercompany transactions to ensure transparency and protect policyholders
Title 22, Chapter 61 β Premium Finance Companies and Agreements
This chapter regulates premium finance companies, detailing licensing requirements, permissible charges, and consumer protections. It ensures that premium financing practices are fair and transparent This chapter establishes licensing requirements for insurance producers and adjusters, including application procedures, examination requirements, and provisions for nonresident licensing
π Regulatory Authority
The Division of Banking, Insurance, and Financial Regulation is the primary regulatory body overseeing the insurance industry in the USV. It is responsible for enforcing the provisions of Title 22, ensuring compliance, and protecting consumer.
πΌ Surplus Lines Insurance
Eligibility and Reporting The USVI maintains a list of eligible surplus lines insurers. Brokers must ensure that nonadmitted insurers meet financial thresholds and maintain sound financial practices. They are also required to file quarterly statements and remit a 5% tax on premiums
π Consumer Protections
Transparency and Fair Practices The insurance laws mandate that insurers provide clear and accessible information regarding policy terms, coverage, exclusions, and premims.
Dispute Resolution Policyholders have access to avenues for resolving disputes, including interventions by the regulatory bdy.
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