PocketLaw | US Virgin Islands Code | Domestic Mutual Insurers

Domestic Mutual Insurers

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Initial qualifications

Requirements; kinds of insurance

Additional kinds of insurance

Minimum surplus

Membership

Rights of members

Bylaws

Notice of annual meeting

Voting, proxies

Directors; disqualification

Limitation of expenses as to property and casualty insurance

Procedure upon violation of limitation

Limitation of action on officer's and director's salary

Contingent liability of members

Assessment of members

Contingent liability of members of assessment insurer

Contingent liability as asset

Liability as lien on policy reserves

Nonassessable policies

Qualification on issuance of nonassessable policies

Revocation of right to issue nonassessable policies

Dividends

Nonparticipating policies

Borrowed capital

Repayment of borrowed capital

Impairment of surplus

Mutual may not reorganize as stock insurer; reinsurance

Distribution of assets upon liquidation