PocketLaw | US Virgin Islands Code | Virgin Islands Insurance Producer

Virgin Islands Insurance Producer and Adjuster Licensing

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Purpose and scope

Definitions

License required

Unlicensed activities; acts committed in the Virgin Islands; Sanctions 24

Exceptions to licensing

Application of chapter to insurance producers appointed by health care service contractors, health maintenance organizations, or both

Determining whether authorization exists; burden on insurance producer

Application for examination

Application for license

License

Broker’s authority

Agent-broker combinations

Solicitor

Nonresident licensing

Reciprocity

Exemption from examination

Producer to file for change of address

Separate licenses

Public adjuster’s bond

Report of losses

Continuing education courses and requirements

Managing general agent license requirement

Responsibilities of managing general agent

Independent financial examination of each managing general agent

Acts of managing general agent deemed Acts of Insurer of examinations

Assumed names and address

License refusal, nonrenewal, suspension or revocation

Hearing to determine administrative action modification

Fine in lieu of license suspension, revocation, or refusal

Appointments

Notification of insurance Commissioner of termination

Records of agents, brokers, adjusters

Reporting and accounting for premiums, penalty

Prohibition

Penalties for violations

Rights not limited or restricted

Reporting of actions

Service of process on nonresident agent or broker

Compensation disclosure

Paying unlawful consideration

Regulations

Immunity

Centralized agent License registry

Severability