(a) Any International Insurer Support Business, before commencing business, shall apply to the SAM for a license. The license application shall contain such information, in addition to the information set forth below, as may be required by the SAM pursuant to duly promulgated regulations.
(b) Any International Insurer Support Business applying for a license under this chapter shall file with the SAM the following documents, together with such other documents and information as the SAM may require pursuant to duly promulgated regulations:
(i) in the case of an existing entity, a certified copy of its charter and bylaws, its most recent balance sheet and income statement;
(ii) in the case of a newly-formed entity or a person, a business and financial plan demonstrating the expected financial performance for the following three years.
(c) Any International Insurer Support Business shall attach to its license application a nonrefundable application fee to cover the cost of examining, investigating and processing its application for license. The amount of such application fee shall be determined and set forth in duly promulgated regulations by the SAM. In addition, an International Insurer Support Business licensed under the provisions of this chapter shall pay a license fee for the year of registration and a renewal fee for each year thereafter in an amount determined and set forth in duly promulgated regulations by the SAM.
(d) An International Insurer Support Business formed in the Virgin Islands shall have the privileges and be subject to the provisions of the General Corporation Law of Title 13, Virgin Islands Code, as well as the applicable provisions contained in this chapter. The provisions of this chapter shall take precedence over the provisions of the General Corporation Law in the event of conflict.