It is unlawful for a person to act as a TPA in the Virgin Islands unless that person is licensed as a TPA under this chapter. This prohibition does not apply to a person while employed by, or when operating under contract with the TPA licensed under this chapter. Any entity doing business as a TPA in the Virgin Islands on the effective date of this chapter shall apply for a license not later than 30 days after the effective date of this chapter and may not act as, or hold himself out to be a TPA 90 days after the effective date of this chapter without being duly licensed as required under this chapter.