A person who is not required to be licensed as a TPA under this chapter and who directly or indirectly underwrites, collects charges or premiums from, or adjusts or settles claims on residents of the Virgin Islands, only in connection with life, annuity or health coverage provided by a self-funded plan other than a governmental or church plan, shall register with the Commissioner annually, verifying its status as described in this section. This section does not apply to an insurer or to an individual performing these actions as an employee of an insurer. This section also does not apply to a person performing these actions under contract to or as an employee of a TPA.