(a) Before a certificate of authority to transact business in the Virgin Islands is issued to any domestic, foreign or alien insurance company it must file with the Commissioner a resolution adopted by its board of directors consenting that service of process upon the Commissioner in any action or proceeding against the company, brought or pending in the Virgin Islands upon any cause of action arising in or growing out of business transacted in the Virgin Islands shall be valid service upon the company, and the consent shall be irrevocable, so long as a policy of insurance of such company shall remain in force in the Virgin Islands or any loss remains unpaid therein.
(b) All domestic, foreign or alien insurance companies transacting business in the Virgin Islands shall at all times have one or more known places of business therein and a designated and authorized agent present upon whom process may be served in all cases, and the name and business address of the agent shall be filed in the Office of the Commissioner. Process may be served on the designated agent until such time as the agent's authority shall be revoked by a notice in writing, filed in the Office of the Commissioner, by personal service on the agent or by leaving a certified copy of the process at the business address of the agent as filed in the Office of the Commissioner.
(c) Service may be had on either the authorized agent or the Commissioner.