Alien reinsurers; limitations

  1. Law
  2. US Virgin Islands Code
  3. Insurance
  4. Insurers; General Requirements
  5. Alien reinsurers; limitations

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  • No credit shall be allowed to any insurer, as an asset or as a deduction from liability for reinsurance ceded to an alien insurer, other than under a contract of ocean marine insurance, covering a subject of insurance resident, located, or to be performed in this territory unless the alien insurer—

    • (1) is authorized to transact insurance in a state of the United States; and

    • (2) maintains an adequate guaranty deposit in a state of the United States for the protection of its insurance obligees in the United States; or

    • (3) has an attorney in fact resident in the United States upon whom service of legal process may be made.


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