(a) “Association” means the Virgin Islands Insurance Guaranty Association created in section 235 of this title.
(b) “Commissioner” means the Commissioner of Insurance.
(c) “Covered claim” means an unpaid claim or judgment, including an unearned premium claim, that has been timely filed with the liquidators as provided in section 237 of this title, which arises out of and is within the coverage of an insurance policy to which this chapter applies, and which is issued by an insurer if such insurer becomes an insolvent insurer after the effective date of this chapter and (1) the claimant or insured is a resident of this territory at the time of the insured event; or (2) the property from which the claim arises is permanently located in this territory. “Covered claim” shall not include: (1) any amount due any reinsurer, insurer, insurance pool, or underwriting association, as subrogation recoveries or otherwise, and (2) supplementary payment obligations including but not limited to adjustment fees and expenses, attorney fees and expenses, court costs, interest and bond premiums, prior to the appointment of a liquidator.
(d) “Insolvent insurer” means (1) an insurer which holds a certificate of authority to transact insurance in this territory either at the time the policy was issued or when the insured event occurred and (2) determined to be insolvent by a court of competent jurisdiction. “Insolvent insurer” shall not be construed to mean an insurer with respect to which an order, decree, judgment or finding of insolvency, whether preliminary or temporary in nature, or order of rehabilitation or conservation has been issued by a court of competent jurisdiction prior to July 2, 1984, or which was otherwise in fact insolvent prior to July 2, 1984.
(e) “Member insurer” means any person who (1) writes any kind of insurance to which this chapter applies pursuant to section 232 of this title, including the exchange of reciprocal or inter-insurance contracts, and (2) holds a certificate of authority to transact insurance in this territory. However, an exchange or reciprocal formed in accordance with chapter 18 of this title shall not be required to be a member insurer for the purposes of this chapter.
(f) “Net direct written premiums” means direct gross premiums written in this territory on insurance policies to which this chapter applies, less return premiums thereon and dividends paid or credited to policyholders on such direct business. “Net direct written premiums” does not include premiums or contracts between insurers and reinsurers.
(g) “Person” means any individual, corporation, partnership, association or voluntary organization.