(a) The Commissioner shall not issue a solicitation permit until the person applying therefor files with him a corporate surety bond in the penalty of $10,000, in favor of the Government of the Virgin Islands and for the use and benefit of such Government and of subscribers and creditors of the proposed organization. The bond shall be conditioned upon the payment of costs incurred by the Government of the Virgin Islands in event of any legal proceedings for liquidation or dissolution of the proposed organization before completion of organization or in event a certificate of authority is not granted; and upon a full accounting for funds received until the proposed insurer has been granted its certificate of authority, or until the proposed corporation or syndicate has completed its organization as defined in the solicitation permit.
(b) In lieu of filing such bond, the person may deposit with the Commissioner of Finance through the Commissioner of Insurance $10,000 in cash or in United States Government bonds at par value, to be held in trust upon the same conditions as required for the bond.
(c) The Commissioner may waive the requirement for a bond or deposit in lieu thereof if the permit provides that —
(1) the proposed securities are to be distributed solely and finally to those few persons who are the active promoters intimate to the formation of the insurer, or other corporation or syndicate; or
(2) the securities are to be issued in connection with subsequent financing as provided in section 267 of this title, and distribution thereof is not to be made to the general public.
(d) Any bond filed or deposit or remaining portion thereof held under this section shall be released and discharged upon settlement or termination of all liabilities against it.