(a) There is established in the Treasury of the Virgin Islands a fund to be known as the Virgin Islands Insurance Guaranty Fund. The Commissioner of Finance shall provide for the administration of the fund as a separate and distinct fund in the Treasury, and no amounts therein shall be available for expenditure or disbursement except as provided in this section.
(b) [Effective until September 20, 2019] Monies contained in the fund shall be used exclusively for transfer, as required, from amounts then on deposit to the Virgin Islands Guaranty Association, established pursuant to Title 22, chapter 10 of this code, for the purpose of payment by the Association of the obligations of insolvent insurers in accordance with the provisions of Title 22, chapter 10.
(b) [Effective September 30, 2019] Monies contained in the fund shall be used exclusively for transfer, as required, from amounts then on deposit to the Virgin Islands Guaranty Association, established pursuant to Title 22, chapter 10 of this code, for the purpose of payment by the Association of the obligations of insolvent insurers in accordance with the provisions of Title 22, chapter 10. No disbursements from the Fund to the Government or the Association may be made except in accordance with this section and 22 V.I.C. § 237(a)(3)(A).
(c) [Effective until September 30, 2019] Monies contained in the fund shall be used exclusively for transfer, as required, from amounts then on deposit, to (1) the Hurricane Hugo Insurance Claims Fund pursuant to Title 33, chapter 111, section 3061a of this code for the purposes of the Virgin Islands Hurricane Hugo Insurance Claims Fund Program in accordance with the provisions of the chapter; (2) the Virgin Islands Insurance Guaranty Association, established pursuant to Title 22, chapter 10 of this code, for the purpose of payment by the Association of the obligations of insolvent insurers in accordance with the provisions of Title 22, chapter 10; (3) the Commissioner of Insurance for payment of Hurricane Marilyn claims as authorized by law; and (4) the General Fund, up to the amount of franchise taxes deposited during such fiscal year into the fund pursuant to Title 33, chapter 111, section 3061a(b) of this code, upon the certification therefore of the Commissioner of Finance.
(c) [Effective September 30, 2019] [Deleted].
(d) [Effective until September 30, 2019] The Commissioner of Finance shall deposit the monies contained in the fund in interest earning accounts from time to time as provided in this code, including, without limitation, pursuant to chapter 15 of Title 29, section 928, and chapter 117 of this title. The interest on the monies on deposit in the fund shall also be deposited into the fund until such time as the balance in the fund equals $10,000,000. In the event that the balance in the fund equals or exceeds $10,000,000, said interest shall be deposited into the General Fund, at the direction of the Commissioner of Finance.
(d) [Effective September 30, 2019] The Commissioner of Finance shall deposit the monies contained in the fund in interest earning accounts from time to time as provided in this code, including, without limitation, pursuant to chapter 15 of Title 29, section 928, and chapter 117 of this title. The interest on the monies on deposit in the fund shall also be deposited into the fund until such time as the balance in the fund equals $50,000,000. In the event that the balance in the fund equals or exceeds $50,000,000, said interest shall be deposited into the General Fund, at the direction of the Commissioner of Finance.
(e) [Effective until September 30, 2019] In the event the balance in the Insurance Guaranty Fund equals or exceeds $10,000,000, amounts in excess thereof shall be deposited, at the direction of the Commissioner of Finance, into the General Fund.
(e) [Effective September 30, 2019] In the event the balance in the Insurance Guaranty Fund equals or exceeds $50,000,000, amounts in excess thereof shall be deposited, at the direction of the Commissioner of Finance, into the General Fund.