(a) Whenever it appears to the Commissioner that any insurer or any director, officer, employee or agent thereof has committed or is about to commit a violation of this chapter or of any rule, or order issued by the Commissioner, the Commissioner may, in accordance with the provisions of chapter 3, section 55 of this title, apply to any appropriate court of competent jurisdiction in order to obtain an order enjoining the insurer or director, officer, employee or agent thereof from violating or continuing to violate this chapter or any rule, or order, and for such other equitable relief as the nature of the case and the interest of the insurer’s policyholders, creditors and shareholders or the public may require.
(b) No security that is the subject of any agreement or arrangement regarding acquisition, or which is acquired or to be acquired, in contravention of the provisions of this chapter or of any rule, or order issued by the Commissioner may be voted at any shareholder’s meeting, or may be counted for quorum purposes, and any action of shareholders requiring the affirmative vote of a percentage of shares may be taken as though the securities were not issued and outstanding; but no action taken at any such meeting may be invalidated by the voting of the securities, unless the action materially affects control of the insurer or unless the courts of this Territory have so ordered. If an insurer or the Commissioner has reason to believe that any security of the insurer has been or is about to be acquired in contravention of this chapter or of any rule, or order issued by the Commissioner; the insurer or the Commissioner may apply to any appropriate court of competent jurisdiction in the jurisdiction in which the insurer has its principle place of business to enjoin any offer, request, invitation, agreement or acquisition made in contravention of section 323 or any rule, or order issued by the Commissioner to enjoin the voting of any security so acquired, to void any vote of the security already cast at any meeting of shareholders and for such other equitable relief as the nature of the case and the interest of the insurer’s policyholders, creditor and shareholders or the public may require.
(c) If a person has acquired or is proposing to acquire any voting securities in violation of this chapter or any rule, or order issued by the Commissioner, any appropriate court of competent jurisdiction in the jurisdiction in which the insurer has its principal place of business may, on such notice as the court deems appropriate, upon the application of the insurer or the Commissioner, seize or sequester any voting securities of the insurer owned directly or indirectly by the person, and issue such order as may be appropriate to effectuate this chapter.
(d) Notwithstanding any other provisions of law, for the purposes of this chapter the situs of the ownership of the securities of domestic insurers in the Virgin Islands.