(a) “Commissioner” as used in this section means the “Commissioner of Insurance”.
(b) Each insurer shall, on or before the first day of February, May, August and November of each year, pay to the Office of the Commissioner of Insurance a tax of five percent (5%) on the quarterly gross receipts premiums on all types of insurance, except for annuities, transacted in the Virgin Islands or covering risks resident, located or to be performed in the Virgin Islands, less return premiums relating thereto and less reinsurance premiums on such business received from insurance companies authorized to do business in the Virgin Islands.
(c) The tax imposed under this section shall be in lieu of any gross receipts taxes that would otherwise be levied on the insurer.
(d) Taxes collected under subsection (b) of this section, other than taxes collected with respect to contracts of insurance regulated under chapter 18 of this title, shall be disposed of as follows:
(1) One-half of such taxes shall be designated as a special fund for the Commissioner of Insurance to administer the Division of Insurance, but not to exceed an annual amount of $3,000,000. All monies allocated to the special fund of the Commissioner of Insurance shall remain available until expended.
(2) The remainder of taxes collected shall be deposited into the Insurance Guaranty Fund (“the Fund”), and when the funds exceed the amount required to fund the Insurance Guaranty Fund as specified in Title 33, chapter 111, section 3061, the Commissioner of Insurance shall deposit such excess into the General Fund.
(3) [Repealed.]
(4) [Repealed.]
(e) All premiums taxes paid with respect to contracts of insurance regulated under chapter 18 of this title shall be deposited in the Special Fund for the Commissioner of Insurance provided under subsection (d), paragraph (2)(A) of this section.