Penalty for failure to file statement and pay taxes

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An insurer failing to file the statements and information required and to pay the taxes specified in this chapter, on the dates set forth herein, shall be assessed a penalty of $1,000 or 10% of the taxes due, whichever is greater, plus interest at the rate of 12% per annum, and shall be prohibited from doing any business in the Virgin Islands until such taxes and penalties are paid: Provided, That, if the insurer's failure to file the requisite statements and pay the tax, or any underpayment related thereto, is due to (1) negligence or (2) the intentional disregard of the law, the Commissioner may, in the case of negligence, reduce the penalty to $250 or 5% of the taxes due, whichever is greater, or, in the case of the intentional disregard of the law, increase the penalty to $5,000 or 15% of the taxes due, whichever is greater.


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