(a) A surety bond, or other similar security acceptable to the Commission, in an amount of not less than $100,000 must accompany an application for a license.
(b) Notwithstanding subsection (a), the Commission, may increase the amount of security required based upon the potential outstanding liability of a licensee for jackpots, player deposits, and money held in trust.
(c) A security must be in a form satisfactory to the Commission and run to the Government of the Virgin Islands for the benefit of any claimant against the licensee to secure the faithful performance of the obligations of the licensee with respect to payment of prizes and monies held on account for players.
(d) The aggregate liability on a surety bond may not exceed the principal sum of the bond. A claimant against a licensee may maintain an action directly on the bond, or the Commission may maintain an action on behalf of the claimant. The bond must run to the Government of the Virgin Islands for the benefit of the Commission or any person injured by a wrongful act, omission, default, fraud, or misrepresentation of a licensee or employee of the licensee in the conduct of its business as a licensee. Only one bond is required of a licensee, irrespective of the number of executive officers, directors, principal employees or other employees of the licensee.
(e) A surety bond must remain in effect until cancellation, which may occur only after 30 days' written notice to the Commission of the intended cancellation.
(f) A surety bond must cover claims effective for as long as the Commission specifies, but at least five years after the licensee ceases to be an approved Internet gaming or approved Internet gambling business in the Virgin Islands. However, the Commission may permit the amount of security to be reduced or eliminated before that time to the extent that the amount of the licensee's prizes outstanding are reduced. The Commission may permit a licensee to substitute another form of security acceptable to the Commission for the security effective at the time the licensee ceases to be an approved Internet gaming or Internet gambling business in the Virgin Islands.