(a) The SAM has authority to:
(1) Regulate the Alternative Market Insurer Business being conducted in or from the Territory;
(2) Enforce the Virgin Islands Code Ann. and the Rules and Regulations promulgated thereunder relating to the conduct of the Alternative Market Insurer Business and International Support Businesses;
(3) Examine and prepare reports pursuant to Chapter 55 and Chapter 66 of this Title annually on all matters connected with Alternative Market Insurer Businesses and International Support Businesses;
(4) Summon or subpoena persons to attend a hearing or to testify as a witness;
(5) Enforce attendance through the Superior Court of the Virgin Islands, and to compel production of books and evidence relevant to an inquiry necessary or appropriate under this chapter;
(6) Require examination of witnesses under oath and to administer oaths;
(7) At all reasonable times, have access to and take copies of all books, securities, records, and documents of any Special Purpose Financial Captive Insurance Company, Securitization Entity, insurer, insurance manager, agent, adjuster, or broker that relate to the Alternative Insurance Market or International Reinsurance Business and any officer agent, or person in charge, possession, custody, or control of any of those books, securities, records, or document and to issue fines against any person or entity who refuses or neglects to afford such access;
(8) Make an inquiry to any insurer, reinsurer or insurance manager relating to the conduct of its business or its financial affairs and to require such insurer, reinsurer, or insurance manager to submit prompt and explicit answers and to issue fines against any person who or entity that fails or refuses to provide such information and to suspend the license of the person or entity;
(9) Issue licenses and certificates of Exempt International Company benefits and tax incentive benefits in accordance with Virgin Islands Code, Chapter 55 and Chapter 66 of this title and chapter 14 of title 13, as it relates to exempt international insurer;
(10) Enter into Memoranda of Understanding with other relevant Virgin Islands Government agencies, departments, and divisions for processing of documents needed to complete the licensing process and to facilitate granting and contracting for tax benefits provided to any International Insurance Company as provided in Virgin Islands Code, Chapters 55 and 66; and
(11) Appoint with the consent of the Commissioner of Insurance, an advisory board to review issues that may arise in the Alternative Markets Insurer Business and to assist in evaluating the functioning of the program and to review applications for licenses which may be issued to Alternative Markets Insurers.
(b) The SAM, or any of the SAM's employees, must not directly or indirectly be:
(1) A shareholder, member, manager, or partner in any company or business entity that is licensed by the SAM as an Alternative Markets Insurer; or
(2) A shareholder, member, manager, or partner in a company or business entity that is authorized under this title to act as an International Insurer Support Business.
(c) The SAM or any of the SAM's employees who has a conflict of interest as defined in subsection (b) of this section, must recuse himself from addressing any such matter before the Office of the Insurance Commissioner, Division of Alternative Markets and International Reinsurance.