(a) There is established in the Treasury of the Virgin Islands a special account known as “The Alternative Market and International Reinsurance Revolving Fund” for the purpose of providing the financial means for the SAM to administer Chapters 55 and 66 and for reasonable expenses incurred in promoting the captive insurance and asset securitization and insurance securitization industries in the Territory.
(b) The fund consists of all fees, fines, and other sums collected by the SAM under this chapter and Chapter 55 and Chapter 66 as well as sums appropriated thereto from time to time from the Legislature. All funds deposited in the fund remain available until expended. The SAM, the Commissioner of Insurance, and the Commissioner's designee are the certifying officers for expenditures from the Fund.
(c) The SAM shall deposit into the fund:
(1) All application fees, license fees renewal fees, and assessments collected by the SAM under this Chapter and related Chapters 55 and 66; and
(2) All administrative penalties and fines.
(d) All payments from the Fund for the hiring, training, maintenance of staff and associated expenses, including contractual services as necessary, may be disbursed from the Fund only upon requests issued by the SAM, after receipt of proper documentation regarding services rendered and expenses incurred or to be incurred.
(e) After all administrative expenses and documented expenses as described in subsection (d) of this section are met, the remaining funds shall be disbursed annually and equally to the Juan Francisco Luis Hospital on the island of St. Croix and the Roy Lester Schneider Hospital on the island of St. Thomas. The Department of Finance and the Office of Management and Budget shall report to the Legislature on a semiannual basis regarding distributions of the funds and the allocation of funds respectively.
(f) The interest on the monies on deposit in the Fund must also be deposited into the Fund.