(a)
(1) No person may act as a managing general agent representing an insurer licensed in the Virgin Islands with respect to risks located in the Virgin Islands unless the person is licensed as a managing general agent pursuant to the subsection (c) or (d).
(2) No person may act as a managing general agent representing an insurer organized under the laws of the Virgin Islands with respect to risks located outside the Virgin Islands unless the person is licensed as a managing general agent pursuant to subsection (c) and holds a non-resident managing general agent in that jurisdiction.
(b) Every person who seeks to act as a managing general agent as described in subsection (a), shall apply to the Commissioner for a license. Except as otherwise provided in subsection (d), the application must be in writing on a form provided by the Commissioner and must be sworn or affirmed before a notary public or other person empowered to administer oaths. The application must be kept on file by the Commissioner and must include the following:
(1) the name and principal business address of the applicant;
(2) if the applicant is an individual, the applicant’s current occupation and occupations during the five-year period prior to applying for the license to act as a managing general agent;
(3) a copy of the contract between the applicant and the insurer as required by and in compliance with section 77;
(4) a copy of a certified resolution of the board of directors of the insurer on whose behalf the applicant will act, appointing the applicant as a managing general agent and agent of the insurer, specifying the duties the applicant is expected to perform on behalf of the insurer and the lines of insurance the applicant will manage, and authorizing the insurer to enter into a contract with the applicant;
(5) a statement that the applicant submits to the jurisdiction of the Commissioner and the courts of the Virgin Islands; and
(6) any other information required by the Commissioner.
(c) The Commissioner shall issue to a resident of this Virgin Islands or a business entity organized under the laws of the Virgin Islands, a license to act as a managing general agent representing an insurer licensed to do business in the Virgin Islands with respect to risks located in this Virgin Islands or a license to act as a managing general agent representing an insurer organized under the laws of the Virgin Islands with respect to risks located outside the Virgin Islands, and shall renew the a license, if the Commissioner is satisfied that all of the following conditions are met:
(1) The applicant is a suitable person and meets requirements in accordance with subsection (b) and intends in good faith to be a managing general agent in compliance with section 776 of this chapter.
(2) The applicant is honest, trustworthy, and understands the duties and obligations of a managing general agent in compliance with section 772.
(3) The applicant has filed a completed application that complies with subsection (b).
(4) The applicant has paid the filing fee as prescribed by the Commissioner.
(5) The applicant maintains a bond in the amount of $50,000 or 10 percent of the managing general agent’s total annual written premium nationwide produced by the managing general agent for the insurer, in the prior calendar year for the protection of the people of the Virgin Islands.
(6) The applicant is not, and has never been, under an order of nonrenewal, suspension or revocation under section 776 or under any other law of the Virgin Islands, or any other state, relating to insurance, and is otherwise in compliance with this title and all other laws of the Virgin Islands relating to insurance.
(d) If the applicant is a resident of another state or a business entity organized under the laws of another state, the applicant shall submit an application, along with the filing fee, to the Commissioner. The Commissioner may issue a manager general license if the request for licensure includes proof that the applicant is licensed and in good standing as a managing general agent in the applicant’s home state and a copy of the application for licensure the applicant submitted to the applicant’s home state or the application described in subsection (b) of this section has been submitted. If the applicant’s home state does not license managing general agents under provisions similar to those in this section, or if the applicant’s home state does not grant licenses to residents of the Virgin Islands on the same reciprocal basis, the applicant shall comply with subsections (b) and (c).
(e) Unless suspended or revoked by an order of the Commissioner pursuant to section 776 and except as provided in subsection (f), any license issued or renewed pursuant to subsection (c) or (d) expires on the 31st day of December next after its issuance or renewal. A 15-day grace period without any penalty applies after the 31st day of December. However, a penalty of double the unpaid renewal fee is imposed for any renewal fee received after 15 days of the due date.
(f) If the appointment of a managing general agent is terminated by the insurer, the license of the managing general agent expires on the date of the termination.
(g) A license must be renewed in accordance with the renewal procedures as provided by the laws, rules and regulations of the Virgin Islands.