PocketLaw | US Virgin Islands Code | Special Purpose Financial

Special Purpose Financial Captives

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Purpose

Definitions

Relation to other Title 22 provisions

License to transact business in Territory; contents of application; fees; foreign corporations

Organization requirements; privileges and restrictions

Capitalization

Authorized contracts

Protected cells

Effect of creation of protected cell; naming; management of assets

Issuance of securities

Swap agreements and other forms of asset management agreements

Authority to enter into contracts; contents

Securities issued by SPFC as insurance contract; underwriters or selling agents as insurance producers

Requirements and guidelines for asset management

Trust agreements for assets held in trust or pledged to secure obligations

Payment of dividends

Material changes of SPFC'S plan; filing of audit and statement of operations; examination of records

Examinations by the SAM; confidentiality of examination reports

Expiration of authority granted by the SAM on cessation of business; suspension or revocation of license; penalties; administrative hearing

Tax rates and payment schedules

Conditions for SPFC contract being granted credit for reinsurance treatment or otherwise qualifying as asset or reduction from liability for benefit of counterparty

Conservation, rehabilitation, or liquidation of SPFC

Disclosure of information by the SAM

Standards and criteria applicable in contested case brought by third party and certain actions by the SAM; asset protection

Promulgation of regulations