2019 US Virgin Islands Code
Title 22 - Insurance
Chapter 17 - Domestic Mutual Insurers
§ 426. Impairment of surplus

Universal Citation: V.I. Code tit. 22, § 426 (2019)
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  • (a) If the assets of a domestic mutual insurer on the cash premium plan fall below the amount of its liabilities, plus the amount of any surplus required by this title for the kinds of insurance authorized to be transacted, the Commissioner shall at once ascertain the amount of the deficiency and serve notice upon the insurer to cure the deficiency within 90 days after such service of notice.

  • (b) If the deficiency is not made good in cash or in assets eligible under this title for the investment of the insurer's funds, and proof thereof filed with the Commissioner within such 90-day period, the insurer shall be deemed insolvent and shall be proceeded against as authorized by this title.

  • (c) If the deficiency is not made good the insurer shall not issue or deliver any policies after the expiration of such 90-day period. Any officer or director who violates or knowingly permits the violating of this provision shall upon conviction, be subject to a fine of from $50 to $1,000 for each violation.

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