2019 US Virgin Islands Code
Title 22 - Insurance
Chapter 18 - Reciprocal or Interinsurance Contracts
§ 439. Misdemeanor; solicitation of powers of attorney and applications for insurance contracts; injunction; appointment of receiver
Universal Citation: V.I. Code tit. 22, § 439 (2019)
- Any attorney who shall exchange any contracts of insurance of the kind and character specified in this chapter, or any attorney or representative of such attorney who shall solicit or negotiate any applications for same, without the attorney first complying with the foregoing provisions, shall be subject to a fine of not less than $100 nor more than $1,000 if so ordered, after hearing, by the Commissioner of Insurance. The District Court shall have jurisdiction to restrain any violation of this chapter in an action brought for that purpose by the Commissioner of Insurance, and may appoint a receiver for such assets of any person, partnership, corporation, or association of persons as are actually employed in the conduct of business in violation of this chapter.
- For the purposes of organization, and upon issuance of a permit by the Commissioner of Insurance of this Territory, and under such conditions as he may impose, powers of attorney and applications for such insurance contracts may be solicited without compliance with the provisions of this chapter, but no attorney or other person shall execute or issue any such contracts of insurance until all the provisions of this chapter shall have been complied with and a Certificate of Authority issued by the Commissioner of Insurance.
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