2019 US Virgin Islands Code
Title 22 - Insurance
Chapter 26 - Annual Audit and Financial Reporting
§ 624. Exemptions
(a) Foreign insurers filing the audited financial report in another state, pursuant to that state’s requirement for filing of audited financial reports, which has been found by the Commissioner to be substantially similar to the requirements of this chapter, are exempt from sections 622 through 633 if:
(1) A copy of the audited financial report, Communication of Internal Control Related Matters Noted in an Audit, and the Accountant’s Letter of Qualifications that are filed with the other state are filed with the Commissioner in accordance with the filing dates specified in required in sections 622, and 631-632, respectively. Canadian insurers may submit accountants’ reports as filed with the Office of the Superintendent of Financial Institutions, Canada.
(2) A copy of any Notification of Adverse Financial Condition Report filed with the other state is filed with the Commissioner within the time specified in section 630.
(b) Foreign insurers required to file the Management’s Report on Internal Control over Financial Reporting in another state are exempt from filing the report in this Territory provided the other state has substantially similar reporting requirements and the report is filed with the commissioner of the other state within the time specified.
(c) The requirements of this chapter do not prohibit, preclude or in any way limit the Commissioner of Insurance from ordering or conducting or performing examinations of insurers under the rules and regulations and practices and procedures of the Virgin Islands Office of the Lieutenant Governor, Division of Banking, Insurance and Financial Regulation.
