2019 US Virgin Islands Code
Title 22 - Insurance
Chapter 3 - Insurance Commissioner
§ 53a. Review of rates

Universal Citation: V.I. Code tit. 22, § 53a (2019)
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  • (a) The Commissioner may review any health property or casualty insurance rate to determine if there is an actuarial basis for it and if it is supported by actual and credible loss and expense statistics or, if new coverage, by reasonable projections of losses and expenses. Pre-approval of rates is not required, but the Commissioner shall be notified 30 days in advance of the effective date of any rate increase.

  • (b) If the Commissioner determines that there is not sufficient evidence to justify a new rate, he may disallow the rate increase. The reason for the rejection must be in writing. An aggrieved carrier may demand a hearing pursuant to this chapter to reconsider the ruling and may appeal from the Commissioner's order refusing a hearing or an order on hearing to the District Court. The appeal must be taken within 30 days.

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