2019 US Virgin Islands Code
Title 22 - Insurance
Chapter 31 - Virgin Islands Insurance Producer and Adjuster Licensing
§ 782. Reporting and accounting for premiums, penalty

(a) An agent or any other representative of an insurer involved in the procuring or issuance of an insurance contract shall report to the insurer the exact amount of consideration charged as premium for such contract, and the amount must likewise be shown in the contract and in the records of the agent. Each willful violation of this provision constitutes a misdemeanor.

(b) All funds representing premiums, less commission, or return premiums received by a producer must be received in his fiduciary capacity, unless there is a separate agreement between him and the insurer.

(c) Any producer who, not being lawfully entitled thereto, diverts or appropriates such funds or any portion thereof to the producer’s own use, must be punished as provided in the criminal statutes of the Territory.