2019 US Virgin Islands Code
Title 22 - Insurance
Chapter 47 - Title Insurers
§ 1157. Termination of deposit

Universal Citation: V.I. Code tit. 22, § 1157 (2019)
Previous Next

  • (a) A guaranty fund deposit shall be terminated only upon the existence of any of the following conditions:

    • (1) upon termination of all liabilities of the insurer, other than through reinsurance, under all guaranties or insurances of titles made, issued, or assumed by it; or

    • (2) upon reinsurance of all such liabilities of the insurer, with the Commissioner's approval, in another insurer holding a certificate of authority as a title insurer in this territory.

  • (b) For the purposes of this section only, all liability of the insurer with regard to a title guaranteed or insured by it shall be deemed terminated upon the expiration of 21 years from the date of the guaranty or insurance, unless prior thereto a claim of loss has been made with reference thereto and settlement of such loss then remains pending.

Previous Next
Disclaimer: These codes may not be the most recent version. US Virgin Islands may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.