2019 US Virgin Islands Code
Title 22 - Insurance
Chapter 51 - Mergers, Rehabilitation, Liquidation
§ 1259. —Alien insurers
Universal Citation: V.I. Code tit. 22, § 1259 (2019)
- The Commissioner may apply to the District Court for an order directing him to conserve the assets within this territory of an alien insurer upon any one or more of the following grounds:
(1) upon any of the grounds specified in paragraphs (1) to (9), inclusive, of section 1253 of this title and in paragraph (2) of section 1255 of this title;
(2) that the insurer has failed to comply, within the time designated by the Commissioner, with an order of the Commissioner pursuant to law to make good an impairment of its trusteed funds; or
(3) that the property of the insurer has been sequestrated in its domiciliary sovereignty or elsewhere.
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