2019 US Virgin Islands Code
Title 22 - Insurance
Chapter 51 - Mergers, Rehabilitation, Liquidation
§ 1265. Claims of residents against foreign insurer

Universal Citation: V.I. Code tit. 22, § 1265 (2019)
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  • (a) In a delinquency proceeding in a reciprocal state against an insurer domiciled in that state, claimants against such insurer, who reside within this territory may file claims either with the ancillary receiver, if any, appointed in this territory, or with the domiciliary receiver. All such claims must be filed on or before the last date fixed for the filing of claims in the domiciliary delinquency proceeding.

  • (b) Controverted claims belonging to claimants residing in this territory may either (1) be proved in the domiciliary state as provided by the law of that territory, or (2), if ancillary proceedings have been commenced in this territory, be proved in those proceedings. In the event that any such claimant elects to prove his claim in this territory, he shall file his claim with the ancillary receiver in the manner provided by the law of this territory for the proving of claims against insurers domiciled in this territory, and he shall give notice in writing to the receiver in the domiciliary state, either by registered mail or by personal service at least 40 days prior to the date set for hearing. The notice shall contain a concise statement of the amount of the claim, the facts on which the claim is based, and the priorities asserted, if any. If the domiciliary receiver, within 30 days after the giving of such notice, shall give notice in writing to the ancillary receiver and to the claimant, either by registered mail or by personal service, of his intention to contest such claim, he shall be entitled to appear or to be represented in any proceeding in this territory involving the adjudication of the claim. The final allowance of the claim by the courts of this territory shall be accepted as conclusive as to its amount, and shall also be accepted as conclusive as to its priority, if any, against special deposits or other security located within this territory.

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