2019 US Virgin Islands Code
Title 22 - Insurance
Chapter 51 - Mergers, Rehabilitation, Liquidation
§ 1282. Levy of assessment

(a) Upon the basis of the report provided for in section 1281 of this title, including any amendment thereof, the court, ex parte, may levy one or more assessments against all members of such insurer who, as shown by the records of the insurer, were members (if a mutual insurer) at any time within one year prior to the date of issuance of the order to show cause under section 1269 of this title.

(b) Such assessment or assessments shall cover the excess of the probable liabilities over the reasonable value of the assets, together with the estimated cost of collection and percentage of uncollectibility thereof. The total of all assessments against any member with respect to any policy, whether levied pursuant to this chapter or pursuant to any other provisions of this title, shall be for no greater amount than that specified in the policy or policies of the member and as limited under this title; except that if the court finds that the policy was issued at a rate of premium below the minimum rate lawfully permitted for the risk insured, the court may determine the upper limit of such assessment upon the basis of such minimum rate.

(c) No assessment shall be levied against any member with respect to any nonassessable policy issued in accordance with this title.