2019 US Virgin Islands Code
Title 22 - Insurance
Chapter 58 - Commercial Self-Insurance Fund
§ 1488. Financial impairment

(a) If the assets of a commercial self-insurance fund are at any time insufficient to comply with the requirements of law or to discharge its liabilities, other than any liability on account of funds contributed by the trustees or others, and to meet the required conditions of financial soundness, or if a judgment against the fund has remained unsatisfied for thirty days, its trustees shall forthwith make up the deficiency or levy an assessment upon the members for the amount needed to make up the deficiency, but subject to the limitation set forth in the trust agreement or the policy.

(b) If the trustees fail to make an assessment as required by subsection (a) of this section, the Commissioner shall order the trustees to do so. If the deficiency is not sufficiently made up within sixty days after the date of the order, the fund shall be deemed insolvent and grounds shall exist to proceed against the fund as provided for in chapter 51 of this title.

(c) Subject to the provisions of this section, any rehabilitation, liquidation, conservation, or dissolution of a commercial self-insurance fund shall be conducted under the supervision of the Commissioner, who shall have all power with respect thereto granted to him under chapter 51 of this title governing the rehabilitation, liquidation, conservation, or dissolution of insurers.