2019 US Virgin Islands Code
Title 22 - Insurance
Chapter 60 - Third Party Administrators
§ 1536. Standards for license issuance and approval of registration
- The Commissioner may issue a license to an applicant or approve an application for registration as a TPA if the Commissioner finds that the applicant meets the standards established by this chapter including, but not limited to, the following:
(1) All of the materials required by this chapter or by the Commissioner have been filed;
(2) The persons responsible for conducting the applicant’s affairs are competent, trustworthy and possess good reputations, and have appropriate experience, training and education;
(3) The applicant has demonstrated the ability to assure that its services will be performed in a manner which will ensure the efficient operation of its business, including appropriate financial controls;
(4) The standard contract forms to be used by the applicant are acceptable;
(5) The applicant has adequate financial arrangements with the benefits payors for which it will perform its services and adequate arrangements for complying with the provisions of this chapter;
(6) The compensation arrangements made between the applicant and benefits payors do not result in the assumption of financial risk by the applicant;
(7) The bond requirement in section 1534 is met; and
(8) In the case of an applicant for registration, the provisions of § 1533 subsections (d), (e) and (f) apply only to services provided by the applicant to benefits payors other than an insurer.
