2019 US Virgin Islands Code
Title 22 - Insurance
Chapter 61 - Premium Finance Companies and Agreements
§ 1621. Premium finance company defined
Universal Citation: V.I. Code tit. 22, § 1621 (2019)
(a) An “insurance premium finance company” is:
(1) A person engaged, in whole or in part, in the business of acquiring premium finance agreements with insureds; or
(2) A person engaged, in whole or in part, in the business of acquiring premium finance agreements from other premium finance companies.
(b) Credit unions, banks, savings and loan associations, and other lending institutions or their federally chartered counterparts are exempt from the provisions of this chapter.
(c) The inclusion of a charge for insurance on a bona fide sale of goods or services on installments is not subject to the provisions of this chapter.
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