2019 US Virgin Islands Code
Title 22 - Insurance
Chapter 61 - Premium Finance Companies and Agreements
§ 1623. License required

(a) No person shall engage in the business of a premium finance company unless licensed by the Commissioner of Insurance. Every premium finance company under the provisions of this chapter shall maintain at all times a net worth of $100,000. However, in lieu of having a net worth of $100,000, a premium finance company may file a surety bond or other acceptable collateral with the Commissioner in the amount of $100,000.

(b) The application for a license shall be in writing and in the form prescribed by the Commissioner. Every applicant shall provide proof of a net worth of $100,000. Assets to be used in computing the required net worth shall be determined by rules adopted by the Commissioner.

(c) A single license shall entitle the holder to operate more than one office.

(d) At the time of filing an application for a license, the applicant shall pay to the Commissioner the license fee and, upon original application or upon application subsequent to denial of application, or revocation, suspension or surrender of a license, an investigation fee.

(e) Such license shall state the name and address of the licensee, and a copy shall be kept conspicuously posted in each office of the licensee and shall not be transferable or assignable.

(f) Prior to moving an existing office to another location, a licensee shall notify the Commissioner in writing of its intention to do so.