2019 US Virgin Islands Code
Title 22 - Insurance
Chapter 61 - Premium Finance Companies and Agreements
§ 1625. Approval, disapproval of application; license renewal

(a) The Commissioner shall issue the license, unless he finds that the management of the premium finance company filing the application is so lacking in managerial experience as to make the proposed operation hazardous or injurious to the public or unless he has good reason to believe the management of the premium finance company is affiliated directly or indirectly through ownership, control, or in other business relations with any person whose business operations are or have been marked as detrimental to the public, to policy-holders, stockholders, investors, or creditors by manipulation of assets or of accounts or by bad faith.

(b) If the Commissioner refuses to issue a license, he shall notify the applicant of the denial and return to the applicant the sum paid as a license fee, but shall retain the investigation fee to cover the costs of investigating the applicant.

(c) Each license shall remain in force until December 31st of the year for which issued, unless earlier surrendered, suspended, or revoked, and may be renewed for the ensuing year upon the filing of an application. If an application for renewal is filed with the Commissioner before January 1 of any year, the license sought to be renewed shall be continued in force until the issuance by the Commissioner of the renewal license applied for, or until 5 days after the Commissioner refuses to renew the license.

(d) The Commissioner shall not issue or renew a license to any premium finance company that fails to present, at the time of application for the license or renewal, an affidavit signed by an authorized officer of the Virgin Islands Bureau of Internal Revenue, affirming that the applicant has filed and paid, or has satisfactorily made agreement to pay, all outstanding taxes, penalties and interest.