2019 US Virgin Islands Code
Title 22 - Insurance
Chapter 61 - Premium Finance Companies and Agreements
§ 1626. Grounds for refusal, suspension or revocation of license
(a) The Commissioner may deny, suspend, revoke, or refuse to renew any license, if he finds:
(1) That the licensee has failed to pay the annual license fee or any sum of money lawfully demanded under the authority of any other section of this chapter or has failed to comply with any order of the Commissioner.
(2) That the licensee has violated any provision of this chapter or any rule or regulation of the Commissioner.
(3) That any fact or condition exists which, if it had existed at the time of the original application, clearly would have warranted a refusal to issue the license.
(4) Material misstatement, misrepresentation, or fraud in obtaining the license, or in attempting to obtain the license.
(5) That the license is being willfully used, or is to be used, to circumvent any of the requirements or prohibitions of this title.
(6) Willful misrepresentation of any premium finance contract or willful deception with regard to any such contract, accomplished either in person or by any form of dissemination of information.
(7) A demonstrated lack of fitness or trustworthiness.
(8) Fraudulent or dishonest practices in the conduct of business.
(9) Misappropriation, conversion, or unlawful withholding of moneys belonging to insurers, insureds, or beneficiaries or to others and received in the conduct of business.
(10) That the licensee has been found guilty of, or has pleaded guilty to a felony in the Territory or any other state.
(b) A licensee may surrender a license by delivering to the Commissioner written notice that it thereby surrenders such license, but such surrender shall not affect the licensee's civil or criminal liability for acts committed prior to the surrender.
(c) No revocation, suspension, or surrender of a license shall impair or affect the obligation of any insured under any lawful premium finance agreement previously acquired or held by the licensee.
(d) Every license issued shall remain in force and effect until it has been surrendered, revoked, or suspended or expires in accordance with the provisions of this chapter, but the Commissioner shall have authority to reinstate a suspended license or to issue a new license to a licensee whose license has been revoked, if no fact or condition then exists which clearly would have warranted the Commissioner's refusal originally to issue such license under this chapter.
