2019 US Virgin Islands Code
Title 22 - Insurance
Chapter 9 - Insurers; General Requirements
§ 206. Application for certificate of authority
- To apply for an original certificate of authority an insurer shall:
(1) file with the Commissioner its request therefor, showing—
(A) its name, home office location, type of insurer, organization date, and state or country of its domicile;
(B) the kinds of insurance it proposes to transact; and
(C) additional information as the Commissioner may reasonably require.
(2) file with the Commissioner—
(A) a copy of its charter or certificate of incorporation, as amended, certified, if a foreign or alien insurer, by the proper public officer of the state or country of domicile;
(B) a copy of its bylaws, as amended, certified by its proper officer;
(C) a statement of its financial condition, management, and affairs on a form satisfactory to or furnished by the Commissioner;
(D) an appointment of the Commissioner as its attorney to receive service of legal process;
(E) if a foreign or alien insurer, a certificate from the proper public official of its state or country of domicile showing that it is duly organized and is authorized to transact the kinds of insurance proposed to be transacted; and
(F) other documents or stipulations as the Commissioner may reasonably require to evidence compliance with the provisions of this title.
(3) submit to a personal examination of their affairs by the Commissioner. The examination shall include a background of the business dealings of the insurer, the insurer's organizers, principals, Board of Directors and corporate officers. The Commissioner may waive the examination if there is filed with him a certified copy of an examination made within one year immediately preceding the insurer's application for a license to do business in the Virgin Islands by some state insurance department or other insurance certification authority.
(4) deposit with the Commissioner the fees required by this title to be paid for filing the accompanying documents, and for the certificate of authority, if granted.
