2019 US Virgin Islands Code
Title 22 - Insurance
Chapter 9 - Insurers; General Requirements
§ 208. Same, conditions and limitations
(a) Each bond filed pursuant to section 207 of this chapter shall be with condition that the surety or sureties on the bond shall be answerable to the amount of the bond for all judgments, decrees, or orders given, made or rendered against the principal on the bond by any court of the Virgin Islands for the payment of money.
(b) In the case of any breach of a condition of any bond filed pursuant to section 207 of this chapter, the Commissioner may, and upon demand and receipt of satisfactory assurance for the payment of costs shall, enforce the bond either in his own name or in the name or names of any persons as obligees therein by appropriate proceedings in any court of competent jurisdiction for the use and benefit of any person injured by the breach.
(c) The surety or sureties on any bond filed pursuant to said section 207 may withdraw from the same by giving the Commissioner written notice not less than ninety (90) days prior to the date on which the then existing certificate of authority of the insurer is to expire. Such surety or sureties shall, however, remain liable on the bond for all judgments, decrees, or orders given, made, or rendered against the principal, based on obligations incurred during the period of suretyship.
(d) The securities filed or deposited pursuant to said section 207 shall always be in such amount that the market value equals or exceeds either the sum of $20,000 or the sum of $100,000, as required.
