2019 US Virgin Islands Code
Title 22 - Insurance
Chapter 9 - Insurers; General Requirements
§ 222. Annual statement

Universal Citation: V.I. Code tit. 22, § 222 (2019)
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  • (a) Each authorized insurer shall annually, before the 31st day of March, file with the Commissioner a true statement of its financial condition, transactions, and affairs as at the 31st day of December preceding. The statement shall be on forms and shall contain information as required by this title and by the Commissioner, and shall be verified by the oaths of at least two of the insurer's principal officers. Statements filed by liability insurers shall include pertinent information with regard to (i) the total number of the liability policies sold by the insurer in the Territory; (ii) the total number of liability policy claims made against the insurer; and (iii) the total amount of liability policy claims paid by the insurer. All annual and quarterly statements filed pursuant to this section must be prepared in accordance with the National Association of Insurance Commissioners’ (NAIC) Annual Statement Instructions and follow those accounting procedures and practices that are prescribed in the NAIC’s Accounting Practices and Procedures Manual and any subsequent revisions thereto that are adopted for use by the Commissioner by rule, administrative order or bulletin.

  • (b) All authorized insurers reporting to the Commissioner in accordance with the requirements of this section shall file with the Division the appropriate NAIC Annual Statement Blank, which must be prepared in accordance with the NAIC Annual Statement Instructions and follow those accounting procedures and practices prescribed by the NAIC Accounting Practices and Procedures Manual.

  • (c) The Commissioner shall annually during November and December furnish each such insurer duplicate copies of annual statement forms as next required to be filed. The statement forms shall be in general form and context as approved by the National Association of Insurance Commissioners for the kinds of insurance to be reported upon, and as supplemented for additional information required by the Commissioner.

  • (d) The annual statement of an alien insurer shall relate only to its transaction and affairs in the United States unless the Commissioner requires otherwise. The statement shall be verified by the insurer's United States manager or by its officers duly authorized.

  • (e) The Commissioner may suspend, revoke or refuse to renew the Certificate of Authority of any insurer failing to file its annual statement when due or during any extension of time which the Commissioner, for good cause, may have granted.

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