2019 US Virgin Islands Code
Title 24 - Labor
Chapter 11 - Workers' Compensation Administration
§ 266. Custody of Fund; payment of compensation; investments
(a)
(1) The Commissioner of Finance shall be the custodian of the Government Insurance Fund. All compensation shall be paid by him upon vouchers authorized and signed by the Administrator. The Commissioner of Finance may deposit any portion of the Government Insurance Fund not needed for immediate use in the same manner as other governmental funds are deposited by him. Interest earned by the Government Insurance Fund shall be collected by the Commissioner of Finance and placed to the credit of the said Fund.
(2) Whenever there is in the Fund cash in the sum of $1 million the balance shall be considered surplus which an investment board, consisting of the Director of the Office of Management and Budget, the Commissioner of Finance, and the Administrator may invest in like manner and subject to the same restrictions thereto as other public monies of the Virgin Islands may be invested.
(b)
(1) Notwithstanding any other law, there is established within the Government Insurance Fund, a Worker's Compensation Emergency Employee Payment Checking Account (hereinafter, in this Subsection called “the account”).
(2) The account shall consist of not more than $200,000 transferred each fiscal year from the Government Insurance Fund, other sums appropriated thereto by the Legislature, and all donations, gifts and bequests.
(3) Monies from the fund shall be deposited each fiscal year by the Commissioner of Finance into the account and the Fund Administrator shall write checks against the funds in the account. The checks authorized to be issued under this subsection shall be issued to claimants who have been authorized to be paid under the provisions of this chapter to cover up to three payments until compensation checks can be paid from the Government Insurance Fund.
(4) The Commissioner of Finance and the Fund Administrator shall maintain a record of all monies deposited into and disbursed from the account and shall annually report to the Governor and the Legislature of the Virgin Islands on the status of the account.
