2019 U.S. Virgin Islands Code
Title 22 - Insurance
Chapter 13 - Domestic Insurers; Requirements and Powers
§ 308. Guarantee of officers' obligations prohibited
Universal Citation:
V.I. Code tit. 22, § 308 (2019)
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No domestic insurer or its affiliates or subsidiaries shall guarantee the financial obligation of any director or officer of such insurer or affiliate or subsidiary in his personal capacity, and any such guaranty attempted shall be void. This prohibition shall not apply to obligations of the insurer under surety bonds or insurance contracts issued in the regular course of business.
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