2025 Virgin Islands Code
Title 22 - Insurance
Chapter 21 - Assets and Liabilities
§ 502. Nonallowable assets
- In addition to assets impliedly excluded under section 501 of this title the following expressly shall not be allowed as assets in any determination of the financial condition of an insurer:
(1) goodwill, trade names, agency plants and other like intangible assets;
(2) prepaid or deferred charges for expenses and commissions paid by the insurer;
(3) advances to officers (other than policy loans or loans made pursuant to section 312 of this title whether secured or not, and advances to employees, agents and other persons on personal security only);
(4) stock of such insurer, owned by it, or any equity therein or loans secured thereby, or any proportionate interest in such stock through the ownership by such insurer of an interest in another firm, corporation or business unit;
(5) furniture, furnishings, fixtures, safes, equipment, vehicles, library, stationery, literature, and supplies except, such personal property as the insurer is permitted to hold pursuant to paragraph (5) of subsection (b) of section 566 of this title or which is acquired through foreclosure or chattel mortgages acquired pursuant to section 565 of this title or which is reasonably necessary for the maintenance and operation of real estate lawfully acquired and held by the insurer other than real estate used by it for home office, branch office, and similar purposes;
(6) the amount, if any, by which the aggregate book value of investments as carried in the ledger assets of the insurer exceeds the aggregate value thereof as determined under this title.
History
—Added Mar. 29, 1968, No. 2126, § 1, Sess. L. 1968, Pt. I, p. 52.
Annotations
State Notes
Research References & Practice Aids
Hierarchy Notes:22 V.I.C.
22 V.I.C. Ch. 21
