U.S. Virgin Islands: premium trust account rules

Citation

22 V.I.C. §§ 776; 778; 782; 772

Source chart last reviewed this jurisdiction: 2/25

What the jurisdiction requires

All funds representing premiums, less commission, shall be received by a producer in his fiduciary capacity. Managing general agent shall hold in a fiduciary capacity all funds that are collected for the account of an insurer.

Penalties for diversion

The commissioner may suspend, revoke, or refuse to renew any license if the licensee misappropriated, converted, or illegally withheld any moneys required to be held in a fiduciary capacity. In addition, or in lieu of suspension, revocation, or refusal to renew any license, after hearing, the commissioner may levy a fine between $250 and $10,000. If the court finds the licensee is guilty of the violation and deems suspension, revocation or refusal to renew too severe a penalty, the court may levy a fine up to $10,000 in lieu thereof. Diversion of funds shall be punished as provided in the criminal statutes. Willful violations constitute misdemeanors.

Tie out a U.S. Virgin Islands trust account

Tie your premium trust account out three ways — bank, ledger and what you owe — with U.S. Virgin Islands's cited rule beside the worksheet. Runs in your browser; nothing is uploaded.