VI| The U.S. Virgin Islands Division of Banking, Insurance, and Financial Regulation has issued Bulletin 2025-02, detailing the eligibility criteria and approved list of unauthorized (surplus lines) insurers allowed to operate in the Territory from July 1, 2024, to June 30, 2025. The bulletin emphasizes compliance with Section 659 of Title 22 of the Virgin Islands Code, which mandates a minimum capital and surplus of $7 million for unauthorized insurers, along with additional trust fund requirements for alien insurers. Surplus line brokers are reminded to maintain accurate records, file quarterly statements, and remit a 5% tax on premiums. The bulletin also aligns with the Non-admitted and Reinsurance Reform Act (NRRA) of 2010, allowing brokers to place insurance with non-U.S., non-admitted insurers listed by the NAIC.
- Key Compliance Requirements: Unauthorized insurers must meet financial thresholds and maintain sound financial practices; brokers must adhere to recordkeeping, reporting, and tax remittance obligations.
Click here to see USVI Bulletin 2025-02 – Eligible Surplus Lines Insurer List