Office of the Lieutenant Governor

Division of Banking, Insurance and

Financial Regulation



Kongens Gade No. 18, Charlotte Amalic, St. Thomas, USVT 00802 @ (340) 774-7166 @ Dax (340) 774-9458/ 774-5590

W131 Kang Street, Suite 101, Chrisnansted, St. Crom, USV'T 00820 @ (340) 773-6459 @ Pax (340) 719-3801



BULLETIN 2018-03



TO: ALL SURPLUS LINES BROKERS LICENSED IN THE U.S. VIRGIN ISLANDS

AND OTHER INTERESTED PARTIES



RE: ELIGIBLE UNAUTHORIZED (SURPLUS LINES) INSURERS IN THE U.S.

VIRGIN ISLANDS



The Division of Banking, Insurance and Financial Regulation has reviewed the financial

statements of various alien and forcign insurers that have applied for approval to conduct

business in the Territory as unauthorized insurers. Pursuant to Section 659 (a)(3), Title 22 of

the Virgin Islands Code, the attached list of surplus lines insurers are deemed eligible to

conduct surplus lines business from July 1, 2018 through June 30, 2019. Additional

companies are under review and, if necessary, an addendum to this Bulletin will be

issued.



In accordance with Section 659 (b), Title 22 Virgin Islands Code, all unauthorized insurers

must have capital and surplus in an amount not less than $7,000,000 in the aggregate, and

alien unauthorized insurers must additionally maintain in the United States an irrevocable

trust fund of not less than $2,500,000.



The Commissioner of Insurance may declare any of the insurers identified in this Bulleun

ineligible, if the company (1) is in unsound financial condition, (2) has willfully violated the

insurance laws of the Territory, or (3) does not make reasonably prompt payment of just

losses and claims in the U.S. Virgin Islands or elsewhere.



All surplus lines brokers are reminded that pursuant to Sections 660, 661 and 662 of Title 22

Virgin Islands Code, they are required to keep full and accurate records of all transactions,

timely file quarterly statements of all surplus lines transactions and timely remit to the

Commissioner of Insurance a tax of 5% on quarterly premiums.



21. Travelers Excess and Surplus Lines Company

22. United National Insurance Company



23. Universal Insurance Company