Office of the Lieutenant Governor

Division of Banking, Insurance and

Financial Regulation



#5049 Kongens Gade, Charlotte Amalie, St. Thomas, USVI 00802-6487 @ (340) 774-7166 @ Fax (340) 774-9458

1131 King Street, Suite 101, Christiansted, St. Croix, USVI 00820 @ (340) 773-6459 @ Fax (340) 719-3801



wwwltg.gov.vi



BULLETIN 2018-04



TO: U.S. VIRGIN ISLANDS LICENSED AGENTS, BROKERS, SOLICITORS,

ADJUSTERS, MANAGING GENERAL AGENTS



RE: REPEALING TITLE 22 VIRGIN ISLANDS CODE, CHAPTER 31 TO ENACT

THE “VIRGIN ISLANDS PRODUCER AND ADJUSTER LICENSING ACT”



This Bulletin serves to advise U.S. Virgin Islands licensed agents, brokers, solicitors, adjusters,

and managing general agents of the passage of Act No. 7964 (“the Virgin Islands Producer and

Adjuster Licensing Act”), which 1) repeals and reenacts title 22 Virgin Islands Code chapter 31;

and 2) governs the qualifications and procedures for the licensing of insurance producers,

solicitors, adjusters and managing general agents. This bulletin is, also, to notify licensees of the

implementation of new insurance licensing fees effective October 1, 2018.



One of the major changes in the Virgin Islands Producer and Adjuster Licensing Act is the re-

designation of licensees previously known as agents and brokers, which will now be generally

referred to as insurance producers. Insurance producer means a person required to be licensed

under the laws of the Virgin Islands to sell, solicit or negotiate insurance. The definition of

insurance producer neither includes excess and surplus line brokers licensed under chapter 27 of

Title 22, Virgin Islands Code, nor adjusters who are otherwise defined in Act 7964.



In addition, Act 7964 extends the licensing of surplus lines brokers to nonresidents and creates a

new licensing class of managing general agent. The Act sets forth additional licensing

requirements under which a resident insurance producer must demonstrate that he or she:


Lastly, the fees for the following licensure classes have also been changed and/or increased as



follows:

Non-

Licensing Fee Changes Resident | Resident SIE fon, oil Resident

Late Resident | Resident

Licensing | Renewals Late

Renewals | Licensing | Renewals

| Renewals

Insurance Producer $400 $200 $400 $700 $400 $800

Surplus Lines Broker $500 $500 $1,000 $500 $500 $1,000

Managing General Agent $850 $450 $900 $850 $450 $900

Independent Adjuster $500 $250 $500 $500 $250 $500

Public Adjuster $500 $250 $500 $500 $250 $500

Solicitor $400 $200 $400 NIA NIA NIA

Medical Air Rep $150 $150 $300 NIA NIA NIA

Emergency Independent Adj. $300 NIA NIA $300 NIA NIA



All persons seeking a new or renewed license are encouraged to submit an electronic application

through www.nipr.com.



For further details as to the e-filing of an insurance application, contact the NIPR help desk at

1(855)674-6477.



If there are questions regarding this Bulletin, please contact the Licensing Section of the Division

of Banking, Insurance and Financial Regulation by calling (340) 774-7166 on St. Thomas or (340)

773-6459 on St. Croix.



Dated this ure day of September, 2018 on St. Croix, U.S. Virgin Islands.



Ke



Osbert E. Potter '

Lieutenant Governor’ Commissioner of Insurance