Bulletin 2018 03 Signed
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. …
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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