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Division of Banking, Insurance and Financial Regulation 5049 Kongens Gade, Charlotte Amalic, St. Thomas, USVI 00802-6487 @ (340) 774-7166 @ Max (340) 774-9458/774-5590 1131 King Street, Suite 101, Christiansted, St. Croix, USV'1 00820 @ (340) 773-6459 @ [ax (340) 719-3801 BULLETIN 2025-02 TO: ALL SURPLUS LINES BROKERS LICENSED IN THE U.S. VIRGIN ISLANDS AND OTHER INTERESTED PARTIES RE: ELIGIBLE UNAUTHORIZED (SURPLUS LINES) INSURERS IN THE US. VIRGIN ISLANDS The Division of Banking, Insurance, and Financial Regulation has reviewed the financial statements of various alien and foreign 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, 2024, through June 30, 2025. 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 Bulletin 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 line 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 line transactions, and timely remit to the Commissioner of Insurance a tax of 5% on quarterly premiums. 41 42. 43. 44. 45. 46. 47, 48. 49. 50. 51 53 54 55 56 57 58 59 60 . OBE UK Limited Safeco Surplus Lines Insurance Company Safepoint Insurance Company Scottsdale Insurance Company SiriusPoint International Insurance Corporation Southern Pacific Insurance Corporation Starr Surplus Lines Insurance Company StarStone Insurance SE StarStone Specialty Insurance Company Steadfast Insurance Company . St. Paul Surplus Lines Insurance Company 52. . T.H.E. Insurance Company . The Marine Insurance Company Limited . Tokio Marine Specialty Insurance Company . Travelers Excess and Surplus Lines Company . United National Insurance Company . United Specialty Insurance Company . Universal Insurance Company . Westchester Surplus Lines Insurance Company Swiss Re Corporate Solutions Capacity Insurance Corporation