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Office of the Lieutenant Governor Division of Banking, Insurance and Financial Regulation Kongens Gade No. 18, Charlotte Amalie, St. Thomas, USVI 00802 @ (340) 774-2991 @ Fax (340) 774-9458/774-5590 1131 King Street, Suite 101, Christiansted, St. Croix, USVI 00820 @ (340) 773-6459 @ Fax (340) 719-3801 BULLETIN 2022-04 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 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, 2022 through June 30, 2023. 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 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. Additionally, in accordance with Section 524 of the Non-admitted and Reinsurance Reform Act (NRRA) of 2010, which became effective on July 21, 2011, states may not prohibit a surplus lines broker from placing non-admitted insurance with, or procuring non-admitted insurance from, a non-U.S., non-admitted insurer that is listed on the Quarterly Listing of Alien Insurers maintained by the International Insurers Department (IID) of the National Association of Insurance Commissioners (NAIC). Further, The Federal Act provides for the automatic approval of a non-admitted insurer domiciled outside of the United States if the insurer is listed on the Quarterly Listing and once notice of intent to do business is provided to that state. Dated this / day of July, at St. Thomas, WS. Virgin Islands. Glendina Matthew, Esq. Interim Director Eligible Unauthorized (Surplus Lines) Insurers July 1, 2022 to June 30, 2023 Admiral Insurance Company Allied World Assurance Company (U.S.) Inc. Allied World Surplus Lines Insurance Company Arch Specialty Insurance Company Aspen Insurance UK Limited axis Surplus Insurance Company Chubb Custom Insurance Company Convex Insurance UK Limitd Crum & Forster Specialty Insurance Company 10. Endurance American Specialty Insurance 11. Evanston Insurance Company 12. Executive Risk Indemnity Inc. 13. First Mercury Insurance Company 14. First Specialty Insurance Corporation 15. Gemini Insurance Company 16. General Security Indemnity Company of Arizona 17. General Star Indemnity Company 18. Geovera Specialty Insurance Company 19. Great American E&S Insurance Company 20. Harleysville Insurance Company of New York 21. HDI Global Specialty SE 22. Hilltop Specialty Insurance Company 23. Homeland Insurance Company of Delaware 24. Hudson Excess Insurance Company 25. Interstate Fire & Casualty Company 26. Ironshore Specialty Insurance Company 27. ISMIE Indemnity Company 28. James River Insurance Company 29. Jewelers Mutual Insurance Company 30. Kinsale Insurance Company 31. Landmark American Insurance Company 32. Lexington Insurance Company 33. Lexon Insurance Company 34. Liberty Surplus Insutance Corporation 35. Markel International Insurance Company Limited 36. Maxum Indemnity Company 37. MSIG Specialty Insurance USA Inc. 38. Mt. Hawley Insurance Company SON OP Sh 39. National Fire & Marine Insurance Company 40. Navigators Specialty Insurance Company 41. North American Capacity Insurance Company 42. Old Republic Union Insurance Company 43. Pacific Insurance Company, Limited 44. PartnerRe America Insurance Company 45. Prime Insurance Company 46. Progressive Casualty Insurance Company 47. QBE UK Limited 48. Rockhill Insurance Company 49. Safeco Surplus Lines Insurance Company 50. Scottsdale Insurance Company 91. SiriusPoint International Insurance Corporation 52. Southern Pacific Insurance Corporation 53. St. Paul Surplus Lines Insurance Company 54. Starr Surplus Lines Insurance Company 55. StarStone Insurance SE 56. StarStone Specialty Insurance Company 57. Steadfast Insurance Company 58. T.H.E. Insurance Company 59. Tokio Marine Specialty Insurance Company 60. Topa Insurance Company 61. Travelers Excess and Surplus Lines Company 62. United National Insurance Company 63. United Specialty Insurance Company 64. Universal Insurance Company 65. Westchester Surplus Lines Insurance Company