Bulletin 2011 01 Surplus Lines Written Report
tk 05-23-11;04: 14PM; r Les J iweries rat __ Office of the Lieutenant Governor Virgin Ieiands Kongens Gade No. 18, Charlotte Amalie, St. Thomas, USVI 00802 @ (340) 774-7166 @ Fax (340) 774-9458 1131 King Street, Suite 101, Christiansted, St. Croix, USVI 00820 @ (340) 773-6459 @ Fax (340) 719-3801 BULLETIN 2011-01 TO: ALL SURPLUS LINES INSURERS AND SURPLUS LINES BROKERS AUTHORIZED TO TRANSACI SURPLUS LINES BUSINESS IN THE TERRITORY RE: SURPLUS LINES WRITTEN REPORTS Section 653. Surplus line coverage (a) If certain insurance coverage’s cannot be procured from authorized insurers, such coverage’s, hereinafter designated as “surplus lines,” may be procured from unauthorized insurers subject to the following conditions: (1) The insurance must be procured through a licensed surplus line (2) The msurance must not be procurable, after diligent effort has been made to do so from among a majority of the insurers authorized to transact that kind of insurance in this termory and placing the insurance with an unauthorized insurer must not be for the urpose of securing a lower premium rate that wo …
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tk 05-23-11;04: 14PM; r Les J iweries rat __ Office of the Lieutenant Governor Virgin Ieiands Kongens Gade No. 18, Charlotte Amalie, St. Thomas, USVI 00802 @ (340) 774-7166 @ Fax (340) 774-9458 1131 King Street, Suite 101, Christiansted, St. Croix, USVI 00820 @ (340) 773-6459 @ Fax (340) 719-3801 BULLETIN 2011-01 TO: ALL SURPLUS LINES INSURERS AND SURPLUS LINES BROKERS AUTHORIZED TO TRANSACI SURPLUS LINES BUSINESS IN THE TERRITORY RE: SURPLUS LINES WRITTEN REPORTS Section 653. Surplus line coverage (a) If certain insurance coverage’s cannot be procured from authorized insurers, such coverage’s, hereinafter designated as “surplus lines,” may be procured from unauthorized insurers subject to the following conditions: (1) The insurance must be procured through a licensed surplus line (2) The msurance must not be procurable, after diligent effort has been made to do so from among a majority of the insurers authorized to transact that kind of insurance in this termory and placing the insurance with an unauthorized insurer must not be for the urpose of securing a lower premium rate that would be expected by any authorized insure. (b) Within 30 days after the procuring of any surplus line insurance, the surplus line broker must execute and shall file with the Commissioner: (1) a written report, which shall be kept confidential and which shall include the following: (A) the name and address of the insured; (B) the identity of the insurer or insurers; (C) a description of the subject and location of the risk: (D) the amount of premium charged for the insurance; and (E) such other pertinent information as the Commissioner may reasonably require; and (2) An affidavit setting forth the facts referred to in subsection (a), paragraph (2), of this section. broker; and MAY-23-2011 @3:28PM From: ID:BANKS & INS. STX Page:@@1 R=95% 4: Lie 05-23-11;04: 14PM; ; Section 662. Premium tax; surplus lines (a) On or before the first day of February, May, August, and November of each year, each surplus line broker shall remit to the Commissioner of Insurance, a tax of five percent (5%) on the quarterly premiums of surplus line Insurance transacted by him on risks located in the territory: The Division of Banking and Insurance (“Division) has been observing a number of Surplus lines insurers and/or brokers are submitting their written report and/or premium taxes in contradiction with the requirements of Section 653 and 662 of Title 22, VI Code. Please note, the Division will not accept any filing that is not submired consistent with the law. Further, only insurers meeting the requirements under this Section 653(a) may conduct surplus line business, Any Surplus line insurers or broker acting in a manner contrary to the low will be deemed in violation. Dated this \s day of April, 2011, at St. Thomas, US. Virgin Islands. bow mad) hn D. McDonald rector MAY-23-28011 83:29PM From: ID:BANKS & INS. STX Pase:@@2 R=95%