Bulletin 2014-02-Eligible Unauthorized Insurers(Surplus Lines)
sg Office of the Lieutenant Governor Division of Banking and Insurance Virgin Ialands No. 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 BULLETIN 2014-02 TO: ALL SURPLUS LINES BROKERS LICENSED IN THE U.S. VIRGIN ISLANDS AND OTHER INTERESTED PARTIES RE: ELIGIBLE UNAUTHORIZED (SURPLUS LINES) INSURERS IN THE U.S. VIRGIN ISLANDS The Division of Banking and Insurance 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, 2014 through June 30, 2015. Additional companies are under review and, if necessary, an addendum to this Bulletin will be issued. …
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sg Office of the Lieutenant Governor Division of Banking and Insurance Virgin Ialands No. 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 BULLETIN 2014-02 TO: ALL SURPLUS LINES BROKERS LICENSED IN THE U.S. VIRGIN ISLANDS AND OTHER INTERESTED PARTIES RE: ELIGIBLE UNAUTHORIZED (SURPLUS LINES) INSURERS IN THE U.S. VIRGIN ISLANDS The Division of Banking and Insurance 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, 2014 through June 30, 2015. 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 ixrevocable trust fund of not less than $2,500,000. The Commissioner of Insurance may declare any of the insurers identifed 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. Dated this L€ eK day of July 2014, at St. Thomas, U.S. Virgin Islands. John D. McDonald Director Eligible Unauthorized Insurers July 1, 2014 to June 30, 2015 1. Admiral Insurance Company 2. Alterra Excess & Surplus Insurance Company 3. Arch Specialty Insurance Company 4. Aspen Insurance UK Limited 5, Associated International Insurance Company 6. Chubb Custom Insurance Company 7. Colony Insurance Company 8. Endurance American Specialty Insurance Company 9. Executive Risk Indemnity Inc. 10. First Mercury Insurance Company 11, Gemini Insurance Company 12. General Star Indemnity Company 13. Geovera Specialty Insurance Company 14. Great American E&S Insurance Company 15. Hudson Excess Insurance Company 16. Hudson Specialty Insurance Company 17. Interstate Fire & Casualty Company 18. Ironshore Specialty Insurance Company 19. James River Insurance Company 20. Jewelers Mutual Insurance Company Bulletin 2014-02: Eligible Unauthorized Insurers 21. Lexington Insurance Company 22. Lexon Insurance Company 23. Markel International Insurance Company Limited 24. Maxum Indemnity Company 25. Mt. Hawley Insurance Company 26. Navigators Insurance Company 27. North American Capacity Insurance Company 28. Pacific Insurance Company 29. Prime Insurance Company 30. Progressive Casualty Insurance Company 31. QBE Insurance (Europe) Limited 32. Rockhill Insurance Company 33. Safeco Surplus Lines Insurance Company 34. St. Paul Surplus Lines Insurance Company 35. Steadfast Insurance Company 36. T.H.E. Insurance Company Inc. 37. Topa Insurance Company 38. Torus Insurance (UK) Limited 39. Torus Specialty Insurance Company 40. Travelers Excess and Surplus Lines Company 41. United National Insurance Company 42. Universal Insurance Company nn ______________________| Bulletin 2014-02: Eligible Unauthorized Insurers Page 3 43. Utica Specialty Risk Insurance Company 44. Westchester Surplus Lines Insurance Company EEE ee ey Bulletin 2014-02: Eligible Unauthorized Insurers Page 4