Bulletin 2026-03 Individual Insurance Producers and Adjusters 2 Yr licensure with expiration date in the last date of birth month

Collection: Executive Agency Records
Sub-shelf: ltg.gov.vi
Kind: Government Report
Date: 2026-06-22
Pages: 2
Text: OCR Text
Identifiers: Act 9084

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Office of the Lieutenant Governor Division of Banking, Insurance and Financial Regulation #5049 Kongens Gade, Charlotte Amalie, St. Thomas, USVI 00802-6487 @ (340) 774-2991 @ Fax (340) 774-9458 1131 King Street, Suite 101, Christiansted, St. Croix, USVI 00820 @ (340) 773-6449 @ Fax (340) 719-3801 Itg.gov.vi BULLETIN 2026-03 TO: Insurance Producers and Adjusters Doing Business in the U.S. Virgin Islands FROM: Tregenza A. Roach, Esq., Lieutenant Governor and Commissioner of Insurance RE: Transitioning Individual Insurance Producers and Adjusters Licensing from one year to two years, with expiration date on the last day of birth month instead of December 3 Ist. This Bulletin serves to advise all licensed insurance producers and adjusters that on March 26, 2026, the Honorable Governor Albert Bryan Jr. signed into law Act No. 9084 (“Act”), which amended the Virgin Islands Producer and Adjuster Licensing Act (“Producer and Adjuster Licensing Act”), which is codified in Chapter 31 of Title 22 of the Virgin Islands Code. The Act established new licensure cycles for individual insurance producers, formerly known as insurance agents, brokers, solicitors and managing general agents, as well as adjusters, and provides new license expiration dates. We are excited to announce effective October 1, 2026, which is the beginning of the 2027 renewal cycle, the current one-year licensure term for individual insurance producers and adjusters will be changed to a two-year licensure cycle. Additionally, the expiration date of individual insurance producers and adjusters’ licenses will be changed from December 31* to the last day of the licensee’s birth month. The Purpose of these changes is to streamline the licensure process for individual insurance producers who are already required to complete continuing education on a two-year cycle. The continuing education provision was implemented in the Virgin Islands in January 2024. As such, adopting a two-year licensure term promotes consistency, reduces administrative burden, and aligns the Territory with national standards. In preparation for renewing your license, licensees should also note with the issuance of a two-year license renewal, fees will be adjusted to align with the extended renewal period. This does not constitute a fee change, rather for individuals who previously had a one-year license they will now receive a license valid for two years. Do note, this change in license cycle does not affect business entities also known as insurance agencies. For additional information regarding the implementation of this Act, you may contact NAIC Service Desk at 816-783-8990 or sbshel naic.or. or the Division of Banking, Insurance, and Financial Regulation Licensing Unit at 340-774-2991 on St. Thomas or 340-773-6449 on St. Croix Dated this 2." 2..aoday of Jun os as, U.S. Virgin Islands. cai | Ys sy /- nza A. Roach sq — te t Governor and 1,1 Commissioner of Insurance Vy I [tee ry) a, ihe if i