Surplus Lines 2023 2024 Renewal
Office of the Lieutenant Governor Division of Banking, Insurance and Financial Regulation Kongens Gade No. (8, Charlotte malic, St. Thomas, USV1 00802 @ (340) 774-2991 @ Max (340) 774-9458,/'774-3590 1131 King Street, Suite 101, Chnistiansted, St. Croix, USN] 00820 @ (340) 773-6459 @ Fax (340) 719-3801 BULLETIN 2023-01 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, 2023 through June 30, 2024. If necessary, an addendum to this Bulletin will be issued. …
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Office of the Lieutenant Governor Division of Banking, Insurance and Financial Regulation Kongens Gade No. (8, Charlotte malic, St. Thomas, USV1 00802 @ (340) 774-2991 @ Max (340) 774-9458,/'774-3590 1131 King Street, Suite 101, Chnistiansted, St. Croix, USN] 00820 @ (340) 773-6459 @ Fax (340) 719-3801 BULLETIN 2023-01 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, 2023 through June 30, 2024. 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. 38. PartnerRe America Insurance Company 39. Point Excess and Surplus Insurance Company 40. Progressive Casualty Insurance Company 41. QBE UK Limited 42. Rockhill Insurance Company 43. Safeco Surplus Lines Insurance Company 44. Scottsdale Insurance Company 45. SiriusPoint International Insurance Corporation 46. Southern Pacific Insurance Corporation (SOPAC) 47. St. Paul Surplus Lines Insurance Company 48. Starr Surplus Lines Insurance Company 49. StarStone Insurance SE 50. StarStone Specialty Insurance Company 51. Steadfast Insurance Company 52. Swiss Re Corporate Solutions Capacity Insurance Corporation 53. T.H.E. Insurance Company 54. The Marine Insurance Company, Ltd. 55. Tokio Marine Specialty Insurance Company 56. Topa Insurance Company 57. Travelers Excess and Surplus Lines Company 58. United National Insurance Company 59. United Specialty Insurance Company 60. Universal Insurance Company 61. Westchester Surplus Lines Insurance Company