USVI Public Records

Document text

Office of the Lieutenant Governor Division of Banking, Insurance and Financial Regulation #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 wwwltg.gov.vi BULLETIN 2018-04 TO: U.S. VIRGIN ISLANDS LICENSED AGENTS, BROKERS, SOLICITORS, ADJUSTERS, MANAGING GENERAL AGENTS RE: REPEALING TITLE 22 VIRGIN ISLANDS CODE, CHAPTER 31 TO ENACT THE “VIRGIN ISLANDS PRODUCER AND ADJUSTER LICENSING ACT” This Bulletin serves to advise U.S. Virgin Islands licensed agents, brokers, solicitors, adjusters, and managing general agents of the passage of Act No. 7964 (“the Virgin Islands Producer and Adjuster Licensing Act”), which 1) repeals and reenacts title 22 Virgin Islands Code chapter 31; and 2) governs the qualifications and procedures for the licensing of insurance producers, solicitors, adjusters and managing general agents. This bulletin is, also, to notify licensees of the implementation of new insurance licensing fees effective October 1, 2018. One of the major changes in the Virgin Islands Producer and Adjuster Licensing Act is the re- designation of licensees previously known as agents and brokers, which will now be generally referred to as insurance producers. Insurance producer means a person required to be licensed under the laws of the Virgin Islands to sell, solicit or negotiate insurance. The definition of insurance producer neither includes excess and surplus line brokers licensed under chapter 27 of Title 22, Virgin Islands Code, nor adjusters who are otherwise defined in Act 7964. In addition, Act 7964 extends the licensing of surplus lines brokers to nonresidents and creates a new licensing class of managing general agent. The Act sets forth additional licensing requirements under which a resident insurance producer must demonstrate that he or she: Lastly, the fees for the following licensure classes have also been changed and/or increased as follows: Non- Licensing Fee Changes Resident | Resident SIE fon, oil Resident Late Resident | Resident Licensing | Renewals Late Renewals | Licensing | Renewals | Renewals Insurance Producer $400 $200 $400 $700 $400 $800 Surplus Lines Broker $500 $500 $1,000 $500 $500 $1,000 Managing General Agent $850 $450 $900 $850 $450 $900 Independent Adjuster $500 $250 $500 $500 $250 $500 Public Adjuster $500 $250 $500 $500 $250 $500 Solicitor $400 $200 $400 NIA NIA NIA Medical Air Rep $150 $150 $300 NIA NIA NIA Emergency Independent Adj. $300 NIA NIA $300 NIA NIA All persons seeking a new or renewed license are encouraged to submit an electronic application through www.nipr.com. For further details as to the e-filing of an insurance application, contact the NIPR help desk at 1(855)674-6477. If there are questions regarding this Bulletin, please contact the Licensing Section of the Division of Banking, Insurance and Financial Regulation by calling (340) 774-7166 on St. Thomas or (340) 773-6459 on St. Croix. Dated this ure day of September, 2018 on St. Croix, U.S. Virgin Islands. Ke Osbert E. Potter ' Lieutenant Governor’ Commissioner of Insurance