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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) 774-7166 @ Fax (340) 774-9458/774-5590 1131 King Street, Suite 101, Christiansted, St. Croix, USVI 00820 @ (340) 773-6459 @ Fax (340) 719-3801 BULLETIN 2021-02 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, 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, 2021 through June 30, 2022. If necessaty, 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. Additionally, in accordance with Section 524 of the Non-admitted and Reinsurance Reform Act (NRRA) of 2010, which became effective on July 21, 2011, states may not prohibit a 39. Prime 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. Sirius International Insurance Corporation 46. Sirius Specialty Insurance Corporation 47. Southern Pacific Insurance Corporation 48. St. Paul Surplus Lines Insurance Company 49. Starr Surplus Lines Insurance Company 50. StarStone Insurance SE 51. Starstone Specialty Insurance Company 52. Tokio Marine Specialty Insurance Company 53. Travelers Excess and Surplus Lines Company 54. Westchester Surplus Lines Insurance Company 55. United National Insurance Company 56. United Specialty Insurance Company 57. Universal Insurance Company