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Les Office of the Lieutenant Governor Division of Banking and Insurance Virgin Ielands Kongens Gade No. 18, Charlotte male, St. Thomas, USVI 00802 ® (40) 774-7166 @ Fax (40) 774-9458 1134 King Street, Suite 101, Chrsuansted, St. Croix, USVI 00820 @ (340) 773-6459 @ Fax (340) 773-4052 BULLETIN 2015-02 TO: ALL SURPLUS LINES BROKERS LICENSED IN THE U.S. VIRGIN ISLANDS AND OTHER INTERESTED PARTIES RE; ELIGIBLE UNAUTHORIZED (SURPLUS LINES) INSURERS IN THE US. 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, 2015 through June 30, 2016. 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 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 Tide 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 2 surplus lines broker from placing non-admitted insurance with, or procuring non-admitted insurance from, a non-U.S., non-admitted insurer that is listed on the Quarterly Listing of Alien Insurers maintained by the International Insurers Department (IID) of the National Association of Insurance Commissioners (NAIC) at: 21. QBE Insurance (Europe) Limited 22. Safeco Surplus Lines Insurance Company 23. St. Paul Surplus Lines Insurance Company 24. Steadfast Insurance Company 25. T.H.E. Insurance Company 26. Topa Insurance Company 27. Torus Specialty Insurance Company 28. Travelers Excess and Surplus Lines Company 29. United National Insurance Company 30. Universal Insurance Company 31. Utica Specialty Risk Insurance Company 32. Westchester Surplus Lines Insurance Company