U.S. Virgin Islands
Tregenza A. Roach
Virgin Islands Dept. of Banking, Insurance & Financial Regulation
5049 Kongens Gade
St. Thomas, U.S. Virgin Islands, 00802
Appointments & Terminations
Yes
No
Within 15 days of contract execution
**Resident **VI ST T. 22 § 758(b)(11) An agent must be appointed before applying for a license. **Non Resident** VI ST T. 22 § 779 A producer may not act as: a. an agent of an insurer unless the producer becomes an appointed agent of the insurer; or b. a solicitor of an agent or broker unless the producer becomes an appointed solicitor of that agent or broker. The appointing insurer, agent, or broker must file a notice of appointment in the Commissioner-approved format within 15 days after the date the agreement is executed.
Yes
$50
Yes
No
No
The system date
No
Yes
Voluntary termination; inadequate production; cancelled by general agent; death; company defunct or liquidation; company indebtedness; poor policyholder service; agent moved; appointed in error; cancelled; cancelled for cause; company merger; revoked; suspended for compliance; request regulatory review
No
Date effective date is the system date
No
Licensing
Resident New License Insurance Producer Fee: $400 (plus $50 per additional LOA)
Resident New License Surplus Lines Broker Fee: $500
Nonresident New License Insurance Producer Fee: $700 (plus $50 per additional LOA)
Nonresident New License Surplus Lines Broker Fee: $500
Resident: Insurance Producer Renewal Fee: $200 Late Renewal Fee: $400 Independent Adjuster Renewal Fee: $250 Late Renewal Fee: $500 Managing General Agent Renewal Fee: $450 Late Renewal Fee: $900 Medical Air Representative Renewal Fee: $150 Late Renewal Fee: $300 Public Adjuster Renewal Fee: $250 Late Renewal Fee: $500 Solicitor Renewal Fee: $200 Late Renewal Fee: $400 Surplus Lines Broker Renewal Fee: $500 Late Renewal Fee: $1000 Insurance Producer Renewal Fee: $400 Late Renewal Fee: $800 Managing General Agent Renewal Fee: $450 Late Renewal Fee: $900 Surplus Lines Broker Renewal Fee: $500 Late Renewal Fee: $1000
92 days before expiration
Last day of birth month every 2 years based on year of first state license issue
Late renewal allowed up to one year after expiration
92 days before expiration
Dec. 31 annually
Late renewal allowed up to one year after expiration
No
No
Business and Mailing
Agent, Managing General Agent, Third Party Administrator, Surplus Lines Broker, Solicitor, Property and Casualty, Broker, Independent Adjuster, Public Adjuster, Insurance Producer, Medical Air Representative, Emergency Independent Adjuster
No
Included in Producer License Class. Insurers are not required to appoint Brokers per NAIC PLMA
A licensed agent may: A. be licensed as a broker; and B. be a broker as to insurers for which he/she is not then licensed as agent. A licensed broker may be licensed as and be an agent as to insurers appointing him/her as agent
No
No pre license education requirements
Tax clearance
Bond
Letter of recommendation
NIPR Gateway
Prior to processing a resident license applicant must submit to the U.S. Virgin Islands three letters of recommendation and a current tax clearance letter from the Bureau of Internal Revenue.
To set-up an exam, Individuals can contact the Licensing section of Banking and Insurance at 340-774-7166
None
Contact Change Request Supported via NIPR Gateway.
Agency
90 days prior to license expiration date until expiration date. Late renewal period starts one day past the expiration date, and lasts one month
Adjuster
Yes
No LOA required
Licensing Fee: $500 Reinstatement Fee: $500 Renewal Fee: $250 Late Renewal Fee: $500
Yes
DRLP required for business entities.
Annually, on December 31st. Renewal period is Oct. 1st - Dec. 31st.
DRLP required for business entities.
No LOA required
**Licensing Fee: **$500 R**einstatement Fee:** $500 **Renewal Fee:** $250 **Late Renewal Fee: **$500
Yes
Licensing Fee: $300.00
Reinstatement Fee: $300.00
No LOA required
Licensing Fee: $500 Reinstatement Fee: $500 Renewal Fee: $250 Late Renewal Fee: $500
Yes
Continuing Education
12
1 year
Yes
Prior to license renewal.
3
Insurance Producers, Public Adjusters, Independent Adjusters and Solicitor's must take 12 hours of CE
Regulatory Updates
U.S. Virgin Islands Implements Primary Name Updates
Effective January 17, 2025, U.S. Virgin Islands will implement a new transaction type to process individual primary name updates
Virgin Islands Starts Enforcing Continuing Education Validations For Resident Renewals
Effective October 9, 2024, Virgin Islands will begin enforcing continuing education validations for resident renewals with the below license classes. Insurance Producer Public Adjuster Independent Adjuster Applicants who are required to complete CE will not be allowed to submit their renewal until they are compliant.
Virgin Islands Resident Renewal Turned Off Temporary
Effective October 4, 2024, Virgin Islands will turn off the resident renewal process for electronic applications. Any transaction submitted will be declined until processing resumes. Update: October 9, 2024, Virgin Islands turned on the system for electronically processing applications as a resident renewal
Virgin Islands Division of Banking, Insurance and Financial Regulation Announces CE Requirements for 2025 Calendar Year Renewal Applications
Effective January 1, 2024, the United States Virgin Islands (USVI) Division of Banking, Insurance and Financial Regulation will begin requiring completion of 12 (9 General and 3 Ethics) Continuing Education Credits for Resident Licensees prior to submitting their renewal application for calendar year 2025. These new CE requirements apply to United States Virgin Islands Resident Licensees that hold either a valid Insurance Producer, Public Adjuster, Independent Adjuster and/or Solicitor license. Please see attached for more information.
Virgin Islands Removes SSN Requirement for Appointments and Terminations
Effective February 10, 2023, US Virgin Islands will no longer require the Producer's SSN for Appointments and Terminations. The NPN will be required. Tax ID (FEIN) will still be required for business entities.
FAQs
-
How Do I Get an Insurance License in the U.S. Virgin Islands?
-
How Do I Get a State Adjuster License in the U.S. Virgin Islands?
-
How Do I renew My Non-Resident Adjuster License in U.S. Virgin Islands?
-
How Do I Renew My Adjuster License In U.S. Virgin Islands?