Fees
Fees shown are state fees only. These fees do not include NIPR transaction fees.
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If application is received between October and December, applicant will need to pay full licensing fee. No prorating and no blackout periods.
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All fees are charged per transaction.
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Line of Authority Addition (Amendment)
- Fee: $50
Insurance Producer
Fee:
$700
Reinstatement fee:
$700
Independent Adjuster
Fee:
$500
Reinstatement fee:
$500
Managing General Agent
Fee:
$850
Reinstatement fee:
$850
Public Adjuster
Fee:
$500
Reinstatement fee:
$500
Surplus Lines Broker
Fee:
$500
Reinstatement fee:
$500
Lines of Authority
Please note that license class names can vary by state.
Insurance Producer
DRLP Required
Life, Accident & Health or Sickness, Variable Life and Variable Annuity, Property, Casualty, Personal Lines, Car Rental, Credit, Travel, Surety, Title
Independent Adjuster
DRLP Required
No Line of Authority Required
Managing General Agent
DRLP Required
No Line of Authority Required
Public Adjuster
DRLP Required
No Line of Authority Required
Surplus Lines Broker
DRLP Required
No Line of Authority Required
Rules and Regulations
Applicant Can
- Submit initial license for business entities electronically.
- Submit major lines of authority.
- Submit limited lines of authority.
- Submit surplus lines of business entities.
- Submit Non Resident Adjuster License (NRAL) through Non Reisdent License (NRL) application.
- Add a line of authority (amend) to an existing active license.
- Reinstate/reapply through NIPR's Non-Resident License Application.
- Print licenses electronically.
Business Rules
Effective October of each year, the Division of Banking, Insurance and Financial Regulation begins the process of renewing insurance licenses for the upcoming calendar year. Any license applied for before September 30th will expire December 31st of that same year.
Applicant must be one of the following legal business types:
- Corporation
- Partnership
- Limited Liability Company (LLC)
- Limited Liability Partnership (LLP)
- Sole Proprietorship
At least one (1) Designated Responsible Licensed Producer must be provided on the application and have an active resident or non-resident license in the Virgin Islands.
The Designated Responsible Licensed Producer(s) must cumulatively cover all lines of authority with in the same license class listed on the application.
Applicants with a status reason of revoked or suspension-admin action in any jurisdiction may not apply electronically. Applicant will need to contact the U.S. Virgin Islands Division of Banking, Insurance and Financial Regulation for more information on how to apply.
Applicants can reinstate/reapply if license has been cancelled or is more than one (1) year after expiration date.
Managing General Agent applicants must actively hold an Insurance Producer license on the Producer Database. Applicant must submit a copy of the contract with the insurer, along with a bond of $50,000 or in the amount of 10% of total premiums, not exceeding $500,000. Bond must be in favor of the Government of Virgin Islands and secured through a company licensed to conduct business in the U.S. Virgin Islands. Copy of bond must be faxed to start application process, once original has been mailed and received by U.S Virgin Islands the application can be complete.
Personal Lines applicant can apply for Property OR Casualty lines of authority but not both. Property, Casualty, and Personal Lines cannot be held or applied for simultaneously.
Property and Casualty line of authority applicants cannot apply for Personal Lines. Personal Lines is included in the major lines of Property and Casualty.
If applicant responds "yes" to one of the background questions please submit supporting documents electronically via NIPR's Attachments Warehouse. The documents may also be submitted to the state via mail, email, or fax. All other required documentation must be forwarded directly to the state.
Contact Information
Mailing Address
Virgin Islands Division of Banking, Insurance and Financial Regulation
Gail Danet-Joseph, Chief of Licensing
5049 Kongens Gade
St. Thomas, VI 00802
United States
State overview page
Learn more about state-specific licensing requirements and associate fees to ensure you have all the necessary information for compliance.