State Requirements

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 at least eighteen (18) years old or older as determined from the applicant's date of birth.

• Applicant must not hold an active resident Virgin Island license while applying for a non-resident Virgin Island license.

• Applicants can reinstate/reapply if license has been cancelled or is more than one (1) year after expiration date.

• Applicants address must match current PDB record for resident state.

• 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.

• Amendments are allowed on active licenses or when reinstating license.

• 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.

• For phone, email, and fax number to submit documents or questions concerning documentation requirements to process your application please visit the state contact page for the U.S. Virgin Islands Division of Banking, Insurance and Financial Regulation contact information page. Failure to submit requested documentation can result in license application being denied.