VIRGIN ISLANDS Resident License Renewal for Individuals

RENEW HERE

State Announcements

There are no announcements for Virgin Islands at this time.

Primary Rules (Individual)

Response

Question

Yes

Accepts renewals for individuals electronically.

Yes

Accepts renewals for major lines of authority.

Yes

Accepts renewals for limited lines of authority.

Yes

Accepts renewals for surplus lines for individuals.

Yes

Applicant can late renew through NIPR's Resident License Renewal Application.

No

Partial renewals allowed.

Yes

License printing available electronically.

License Printing

To print your license, click the state on NIPR's Producer Licensing Map.

Renewal Period (Individual)

License Class

Renewal Period

Late Renewal Grace Period

Late Renewal Period

All License Classes

October 1st – December 31st

January 1st -  January 15th

January 16th - December 31st

All licenses expire annually on December 31st

If original application was received between October and December, licensee will not need to renew until December 31st of the following year.

Business Rules (Individual)

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 renew.

Applicant may not partially renew the license. All active lines of authority on the license must be renewed.

Applicant must be in compliant with their continuing education (CE) to renew certain lines of authority. Please review the ‘state offerings’ section below to verify if CE hours are required to renew.

Applicants must reinstate through NIPR's Resident License Renewal Application if license is inactive and within one (1) year of license expiration date.

Insurance Producer applicants, who do NOT act on behalf of a carrier and are an agent of the insured, must maintain the current bond and make available to the U.S. Virgin Islands Division of Banking, Insurance and Financial Regulation, upon request. The bond should be in favor of the Government of the Virgin Islands for $10,000 and secured through a company licensed to conduct business in the U.S. Virgin Islands.

Insurance Producer applicants who represent a carrier are required to have an appointment from all companies that they will be representing. If appointment is not submitted after the license displays on PDB, the license will be inactivated by the U.S. Virgin Islands.

Managing General Agent applicants must actively hold an Insurance Producer license on the Producer Database.

Managing General Agent applicants 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 VI the application can be complete.

Surplus Lines Broker applicants must actively hold an Insurance Producer license with Property and Casualty lines for authority on the Producer Database.

Surplus Lines Broker applicants must provide an original copy of a bond in favor of the Government of the Virgin Islands for $10,000 and secured through a company licensed to conduct business in the Virgin Islands. Copy of bond must be faxed to start renewal process, once original has been mailed and received by U.S VI the application can be complete.

Variable Life and Variable Annuity applicants must renew Life line of authority at the same time.

Applicants with licenses that are in cancelled license status cannot renew and must apply as new through NIPR's Resident License Application.

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 http://www.nipr.com/state_contacts/virgin_islands_state_contact.htm 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.

State Offerings (Individual)

Please note that license class names can vary by state.

License Class

Line of Authority (LOA)

CE Required

Insurance Producer

Life

Yes

Insurance Producer

Accident & Health or Sickness

Yes

Insurance Producer

Property

Yes

Insurance Producer

Casualty

Yes

Insurance Producer

Personal Lines

Yes

Insurance Producer

Variable Life and Variable Annuity

Yes

Insurance Producer

Car Rental

No

Insurance Producer

Credit

No

Insurance Producer

Surety

No

Insurance Producer

Title

Yes

Insurance Producer

Travel

No

Managing General Agent

None

No

Medical Air Representative

None

No

Solicitor

Life

Yes

Solicitor

Accident & Health or Sickness

Yes

Solicitor

Property

Yes

Solicitor

Casualty

Yes

Solicitor

Personal Lines

Yes

Solicitor

Variable Life and Variable Annuity

Yes

Solicitor

Surety

No

Solicitor

Title

Yes

Surplus Lines Broker

None

No

Independent Adjuster

None

Yes

Public Adjuster

None

Yes

Renewal Fees (Individual)

Fees shown are state fees only. These fees do not include NIPR transaction fees.

License Class / LOA Combination

Renewal Fee *

Late Renewal Grace Period*

Late Renewal Fee*

Independent Adjuster

$250.00

$250.00

$500.00

Insurance Producer

$200.00

$200.00

$400.00

Managing General Agent

$450.00

$450.00

$900.00

Medical Air Representative

$150.00

$150.00

$300.00

Public Adjuster

$250.00

$250.00

$500.00

Solicitor

$200.00

$200.00

$400.00

Surplus Lines Broker

$500.00

$500.00

$1,000.00

* Per transaction submitted

Note: Late renewal fee does not apply until after renewal grace period.

Contacts

Last Update: 9/14/2018

VIRGIN ISLANDS Resident License Renewal for Business Entities

RENEW HERE

Primary Rules    |   Renewal Period    |   License Printing    |   Business Rules   |   State Offerings   |   Renewal Fees   |   Contacts

State Announcements

There are no announcements for Virgin Islands at this time.

Primary Rules (Business Entity)

Response

Question

Yes

Accepts renewals for business entities electronically.

Yes

Accepts renewals for major lines of authority.

Yes

Accepts renewals for limited lines of authority.

Yes

Accepts renewals for surplus lines for business entities.

Yes

Applicant can late renew through NIPR's Resident License Renewal Application.

No

Partial renewals allowed.

Yes

License printing available electronically.

License Printing

To print your license, click the state on NIPR's Producer Licensing Map.

Renewal Period (Business Entity)

License Class Renewal Period Late Renewal Grace Period Late Renewal Period
All License Classes October 1st – December 31st January 1st -  January 15th January 16th – December 31st

All licenses expire annually on December 31st

If original application was received between October and December, licensee will not need to renew until December 31st of the following year.

Business Rules (Business Entity)

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 renew.

Applicant may not partially renew the license. All active lines of authority on the license must be renewed.

Applicants must reinstate through NIPR's Resident License Renewal Application if license is inactive and within one (1) year of license expiration date.

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 to renew.

All Business entity applicants must provide an original copy of the certificate of good standing/existence and trade name. Trade name documentation needs to be provided only if applicable.

Insurance Producer applicants, who do NOT act on behalf of a carrier and are an agent of the insured, must maintain the current bond and make available to the U.S. Virgin Islands Division of Banking, Insurance and Financial Regulation, upon request. The bond should be in favor of the Government of the Virgin Islands for $10,000 and secured through a company licensed to conduct business in the U.S. Virgin Islands.

Insurance Producer applicants who represent a carrier are required to have an appointment from all companies that they will be representing. If appointment is not submitted after the license displays on PDB, the license will be inactivated by the U.S. Virgin Islands.

Managing General Agent applicants must actively hold an Insurance Producer license on the Producer Database.

Managing General Agent applicants 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 VI the application can be complete.

Public Adjuster applicants must provide proof of a bond in favor of the Government of the Virgin Islands for $5,000 and secured through a company licensed to conduct business in the U.S. Virgin Islands. Copy of bond must be faxed to start renewal process, once original has been mailed and received by U.S Virgin Islands the application can be complete. 

Surplus Lines Broker applicants must actively hold an Insurance Producer license with Property and Casualty lines for authority on the Producer Database.

Surplus Line Broker applicants must provide an original copy of a bond in favor of the Government of the Virgin Islands for $10,000 and secured through a company licensed to conduct business in the Virgin Islands. Copy of bond must be faxed to start renewal process, once original has been mailed and received by U.S VI the application can be complete.

Variable Life and Variable Annuity applicants must renew Life line of authority at the same time.

Applicants with licenses that are in cancelled license status cannot renew and must apply as new through NIPR's Resident License Application.

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 http://www.nipr.com/state_contacts/virgin_islands_state_contact.htm 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.

State Offerings (Business Entity)

License Class

Line of Authority (LOA)

DRLP Required

Insurance Producer

Life

Yes

Insurance Producer

Accident & Health or Sickness

Yes

Insurance Producer

Property

Yes

Insurance Producer

Casualty

Yes

Insurance Producer

Personal Lines

Yes

Insurance Producer

Variable Life and Variable Annuity

Yes

Insurance Producer

Car Rental

Yes

Insurance Producer

Credit

Yes

Insurance Producer

Surety

Yes

Insurance Producer

Title

Yes

Insurance Producer

Travel

Yes

Managing General Agent

None

Yes

Medical Air Representative

None

Yes

Solicitor

Life

Yes

Solicitor

Accident & Health or Sickness

Yes

Solicitor

Property

Yes

Solicitor

Casualty

Yes

Solicitor

Personal Lines

Yes

Solicitor

Variable Life and Variable Annuity

Yes

Solicitor

Surety

Yes

Solicitor

Title

Yes

Surplus Lines Broker

None

Yes

Independent Adjuster

None

Yes

Public Adjuster

None

Yes

Renewal Fees (Business Entity)

Fees shown are state fees only. These fees do not include NIPR transaction fees.

License Class / LOA Combination

Renewal Fee *

Late Renewal Grace Period*

Late Renewal Fee*

Independent Adjuster

$250.00

$250.00

$500.00

Insurance Producer

$200.00

$200.00

$400.00

Managing General Agent

$450.00

$450.00

$900.00

Medical Air Representative

$150.00

$150.00

$300.00

Public Adjuster

$250.00

$250.00

$500.00

Solicitor

$200.00

$200.00

$400.00

Surplus Lines Broker

$500.00

$500.00

$1,000.00

* Per transaction submitted

Note: Late renewal fee does not apply until after renewal grace period.

Contacts

Last Update: 9/14/2018

RENEW HERE