General Information:

  1. The U.S. Virgin Islands maintains a list of eligible surplus lines insurers (see Other Comments section #1).
  2. The U.S. Virgin Islands does not have a Surplus Lines Association.
  3. The U.S. Virgin Islands does not have an Export List.
  4. USVI does not have an industrial insured exemption but does recognize the NRRA exempt commercial purchaser exemption as of 7/21/2011, although it is not yet codified.
  5. Surplus lines tax: 5% of quarterly gross premiums less returns, payable by licensed surplus lines broker on or before the first day of February, May, August and November of each year.
  6. The U.S. Virgin Islands does not allow the formation of domestic surplus lines insurers in the state.

Eligibility and Filing Requirements (All Insurers):

  1. Premium report
  2. Annual renewal fee: $350
  3. Annual report
  4. Certificate of Authority: Current

Note: The NRRA restricts the eligibility requirements a state may impose on nonadmitted insurers. For nonadmitted insurers domiciled in a U.S. jurisdiction, a broker is permitted to place nonadmitted insurance with such insurers provided they are authorized to write such business in their state of domicile and maintain minimum capital and surplus of $15 million.

For nonadmitted insurers domiciled outside the U.S., a broker may place business with such insurers provided the insurer is listed on the Quarterly Listing of Alien Insurers maintained by the International Insurers Department of the NAIC.

Types of Insurance Exempted from Surplus Lines Regulation:

  1. Ocean marine and foreign trade insurance.
  2. Insurance on subjects located, resident, or to be performed wholly outside of the U.S. Virgin Islands, or on vehicles or aircraft owned and principally garaged outside of the U.S. Virgin Islands.
  3. Insurance of aircraft owned or operated by manufacturers of aircraft, or aircraft operated in scheduled interstate flight, or cargo of the aircraft, or against liability, other than employer’s liability, arising out of the ownership, maintenance, or use of the aircraft.

Other Comments or Requirements:

  1. U.S. Virgin Islands eligibility list available at under the “Bulletin” tab.
  2. Agents or brokers placing exempted coverages above are required to maintain a full and true record, for not less than five years, of each such coverage as required for surplus lines insurance. The record must be kept available in the U.S. Virgin Islands for the examination of the Commissioner of Insurance.
  3. Surplus lines brokers must file a quarterly statement with the Commissioner on or before the first day of February, May, August, and November of each year.
  4. Although certain types of insurance are exempted from surplus lines regulation, the taxes (5%) on the premiums collected on the portion of risks located in the U.S. Virgin Islands must be remitted to the Commissioner of Insurance.
  5. Within thirty (30) days after the procuring of any surplus lines insurance, the surplus lines broker must execute and shall file with the Commissioner a written report, which shall include: the name and address of the insured; the identity of the insurer or insurers; a description of the subject and location of the risk; the amount of premium charged for the insurance; and such other pertinent information as the Commissioner may reasonably require.
  6. In November of 2020, the U.S. Virgin Islands’ Division of Banking, Insurance and Financial Regulation issued ORDER NO. 11/2020 listing various anticipated amendments to the surplus lines laws, including: (1) adjusting the diligent search requirements in connection with certain insurance coverages; (2) changing the required wording of the surplus lines policy stamp; (3) requiring that all surplus lines premium tax be deposited in the U.S. Virgin Islands Insurance Guaranty Fund (even though losses in the event of a surplus lines insurer’s insolvency are not covered by the Guaranty Fund); (4) mandating that surplus lines insurers submit annual premium reports; and (5) amending certain surplus lines related definitions. These anticipated amendments, which have not yet been adopted by the legislature and passed into law, can be found at: