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.

• An affiliation is not required, and the applicant may skip the "Affiliations" page on the uniform application.

• Applicant must not have another active resident state on the producer database.

• Applicant must provide a valid Virgin Islands residence, mailing and business address. Address may not contain a P.O. Box.

• 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.

• All first time resident applicants must submit to the U.S. Virgin Islands three letters of recommendation and a current tax clearance letter from the Bureau of Internal Revenue.

• Emergency Independent Adjuster applicants will need to inform U.S. Virgin Islands of the physical address the applicant will be residing while working in the U.S. Virgin Islands once residence is established and if it is different than the address submitted in the application. This may apply to foreign country applicants that have not established residency.

• Emergency Independent Adjuster applicants will need to supply the Company Name and NAIC company code (cocode) for at least insurer (carrier) that is actively license on the Producer Database for the U.S. Virgin Islands.

• Insurance Producer applicants will need to determine and select on the state specific question page if the applicant will be acting as an agent of the insured. Applicant must answer Yes or No.        
  • If applicant answers Yes, Insurance Producers acting as an agent on behalf of the insured will be required to have an appointment from all companies that they will be presenting. If appointment is not submitted after the license displays on PDB, the license may be inactivated by the U.S. Virgin Islands.
  • If applicant answers No, Insurance Producer application will be deferred to the state for further review. All 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 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.

• 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.

• 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 application process, once original has been mailed and received by U.S Virgin Islands the application can be complete.

• Solicitor applicants are required to have an affiliation appointment from the Insurance Producer all companies that they will be representing. If an affiliation appointment is not submitted directly to the U.S. Virgin Islands Division of Banking, Insurance and Financial Regulation after the license displays on the Producer Database PDB, the license will be inactivated by the U.S. Virgin Islands. For the Appointment of Solicitor document visit: https://ltg.gov.vi/wp-content/uploads/2019/02/Appointment-of-Solicitor.pdf

• 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 U.S. Virgin Islands. Copy of bond must be faxed to start application process, once original has been mailed and received by the U.S. Virgin Islands Division of Banking, Insurance and Financial Regulation the application can be complete.

• Variable Life and Variable Annuity applicants must hold active Life line of Authority or be applying for Life line of Authority at the same time.

• Variable Life and Variable Annuity line of authority applicants must supply their FINRA Central Registry Depository (CRD) number on the application.  If you need to verify your CRD number you may use the Broker Search feature found on FINRA’s website.

• Variable Life and Variable Annuity line of authority applicants must provide proof of Series 6 – 7 Certification to the U.S. Virgin Islands Division of Banking, Insurance and Financial Regulation.

• Licenses that have been expired over one year can reinstate using the Resident Licensing application. If the license is within one year, applicant can renew/late renew using the Resident License Renewal Application.

• If application is received between October and December, applicant will need to pay full licensing fee. No prorating and no blackout periods.

• 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.

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

• Exams are valid for one (1) year from exam date and are applicable to those indicated below.

• Applicant is exempt from license exam if: 
  • Applying within 90 days of cancellation of their former resident state’s license.
  • Reapplying within 1 year of license expiration date and license status is Cancelled.