U.S. Virgin Islands
Head of Office: Nicholas Crichlow
Sales Coordinator: Nicholas Crichlow
Office Address
6-7 Dronnigens Gade
Suite 207
Charlotte Amalie,
Virgin Islands (U.S.)
Telephone: (340) 776-0411
Facsimile: (340) 776-0532
Mailing Address
P.O. Box 12259
Charlotte Amalie,
00801
Virgin Islands (U.S.)
Basic Information
| Location |
The United States Virgin Islands (USVI) are located in the Caribbean Sea, approximately 40 miles east of Puerto Rico. The population of the USVI is approximately 110,000. |
| Accessibility |
The USVI are easily accessible on frequently scheduled flights from New York, Chicago, Atlanta, Boston and Miami. |
| Applicable Legislation |
The new Virgin Islands International Insurers Act (Act No. 5891) was passed by the Legislature of the Virgin Islands on September 22, 1993 and signed into law by the Governor on October 13, 1993. |
| Number of Captives |
4 as of 31-Dec-2008 |
| Regulatory Agency: |
Director of Banking and Insurance |
Regulatory Issues
| Acceptable Insurance Subsidiaries |
Single Parent, Industrial Insured Group and Association Captives |
| Acceptable Corporate Forms |
Stock and Mutual |
| Permitted Business |
All commercial lines and unrelated business (not to exceed 50% of gross written premium in any one year); Personal Automobile and Homeowners excluded.
|
Direct Insurance Permitted |
All permitted lines |
| Reinsurance Permitted |
Permitted with specific approval from the Commissioner of Insurance (Ceded and Assumed business). |
Policy Form and Rate Approval |
Not required |
| Local Office Requirement |
The company is required to maintain its principal place of business in the Virgin Islands.
The company is required to have at least one director who is a USVI resident.
The Board of Directors is required to hold at least one meeting each year in the Virgin Islands. |
Capitalization & Solvency Requirements
Type |
Minimum
Capital |
Minimum
Surplus
|
Total
Capitalization*
|
|
Stock
Single Parent
Industrial Insured
Association |
$50,000
$75,000
$100,000
|
$70,000
$125,000
$220,000
|
$120,000
$200,000
$320,000
|
|
Mutual
Industrial Insured
Association |
|
$200,000
$320,000
|
$200,000
$320,000
|
*The minimum capital and surplus can be in the form of cash or irrevocable letters of credit issued by banks chartered in the U.S.V.I. or a member bank of the U.S. Federal Reserve system which has a branch in the U.S.V.I.
| Premium Taxes |
|
| Intercompany Loans |
|
| Investment Restrictions |
None |
| Taxation |
A captive licensed in the USVI is exempt from the payment of all Gross Receipt Taxes and all excise taxes imposed by the government of the USVI.
|
| Reporting Requirements |
GAAP Annual Reporting within 180 days of year end
Audited Financials
Certified Loss Reserves by Actuary |
|
