Pursuant to V.I. Code Section 207, Title 22V.I. Code Section 207, Title 22, a Virgin Islands insurance company qualifying surety bond must be filed with the Commissioner of Banking and Insurance. The surety bond is required from all non-domiciliary insurance carriers that wish to conduct business in the jurisdiction. Pursuant to the Virgin Islands Code:
If he deems it advisable for the protection of policyholders in the Virgin Islands, The Commission of Insurance may order that the applicant provide a surety bond, with good and sufficient surety in a sum not less than Five Hundred Thousand ($500,000.00) Dollars. The obligation is such that the foreign admitted insurance shall answer to up to the full amount of the bond for all judgments, decrees or orders given, made or rendered against the insurer by any court of the Virgin Islands of the United States. The bond issuer may terminate its suretyship under the obligation by serving written notice of its intent upon the Commissioner of Insurance of the Government of the Virgin Islands of the United States no less than ninety (90) days prior to the date on which the then existing certificate of authority of the carrier is to expire. The surety company is NOT however relieved of judgments, decrees or orders given, made or rendered against it based on policies and their loss claims incurred during the period of suretyship. Insurance industry inquiries should be directed to:
Division of Insurance
No. 5049 Kongens Gade
St. Thomas, VI 0080
Virgin Islands surety bond leader, SuretyOne.com is a specialist in the bonding needs of insurance sector operators throughout the U.S and Caribbean. We offer the surety and fidelity bonds needed by insurance professionals in all fifty states, Puerto Rico and the U.S. Virgin Islands. For more please call us at (800) 373-2804, email us at Underwriting@SuretyOne.com or click here for live chat. A Virgin Islands foreign insurance company qualifying surety bond is easy request and processed immediately.
FYI - An insurer seeking to appoint agents and brokers in Virgin Islands must ensure proper licensing, appointment and bonding. An insurance producer bond, both agent and brokers must be in full force and effect. Likewise, a claims adjuster must hold current bonded status.
Surety bond application review and quoting are free of charge. There is no obligation to purchase.