Virgin Islands Qualifying Surety Bond for an Alien Insurer

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Bond Penalty: $500,000

Operating as an insurance carrier in the United States, including its territories like the Virgin Islands, requires adhering to a variety of regulations to ensure consumer protection and financial stability. Alien insurers or foreign insurers seeking to operate in the Virgin Islands must meet certain solvency criteria and provide a surety bond. The primary purpose of requiring an alien insurer to post a surety bond is to protect the interests of policyholders and the local market from carrier default(s). The instrument acts as a safety net, ensuring that if the insurer fails to meet its obligations that the obligee (Virgin Islands Banking and Insurance Division) has financial recourse to cover potential damages, claims, and/or unpaid taxes. The language of the obligation is instructive.

"NOW, THEREFORE, the condition of the above bond is such that if the principal shall answer to the amount of the bond for all judgments, decrees or orders given, made or rendered against the principal by any court of the Virgin Islands of the United States for the payment of money, then this bond to be void and of no effect; otherwise, to remain in full force and effect."

Virgin Islands surety bond leader, Surety One, Inc. is a specialist in the surety bonding needs of insurance companies and intermediaries. We offer both the surety bonds and fidelity bonds needed by these parties in all fifty states, Puerto Rico and the U.S. Virgin Islands. Questions about this surety bond? Call us at (800) 373-2804, email us at Underwriting@SuretyOne.com or click here for live chat. A Virgin Islands surety bond for an alien or foreign insurer is quick, easy and processed "same day".

Surety bond application review and quoting are free of charge. There is no obligation to purchase.