Division of Banking, Insurance and Financial Regulation Fees PDF Print
 

License Type/Miscellaneous Item Original Fee Renewal Fee Bond Required
AGENT AND SOLICITOR LICENSE:
Insurance Agent $300.00 $100.00 No
Insurance Solicitor $300.00 $100.00 No
Apprentice Agent/Solicitor $50.00 N/A No
Non-Resident Agent $600.00 $350.00 No
BROKER LICENSE:
Resident Broker $400.00 $200.00 $10,000
Non-Resident Broker $800.00 $350.00 $10,000
Surplus Lines Broker $400.00 $400.00 $10,000
GENERAL AGENT: $600.00 $350.00 No
ADJUSTER LICENSE:
Independent/Public Adjuster $300.00 $150.00 $5,000 (Public only)
LICENSING REQUIREMENTS:
Examination for License, each examination $50.00 N/A N/A
P&C Study Manual $50.00 N/A N/A
L&H Study Manual $50.00 N/A N/A
VI Code Extract Manual $8.00 N/A N/A
CERTIFICATE OF AUTHORITY/REGISTRATION: Include Insurer, Risk Retention and Purchasing Groups
Issuance $1,100.00 N/A N/A
Renewal $600.00 N/A N/A
Application Processing (non-refundable) $300.00 N/A N/A
SURPLUS LINE:
Approval $600.00 N/A N/A
Re-Certification $350.00 N/A N/A
EXEMPT INTERNATIONAL INSURERS - CAPTIVES: §1404
Issuance $6,100.00   N/A
Renewal $6,100.00   N/A
Application Processing (non-refundable) $1,100.00   N/A
EXEMPT SUPPORT BUSINESS: §1414
Issuance $1,100.00   N/A
Renewal $1,100.00   N/A
PREMIUM FINANCE COMPANY LICENSE: §1643 $350.00 $300.00 N/A
AIR AMBULANCE ASSOCIATION: §1675
Issuance $350.00   N/A
Renewal $300.00   N/A
Sales Representative License §1688 $ 75.00 N/A N/A
FILINGS:
Filing of Appointment of Agent $12.50 N/A N/A
Filing of Statement of Agreement $12.50 N/A N/A
Filing Original Articles of Incorporation, bylaws $150.00 N/A N/A
Filing Amended Articles of Incorporation $75.00 N/A N/A
Filing any Charter documents in the Office of the Lt. Governor $25.00 N/A N/A
Filing of Annual Statement under Section 222, Title 22 VIC $250.00 N/A N/A
Filing of Quarterly Statement of Taxes under Section 603, T22 VIC $50.00 N/A N/A
Filing of Policy Forms $20.00 N/A N/A
MISCELLANEOUS SERVICES:
Shipping and Handling $4.30 N/A N/A
Copies Per Page $2.00 N/A N/A
License Late Fee per License $25.00 N/A N/A
Commissioner's Certificate under Seal $50.00 N/A N/A
Filing Rule, Rate & Other Documents, each $25.00 N/A N/A

* Updated as per Bulletin 2003-04 in accordance with Act No. 6585, which amended Title 22, Section 601; Act No. 6588, which amended Title 22, Section 1404, and to add Chapters 61 and 63..

FINANCIAL SERVICES FEE SCHEDULE

BANKING INSTITUTION LICENSE:
Annual Fee $150,000.00 N/A N/A
SMALL LOAN COMPANY LICENSE: T 9 VIC, §192 $500.00 $500.00 N/A
       
MONEY TRANSMITTER/CHECK CASHER/CURRENCY EXCHANGE LICENSE - T 9, §512 & §513
Application Fee (non-refundable) $2,000.00 N/A N/A
License Fee $2,000.00 $2,000.00 $50,000.00**
MORTGAGE LENDER LICENSE:
Application Fee (non-refundable) $300.00 N/A N/A
License Fee $600.00 $600.00 $25,000.00
MORTGAGE BROKER LICENSE:
Application Fee (non-refundable) $200.00 N/A N/A
License Fee $400.00 $400.00 25,000.00
       
NON-BANK ATM MACHINE FEE: $150.00 N/A N/A
SECURITIES FILINGS: T 9 VIC, § 640
Initial Notice Filing Fee for an Investment Company $1,500.00 N/A N/A
Late Fee for Initial Notice Filings for an Investment Company $3,000.00 N/A N/A
Security Registration by Coordination/Qualification Filing Fee $1,000.00 *    
       
Broker-Dealer Filing Fee $200.00 $100.00 $25,000
Non-NASD & non-exchange member broker dealer with net-capital less than $100,000
Agent Filing Fee $50.00 $50.00 N/A
Filing for a change of registration as an Agent $50.00 N/A N/A
Investment Adviser Filing Fee $200.00 $100.00 N/A
Investment Adviser Representative Filing Fee $50.00 $100.00 N/A
Filing for a change of registration as an Investment Adviser Rep. $50.00 N/A N/A
Federal covered Investment Adviser Notice Filing Fee $200.00 $100.00 N/A

* Minimum registration fee not to exceed $3,000. (Registration filing fee of 1/20 of 1 percent of the aggregate amount of securities that will be registered in the Virgin Islands.

** Surety bond in the amount of $50,000; plus $10,000 per location, not exceeding a total addition of $250,000.00. Title 9 Virgin Islands Code, Section 513 (Note that the Director may increase the amount of security required to a maximum of $1,000,000.00 if the financial condition of a license so requires, as evidenced by reduction of net worth, financial losses, or other relevant criteria. Title 9 Virgin Islands Code, Section 513(f))

Updated as per Act No. 6678 which amended Title 9 to add Chapter 23; Act No. 6588, which amended Section 192 of Title 9; Act No. 6727, which amended Title 9 to add Chapter 20; Act No. 6678, which amended Title 9 to add Chapter 22 and 23