Legislation affecting Adjusters, Agents, Brokers and Insurers PDF Print

Act No. 6287 has increased licensing and other fees of insurance adjusters, agents, brokers, solicitors, and insurers; and has also increased the capital and surplus requirements for insurers conducting business in the Virgin Islands.

Act No. 6333 requires that all non-resident independent adjusters, although not required to be licensed, must be formally registered with and pay a fee to the Division in order to adjust any losses arising out of a catastrophe.

Legislation affecting Surplus Lines Brokers

Previously, Surplus Lines Brokers were required to file surplus lines taxes annually. Recent legislation now requires that these taxes be paid on a quarterly basis and has amended the penalty for late filing.