Welcome to the Division of Banking, Insurance and Financial Regulation (“Division”). The Division, which is a regulatory entity and major revenue generator for the Government of the United States Virgin Islands, is under the administration of the Office of the Lieutenant Governor.
The Lieutenant Governor, by statute, is therefore Chairman of the Virgin Islands Banking Board; Commissioner of Insurance; Administrator of the Virgin Islands Uniform Securities Act; Administrator of the Virgin Islands Uniform Unclaimed Property Act; Chairman of the Insurance Advisory Committee; and Administrator ex officio of the Virgin Islands State Health Insurance Assistance Program (VI SHIP/Medicare). Also situated within the Office of the Lieutenant Governor is the Captive Insurance Program and the International Financial Services Entities Program.
The Division has a dual responsibility to a) license and regulate banking, insurance and financial services entities and related service providers that conduct business in the U.S. Virgin Islands and equally, to b) serve as a consumer protection agency. The Division’s regulatory authority is derived from Title 3, Title 9, Title 12A, Title 20, Title 22 and Title 28 of the Virgin Islands Code. The Division regulates banks; mortgage brokers, lenders and other finance lenders; small loan companies; securities and security salespersons; international financial services entities (IFSEs); money transmitters; check cashers and currency exchange servicers; non-Bank ATMs; insurance companies; insurance producers (formerly known as insurance agents and brokers); captive insurance companies; third party administrators; unclaimed and abandoned property; and debt management providers.
The Office of the Lieutenant Governor, through the Division of Banking, Insurance and Financial Regulation, serves as the territory’s custodian of abandoned or unclaimed properties. Unclaimed properties are those financial assets that have been reported to the Division as unclaimed, meaning the owner has not been located or made contact the with the bank/financial institution for a specified period of time.
GUIDING LEGISLATION for Virgin Islands Unclaimed Property
NOTE: These are the listings that are currently available online. If your property was reported to the Banking, Insurance and Financial Regulation in a year not listed above, please contact the Division at (340)774-2991, opt. 4 on St. Thomas or (340) 773-6449, opt. 4 on St. Croix for assistance.
The following are recommended in order to avoid having your property reported as unclaimed to the Office of the Lt. Governor, Division of Banking, Insurance and Financial Regulation:
Keep your accounts active. At least once a year, make a deposit or withdrawal on all bank accounts;
Promptly cash all checks received;
Keep an accurate record of all transactions (both at traditional and online institutions;
Notify a family member or trusted advisor about the location of your records; and
Notify all banks and companies of a new address when moving.