Welcome And Overview of Division
For persons searching for unclaimed property, they can now visit the Virgin Islands Unclaimed Property Claims Website (Click Here).
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.
Regulations:
- Rules and Regulations for Term and Universal Life Insurance Reserve Financing
- Amended Rules and Regulations for the Credit for Reinsurance Act
- 20201023 R&R – DBIFR VI Insurance Holding Co. System Regulatory Act
- 20201023 R&R – DBIFR Corporate Governance Annual Disclosure Act
- Sale of Portable Electronic Insurance
- International Banking Entities
Important Topics and Notices:
- Lieutenant Governor Roach Reminds the Public to be Prepared for 2024 Atlantic Hurricane Season
- Lieutenant Governor Announces Availability of Windstorm Insurance
- Reciprocal Jurisdiction Reinsurer Notice-Partner Reinsurance Company
- INVITATION TO RESPOND: Reciprocal Jurisdiction Reinsurer Applications
- NOTICE- Underwriters at Lloyd’s
- VITEMA Generator Challenge Brochure
- NOTICES- Arch Reinsurance Ltd and Watford Re ltd
- Mortgage Companies Licensed to Conduct Business in the USVI
- US SBA Paycheck Program Fact Sheet
- Paycheck Protection Program Loans Frequently Asked Questions
- ORDER 4/2020: Coronavirus Aid Relief & Economic Security Act (“CARES Act”)
- License Categories NAICS 72
- Forbearance and Moratorium on Foreclosure and Eviction Frequently Asked Questions
- Lt. Governor and Director Brady at the Holland Redfield Radio Show (4 Segment Video)
- FDIC – Answers to Frequently Asked Questions for Consumers Affected by Coronavirus (COVID-19)
- Preparation for Hurricane Season
- Legislation affecting Adjusters, Agents, Brokers and Insurers
- Consumer Comments & Inquiries
- Virgin Islands Code
- Proposed Virgin Islands Healthcare Act
Act 8213 – Corporate Governance
Act 8212 – Third Party Admin Trust Fund Acct
Act 8211- Act amending title 22, chapter 10 of the Virgin Islands Code
Act 8210 – Change in License Period for Authorized Delegates
Act 8182 – Bill No. 33-0016 – Risk Management and Own Risk and Solvency Assessment Act
Act 8181 – Bill no. 33-0015 – Confidentiality provisions
Act 8168- The Financial Lenders Law
Act 8137 – DBIFR Authority to License Authorized Delegates (1)
Act 8136 – Standard Valuation Act of 2018
Act 8135 – The Actuarial Opinion and Memorandum Act
Act 8076 – Property & Casualty Actuarial Opinion Act
Act 8075 – An Act Amending Title 22 of the V.I. Code
Act 8074 – The Virgin Islands Credit Reinsurance Act
Act 8041 – The Standard Nonforfeiture Law of 2018 for Life Insurance
Act 8003 – Virgin Islands Holding Company System Regulatory Act
Act 8002 – Virgin Islands Freedom Week & Amendments
Act 7968- International Financial Services Entities
Act 7965 – Third Party Administrator
Act 7964 – Producer and Adjuster Licensing
Act 7963 – The Virgin Islands Risk-Based Capital for Insurers
Act 7962 – Core Standards and Model Laws
Act 7960 – Credit Union
Act 7869 – The Virgin Islands Uniform Multiple Person Account Act
Act 7569 – Alternative Market and Reinsurance
Act 7390 – International Banking Center Regulatory Act
Act 7147 – Alternative Market Act
Act 7140 – Safe Mortgage Licensing
Act 6287- Chapter 47 Compulsory Automobile Liability Insurance
- Bulletin No 2024-02- Unclaimed Property online database
- Bulletin No 2024-01- Third Addendum to the List of Eligible Unauthorized (Surplus Lines) Insurers in the U.S. Virgin Islands
- Bulletin No 2023-05- Virgin Islands’ implementation of Continuing Education and pre-licensing Courses and Requirements
- Bulletin No. 2023-02-Availability of Windstorm Insurance Coverage in the Territory
- Bulletin 2022-06 Notice of Business Email Compromise Scams
- Bulletin 2022-05 First Addendum to the list of Unauthorized (Surplus Lines) Insurers in the US Virgin Islands
- Bulletin 2022-04 Eligible Unauthorized (Surplus Lines) Insurers in the US Virgin Islands
- Bulletin 2022-01 Licensure and Regulation of Cryptocurrency Services in the United States Virgin Islands
- Bulletin 2021-07 ALL SURPLUS LINES BROKERS LICENSED IN THE U.S. VIRGIN ISLANDS AND OTHER INTERESTED PARTIES
- Bulletin 2021-02- Eligible Unauthorized (Surplus Lines) Insurers in the U.S. Virgin Islands.
- Bulletin 2021-01- 30% Probable Maximum Loss (PML) Reinsurance Requirement for Windstorm Events
- Bulletin 20201217 Toolkit on COVID-19 Vaccine (Health Insurance Issuers Medicare Advantage Plans)
- Bulletin 2020-18- Waivor of Cost sharing for COVID-19 Vaccinations
- Bulletin 2020-17 – Unclaimed Property
- Bulletin 2020-15-Compulsory Automobile Liability Insurance
- Bulletin 2020-11- Data Call to Collect Data related to Business Interruption Insurance and COVID-19
- Bulletin 2020-10-Advisory-Waiver of Cost Sharing for COVID-19 Testing
- Bulletin 2020-09- Extension of Time (30 Days) for Money Services, Mortgage Lenders and Mortgage Brokers Businesses to File Documents and Fees.
- Bulletin 2020-08- Electronic Submission of Additional Filings and Filings Fees Through OPTins
- Bulletin 2020-07- Extension of Time to May 15, 2020 for Banks To File Annual Consolidated Report Due March 31, 2020
- Bulletin 2020-06- Essential Businesses
- Bulletin 2020-05- Electronic Submission and Extension of Time to May 1, 2020 to File Documents that are Due by April 1, 2020
- Bulletin 2020-03 Insurance Company Obligations to Comply with Insurance Laws during the Coronavirus Outbreak
- Bulletin 2020-02 – Interim Rules and Regulations for Corporate Governance Annual Disclosure Act_
- Bulletin 2020-01 Finance Lenders Law
- Bulletin 2019-15-Notice of Act 8213-Corporate Governance Annual Disclosure Act
- Bulletin 2019-14-Notice of Act 8182-The Rick Management and Own Risk and Solvency Assessment Act
- Bulletin 2019-12- First Addendum to the list of eligible unauthorized (surplus lines) insurers in the USVI
- Bulletin 2019-10-Granting Authority to DBIFR to license authorized delegates.
- Bulletin 2019-09_Updated- Eligible Unauthorized (Surplus Lines) Insurers
- Bulletin 2019-08- Replacement of Bi-monthly Data Call Reporting
- Bulletin 2019-07- Licensing of Check Cashers in the Territory
- Bulletin 2019-06 Virgin Islands Law Prohibits Additional Fee for Payment of an Insurance Premium by Credit Card
- Bulletin 2019-05- Implementation of Bank’s Written Catastrophe Response Plan
- Bulletin 2019-04- Filing of Quarterly Statements and Payment of Fees
- Bulletin 2019-03 Implementation of Written Catastrophe Response Plan
- Bulletin 2019-02-for Interim Compliance with V I Credit for Reinsurance Act Pending Adoption of Rules and Regulation
- BULLETIN 2019-01; for Interim Compliance with VI Insurance Holding Company System Regulatory Act Pending Adoption of Rules and Regulations
- BULLETIN 2018-07; Signed
- BULLETIN 2018-06; Replacement of Monthly Data Call Reports with Bi-Monthly Reports
- BULLETIN 2018-05; Public Education on Forced-Placed Insurance Coverage
- BULLETIN 2018-04; Virgin islands Producer and Adjuster Licensing Act
- BULLETIN 2018-03; Signed
- BULLETIN 2018-02 Banks Written Catastrophe Plan
- BULLETIN 2018-01; Responsibility to Notify Policyholders of Underinsurance
- BULLETIN 2017-10; Hurricane Irma and Hurricane Maria-Claims Adjusting and Adjusters
- BULLETIN 2017-09; Data Call Relating to Hurricane Irma and Hurricane Maria Insurance Claims
- BULLETIN 2017-08; Misrepresentations and Fraudulent Claims
- BULLETIN 2017-07; Written Catastrophe Plan
- BULLETIN 2017-06; Public Adjusters Fees
- BULLETIN 2017-05; Virgin Islands Uniform Multiple Person Accounts Act
- BULLETIN 2017-04; Health Care Sharing Ministry
- BULLETIN 2017-03; Announcement of Name Change-Division of Banking, Insurance and Financial Regulation
- BULLETIN 2017-02; International Financial Services Entitites
- BULLETIN 2017-01; Surplus Lines Eligible Insurers
- BULLETIN 2016-2; Reverse Mortgage Public Education
- BULLETIN 2015-05; Definition of Small Group Market to remain as 1-50
- BULLETIN 2015-2;Surplus Line-Eligible Unauthorize
- BULLETIN 2015-01; Moratorium on acceptance of New Application under Act No. 7390 (The International Banking Center Regulatory Act)
- BULLETIN 2014-07 Non Bank ATM Fees
- BULLETIN 2014-04; Autism Spectrum Disorders and Hearing Aid Coverage in Insurance Health Care Plan
- BULLETIN 2014-03; Patient Protection and Affordable Care Act
- BULLETIN 2014-02; VI SERFF (Rates and Forms)
- BULLETIN 2013-01; Apprentice Agents or Solicitors
- BULLETIN 2012-03; OPTins – Online Filing for Premium Tax – Admitted Insurers and Surplus Lines Broker Taxes
- BULLETIN 2011-08; Compulsory Automobile Liability Insurance
- BULLETIN 2011-06; Patient Protection and Affordable Care Act Health Care and Education Reconciliation Act of 2010- Individual and Group Market Reform
- BULLETIN 2011-03; Interim Final Rules and Regulations- Health Insurance Issuers Implementing Medical Loss Ratio (MLR) Requirements under the Patient Protection and Affordable Care Act
- BULLETIN 2011-01; Surplus Lines Written Report
FDIC – Answers to Frequently Asked Questions for Consumers Affected by Coronavirus (COVID-19)
The following website provides a look-up for all companies that are licensed to procure insurance business in the Virgin Islands and for the following licensed resident or non-resident:
National Association of Insurance Commissioners: State Based Systems
Producers
Solicitors
Managing General Agents
Surplus Line Brokers
Adjusters-Public or Independent
Air Ambulance Reps
Tips, Brochures & Flyers
- Cutting Through the Confusion: Where to Turn For Help With Your Investments
- List of Approved Certified Reinsurers
- List of Approved Reciprocal Jurisdiction Reinsurers
- Understanding brokerage account statements and trade confirmations
- How to find and work with an investment professional
- How to avoid investment scams
- FINRApower-of-attorney and your investments
- FINRA Investing Knowledge Quiz
- Fighting Fraud 101. Smart tips for investors
- Bitcoin Brochure 2022
- Surplus Lines Flyer 2022
- FDIC – Answers to Frequently Asked Questions for Consumers Affected by Coronavirus (COVID-19)
- Flood Insurance Brochure (English)
- Flood Insurance Brochure (Spanish)
- Force Placed Brochure (English)
- Force Placed Brochure (Spanish)
- Flood Flyer (English)
- Flood Flyer (Spanish)
- 5 Types of Insurance Flyer
- Home Inventory Checklist Brochure
- Hurricane Awareness Brochure
- Earthquake & Tsunami Awareness Brochure
- Insurance Terms
- Underinsurance Brochure
- Protecting Yourself Online Flyer
- Tips on how to develop good savings & money management habits
Application Forms
- Tax Clearence Letter
- Requirement Letter-Residents
- Renewal Organization Application
- Renewal Individual Application
- Original Resident or Non-resident Organization Application
- Original Resident or Non-resident Individual Application
- Appointment of Solicitor
- Appointment of Producer
THIRD PARTY ADMINISTRATOR
- TPA Appointment for Insurance Agent
- TPA Bond
- TPA Original Application
- TPA Renewal Application
- TPA New Checklist
- Contact
CERTIFICATE OF AUTHORITY
COMPLAINTS
- Complaint Form – Banking
- Complaint Form – Insurance
- Complaint Form – Securities
- Customer Service Survey
REPORTING FORMS
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
- Bulletin No 2024-02- Unclaimed Property online database
- Bulletin 2021-05 Unclaimed Property
- Bulletin 20-17 Unclaimed Property
- Act 6999 (Uniform Unclaimed Property Act)
- Resources for Property Owners
- Instructions for Completing Unclaimed Property Forms
- Claim of Abandoned Property
- Claim of Abandoned Property for a DECEASED person
- Claim of Abandoned Property by Power of Attorney
- Affidavit of Lost Instrument
- Affidavit of Lost Instrument by Power of Attorney
- Affidavit of Lost Instrument for a DECEASED person
- Affidavit Settlement Without Administration
- Report of Property Subject To The Uniform Unclaimed Property Act For The Year Ended
- REPORT-OF-PROPERTY-SUBJECT-TO-THE-UNIFORM-UNCLAIMED-PROPERTY-ACT-FOR-THE-YEAR-ENDED
- Frequently Asked Questions (FAQs)
Listings of Abandoned 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.
CONSUMER TIPS…
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.
ORDERS:
- Order #8/2006 Renewal of a previously effected Registration by Coordination
- Order #7/2006 General filing fee
- Order #6/2006 Registration by Coordination
- Order #5/2006 Notice Filing for security pursuant to Regulation D 505 or D 506
- Order #4/2006 Filing security issued by an investment company that is a federal covered security
- Order #3/2006 Notice filing of federal covered investment advisers
- Order #2/2006 Renewal of registration of investment advisers and investment adviser representatives
- Order #1/2006 Renewal of registration of broker-dealers and agents
- Order #9/2005 Rules governing Forms and Orders
- Order #8/2005 Minimum Financial Requirement
- Order #7/2005 Adopting North American Securities Administrators Association (NASAA) Model Rules and Regulations
- Order #6/2005 Requirement for the registration of Investment Advisers & Representatives, and Notice Filing of Federal Covered Investment Advisers
- Order #5/2005 Requirements for the registration of broker-dealers and agents
- Order #4/2005 Registration of Securities by Qualification
- Order #3/2005 Registration of Securities by Coordination
- Order #2A/2005 Amendment to requirement for notice filing on behalf of an investment company
- Order #1/2005 Examination Requirement for an applicant registering as an agent of a broker-dealer