Banking, Insurance and Financial Regulation

Welcome to the Division of Banking and Insurance of the Office of the Lieutenant Governor. The Division of Banking and Insurance regulates the activities of insurance companies and insurance related businesses pursuant to Title 22 of the Virgin Islands Code (“Insurance Code”), and banks, small loan companies and pawnbrokers pursuant to Title 9 of the Virgin Islands Code.

Mission Statement

The mission of the Division of Banking and Insurance is to serve and protect the public interest by aggressively enforcing the insurance, securities and banking laws in the Virgin Islands, while at the same time, assisting the insurance and banking industries to better serve the public.

Overview of Division

As the regulator of financial institutions, pawnbrokers, insurance companies and insurance related businesses, the Division of Banking and Insurance issues licenses to insurance companies, insurance producers, adjusters, premium finance companies, air ambulance companies, and small loan companies, and issues special licenses to all banks operating in the territory. The Division also monitors and regulates their activities to ensure compliance with the laws of the territory once they become licensed.

Regulations: 

  • Rules and Regulations- Public Adjusters
  • Medical Loss Ratio Regulation
  • Insurance Premium Rate Review Regulations
  • Bail Bond Rules & Regulations
  • Sale of Portable Electronic Insurance
  • International Banking Entities

 Important Topics and Notices:

  • Memo and Bulletin- Increase Non-Bank ATM Maximum
  • Revised Virgin Islands Healthcare Act
  • Gary Smith D/B/A Public Notice
  • Preparation for Hurricane Season
  • Compulsory Auto Liability Insurance
  • Legislation affecting Adjusters, Agents, Brokers and Insurers
  • Consumer Complaints and Inquires
  • Virgin Islands Code
  • Notice to Claimants of American Alliance Insurance Company, LTD.
  • Notice to Claimants of Island National Insurance Company
  • Notice of Claimants of Phoenix Fire and Marine Insurance Company, LTD.
  • Cease and Desist Order
  • Amended Emergency Order
Licensed Adjusters Listing:
St. ThomasSt. Croix
Combined Listing Title & Agency
Licensed Agencies:
St. Thomas
St. Croix
Licensed Company Contact Information
Licensed Non-Resident Agencies & Brokers
Licensed Non-Resident Agencies
Surplus Line Brokers
Risk Retention Group
Agents-Brokers-Solicitors:
St. Thomas
St. Croix

Licensee status are subject to change and should be verified with the Division of Banking, Insurance and Financial Regulation for further information.

 

The fee list document can be downloaded HERE

UNCLAIMED PROPERTY

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

Resources for Property Holders

Resources for Property Owners

Listings of Abandoned Property

NOTE: These are the listings that are currently available online. If your property was reported to the Division of Banking and Insurance in a year not listed above, please contact the Division at (340)774-299, 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.