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 THE 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.
