Legislation affecting Adjusters, Agents,
Brokers and Insurers
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.