2019 US Virgin Islands Code
Title 22 - Insurance
Chapter 19 - Insuring Powers of Domestic Companies
§ 451. Kinds of insurance; capital and surplus requirements
(a) Domestic stock insurers may transact different kinds of insurance in the territory upon qualifying therefor and by having paid-in capital and surplus represented by assets, as follows:
| Minimum capital required | Minimum surplus initially required | |
|---|---|---|
| (1) Life insurance | $1,000,000 | 500,000 |
| (2) Disability insurance | 1,000,000 | 250,000 |
| (A) Life and disability insurance | 1,250,000 | 750,000 |
| (3) Property insurance | 2,000,000 | 950,000 |
| (4) Marine and transportation insurance | 2,500,000 | 1,250,000 |
| (5) Casualty insurance: | ||
| (A) Vehicle only | 2,000,000 | 1,000,000 |
| (B) General casualty | 3,000,000 | 1,500,000 |
| (6) Surety insurance: | ||
| (A) Surety | 1,000,000 | 4,000,000 |
| (B) Bail bonds only | 500,000 | 250,000 |
| (7) Title insurance: | ||
| In accordance with the provisions of Chapter 49 of this title. | ||
| (8) All insurance, except life and title insurance | 4,500,000 | 2,500,000 |
(b) Domestic stock insurers engaging in business on the date of enactment of this Act shall have sixty (60) months from the date of enactment to come into compliance with the minimum paid-in capital and surplus requirements specified in subsection (a) of this Section.
(c) In accordance with chapter 20 of this title, the Commissioner may require additional capital and surplus above the minimum capital and surplus requirements set forth in this section, or any other section of this Code based upon the type, volume and nature of the insurance business transacted.
(d) Notwithstanding the provisions of this section, the Commissioner may in his discretion and when warranted by particular circumstance, waive the minimum capital and surplus requirements for any insurer doing business in the Territory.
