2019 US Virgin Islands Code
Title 22 - Insurance
Chapter 27 - Unauthorized Insurers
§ 662. Premium tax; surplus lines
Universal Citation: V.I. Code tit. 22, § 662 (2019)
(a) On or before the first day of February, May, August and November of each year, each surplus line broker shall remit to the Commissioner of Insurance a tax of five percent (5%) on the quarterly premiums of surplus line insurance transacted by him on risks located in the territory:
(b) If a surplus line policy covers risks or exposures only partially in this territory the tax so payable shall be computed upon the proportion of the premium which is properly allocable to the risks or exposures located in this territory.
(c) All taxes collected pursuant to this section, as well as any penalty related thereto, shall be deposited into the Insurance Guaranty Fund.
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