The USVI is a prime market for tourism and economic development. Current and potential captive insurance owners who want to re-domicile to the USVI can benefit from establishing a captive in a region with a very attractive tax structure.
[Last updated: 29/07/16]
Address of regulator:
Office of the Lieutenant Governor
Division of Banking and Insurance
1131 King Street, Suite 101
Christiansted, St. Croix
U.S. Virgin Islands 00820
340-773-6459 Ext. 3101
Name of Captive Legislation
“Virgin Islands International Insurers Act”
“Alternative Market Act”
Year Legislation Passed
2009 and 2013
ACT NO. 7569
Title 22 Chapter 55 V.I. Code
ACT NO. 7147
Title 22 Chapter 66 V.I. Code
Do you allow Cell Captives?
Cell captives are allowed to be domiciled in the USVI pursuant to Title 22, chapters 55 and 66 Virgin Islands Code.
Total Number of Licenced Captives
There are presently four captive insurance companies domiciled and licensed in the USVI.
Number of Risk Retention Groups or Group Captives
Risk retention groups are currently not registered under the captive laws of the USVI.
Number of Single Parent Captives
There are presently four single parent captives domiciled and licensed in the USVI.
Number of Cell Captives?
There are presently no cell captives licensed in the USVI.
Number of licences granted in the past year
There were no new licenses granted in the past year (2015 calendar year).
Approximate (or Average) length of time to process a new captive
Average length of time to process a new captive application is 45 days.
Captive tax rates
Captives are granted a reduction in the income tax, real property taxes, gross receipts taxes, excise taxes and premium tax at a rate of 100% if the company is licensed and established in the District of St. Croix, and at a rate of 80% if the company is licensed and established in the District of St. Thomas and St. John.
Minimum capitalisation rate
Single Parent Not less than $75,000
Industrial Insured (Stock) Not less than $100,000
Industrial Insured (Mutual) Not less than $100,000
Association Intl. Stock Not less than $125,000
Association Intl. Insurer Not less than $125,000
Incorporation fee is $400.00, annual franchise tax $1,000.00, non-refundable application fee of $5,000.00, application fee by an actuary $3,200.00 and annual renewal fee of $5,000.00.
Industry sectors best represented in the domicile
Industry sectors best represented are reinsurance (life), underwriting insurance, healthcare.
Top 5 uses for Captives in the domicile
The top five uses for captive domiciled in the USVI are Reinsurance subsidiaries, Workers compensation, Medical Liability, Health reinsurance and Reinsurance of Employee Group Life Insurance.
Total premiums received by the Captives?
Total value of assets under management?
Captive Insurance Managers registered to conduct business in the domicile
David A. Bornn
The Bornn Firm, P.L.L.C.
No. 5079 Norre Gade--2d Fl. [a/k/a No. 8 Norre Gade]
St. Thomas, V.I. 00802
P.O. Box 1677
St. Thomas, V.I. 00804
Mrs. Gabi Rivera
Aon Insurance Managers (USVI) Inc.
c/o Three Saints Management, LLC
One Hibiscus Alley, 2nd Floor
St. Thomas, Virgin Islands 00802
Mrs. Gabi Rivera
P.O. Box 6757
St. Thomas, VI 00804