United States Virgin Islands

United States Virgin Islands

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]
Regulatory contact:
Ashton Bertrand
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
Telephone Number
340-773-6459 Ext. 3101
Email Address
Ashton.bertrand@lgo.vi.gov
Website
www.ltg.gov.vi



Name of Captive Legislation
 
“Virgin Islands International Insurers Act”
“Alternative Market Act”
 
Year Legislation Passed
2009 and 2013
 
Recent Amendments
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
 
Licencing fees 
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?
$8,936,732
 
Total value of assets under management?
$35,1000,140
 
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 
or 
P.O. Box 1677 
St. Thomas, V.I.  00804 
Tel: 340-774-2501 
Fax: 340-774-2602 
email: david.bornn@bornnfirm.vi  
 
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
Three Saints
P.O. Box 6757
St. Thomas, VI 00804

Company latest

Articles

There are no related articles.

News

There are no related news.

Captive International