Captive Insurers

Using the Exempt Company legislation, U.S. Virgin Islands captive insurers underwrite insurance or conduct reinsurance business with respect to risks situated exclusively outside the U.S. Virgin Islands.

Among the benefits of establishing an exempt insurer are:

• Reasonable Capital and Surplus requirements
• Exemption from U.S. Virgin Islands laws which apply to pooling requirements and the maintenance of insolvency funds
• 100% exemption from tax on all U.S. Virgin Islands source income except for annual $1,000 franchise tax and $6,000 license fee, unless the Company elects to be treated as a U.S. taxpayer
• All types of insurance can be offered except for motor vehicles and homeowners insurance
• A captive which is established in another foreign jurisdiction can establish a branch in the U.S. Virgin Islands
• 20-year Contract of Benefits guaranteeing tax exempt status of the Company

A captive insurer is required to hold an annual meeting of its board of directors and of its shareholders in the U.S. Virgin Islands.

One director is required to be a local resident.

Captive Insurer Management Companies are established in the Territory.

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