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Charlotte Amalie
Monday, August 15, 2022
HomeNewsLocal governmentDepartment of Finance Government Insurance Fund to Increase Premium Rate

Department of Finance Government Insurance Fund to Increase Premium Rate

Commissioner of Finance Kirk Callwood

Over the last 20 years, the Virgin Islands Government Insurance Fund has collected Workers Compensation premiums below market rates. These premiums are used to make adequate and timely payments to employees who suffer work related injuries and file claims with the Workers Compensation Administration.

In order to continue providing these benefits to the workers of the U.S. Virgin Islands and return the fund to solvency, there will be a premium rate increase of 62.4 percent phased in over four years beginning Jan. 31, 2020, as outlined below.

Implementation Phase / Percent / Effective date

1)  20 percent / Jan. 31, 2020

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2) 15 percent / Jan. 31, 2021

3) 14 percent / Jan. 31, 2022

4) 13.4 percent / Jan. 31, 2023

The Government Insurance information booklet was updated and now includes new classifications. Fillable forms were also added for ease of completion and submission electronically. These new documents can be obtained from the Government Insurance Fund Offices on both islands or from the Department of Finance website: https://dof.vi.gov/forms-and-policies.

For additional information, contact Beverly Hodge on St. Thomas at 774-4750, ext. 2254 and via email at beverly.hodge@dof.vi.gov or Veronica Joseph on St. Croix at 773-1105, ext. 4011 and via email at veronica.joseph@dof.vi.gov.

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Commissioner of Finance Kirk Callwood
Over the last 20 years, the Virgin Islands Government Insurance Fund has collected Workers Compensation premiums below market rates. These premiums are used to make adequate and timely payments to employees who suffer work related injuries and file claims with the Workers Compensation Administration. In order to continue providing these benefits to the workers of the U.S. Virgin Islands and return the fund to solvency, there will be a premium rate increase of 62.4 percent phased in over four years beginning Jan. 31, 2020, as outlined below. Implementation Phase / Percent / Effective date 1)  20 percent / Jan. 31, 2020 2) 15 percent / Jan. 31, 2021 3) 14 percent / Jan. 31, 2022 4) 13.4 percent / Jan. 31, 2023 The Government Insurance information booklet was updated and now includes new classifications. Fillable forms were also added for ease of completion and submission electronically. These new documents can be obtained from the Government Insurance Fund Offices on both islands or from the Department of Finance website: https://dof.vi.gov/forms-and-policies. For additional information, contact Beverly Hodge on St. Thomas at 774-4750, ext. 2254 and via email at beverly.hodge@dof.vi.gov or Veronica Joseph on St. Croix at 773-1105, ext. 4011 and via email at veronica.joseph@dof.vi.gov.