Puerto Rico
[Last updated: 22/07/16]
Regulatory contact:
Mr. Rubén Gely
Address of regulator: Office of the Commissioner of Insurance of Puerto Rico. B5 C/Tabonuco Suite 216, PMB 356, Guaynabo, PR 00968-3029.
Telephone Number: 787-304-1000
Email Address: rgely@ocs.pr.gov
Website: www.ocs.gobierno.pr
Name of Captive Legislation
International Insurers and Reinsurers Division-Chapter 61 of the Insurance Code of Puerto Rico
Year Legislation Passed
Puerto Rico Insurance Code, as amended by Public Law Nos.399 and 400, signed Sept. 22, 2004 and effective March 22, 2005, as amended by Public Law 98 signed June 20, 2011, effective January 1, 2012; as amended Public Law 39 of March 18, 2014, effective April 17, 2014.
Recent Amendments
Public Law 39 of March 18, 2014, effective April 17, 2014
Do you allow Cell Captives?
Yes
Total Number of Licenced Captives
8 Standalone captives.
Number of Risk Retention Groups or Group Captives:
0
Number of Single Parent Captives:
8
Number of Cell Captives:
305
Number of licences granted in the past year (2015 calendar year):
3
Approximate (or Average) length of time to process a new captive
An average of fifteen (15) days.
Captive tax rates
4% of net income above of US$1.2M
Minimum capitalisation rate
Minimum: US$500,000 for Class 1 pure captives
US$750,000 for Class 2 association captives
US$1.5m Class 3 protected cell company
No statutory requirement for protected cells.
Licencing fees
US$1,100 authorization fee for Class 1 pure captive
US$1,350 authorization fee for Class 2 association captive
US$2,850 for Class 3 protected cell company
Annual charge US$5,000
Industry sectors best represented in the domicile
Professional Services, Technology, Healthcare, Construction, Farm
Top uses for captives in the domicile
Property and Casualty
Total premiums received by the Captives:
US$323M
Total value of assets under management:
US$327M
Captive Insurance Managers registered to conduct business in domicile
Under PR regime Captive Insurance Mangers are not licensed, although Administrative Agreement with the captive is regulated.