IIGC & Principal Rep announce Puerto Rico partnership
The International Insurance Consulting Group (IICG) and Principal Rep have announced a strategic partnership to boost compliance officer services for international insurers.
The advanced services include individual client verifications, Know Your Customer (KYC) & client onboarding process management, and Anti-Money Laundering (AML) monitoring and reporting.
According to IICG, which provides captive insurance consulting solutions, this initiative underlines the commitment to sustain Puerto Rico's International Insurance Center at the apex of regulatory compliance.
“The joint venture capitalizes on the core strengths of both entities, combining IICG's industry experience and Principal Rep's innovative technology,” said IICG in a statement. “Principal Rep's cutting-edge risk assessment tools will now be a part of IICG's robust service suite. This fusion of expertise will lead to increased efficiency and precision in KYC and AML processes, setting new standards in the industry.”
IICG further stated that this strategic alliance represents a ‘significant milestone’ in maintaining Puerto Rico's position as a leading jurisdiction for international insurance. The two companies are dedicated to fostering a safe and transparent insurance sector that ensures adherence to global regulatory norms. Through this partnership, IICG and Principal Rep aim to provide a fortified compliance framework, promising significant benefits to international insurers operating in Puerto Rico and beyond.
