23 February 2024news

Puerto Rico updates insurance code

Puerto Rico has updated its insurance code in a bid to attract more insurance business to the island.

In a statement on LinkedIn Ruben A. Gely-Ortiz, president at IICG, said that the update was a huge win for the island and for the international insurance community.

According to Gely-Ortiz the recent amendments to the Insurance Code make things clearer for international insurers and reinsurers in the US market and also provide a requirement for the Office of the Insurance Commissioner to focus on growing Puerto Rico’s International Insurance Center. 

“This is all about making Puerto Rico a top choice for insurance companies around the world,” said Gely-Ortiz. “This change is a big deal for the companies that have chosen Puerto Rico as their home base. It’s like Puerto Rico is saying, ‘We see you, and we’re making it even better for you to work here.’ It’s a step forward in keeping the island competitive and attractive in the global insurance market.”

Gely-Ortiz explained that key highlights of the new legislation include:

• Clarification of Operational Scope: The law clearly defines how international insurers and reinsurers can operate within the US market, providing a solid foundation for future growth

• Development of the International Insurance Center: A significant focus on the expansion and enhancement of Puerto Rico as a premier destination for insurance businesses, backed by government support

• Regulatory Enhancements: Streamlined processes and updated regulations make it easier for international insurance companies to thrive, ensuring compliance and fostering innovation.

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