Puerto Rico Insurance Industry – Governance, Risk and Compliance
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Puerto Rico Insurance Industry Regulation Overview
The Office of the Commissioner of Insurance (Oficina del Comisionado de Seguros — OCS) acts as the regulator of the Puerto Rico insurance industry while the International Association of Insurance Supervisors (IAIS), Association of Insurance Supervisors Latin America (ASSAL), and National Association of Insurance Commissioners (NAIC) act as the other supervisors. The Puerto Rico Insurance Industry governance regulation report provides a detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation, and transit insurance. The report specifies various requirements for establishing and operating insurance and reinsurance companies and intermediaries. The report also gives insurers access to information on prevailing insurance regulations and recent and upcoming changes in the country’s regulatory framework, taxation, and legal system. It includes the scope of non-admitted insurance in the country as well.
Key Regulators | · Office of the Commissioner of Insurance (Oficina del Comisionado de Seguros — OCS)
· International Association of Insurance Supervisors (IAIS) · Association of Insurance Supervisors Latin America (ASSAL) · National Association of Insurance Commissioners (NAIC) |
Compulsory Insurances | · Motor Third-Party Liability Insurance
· Marine Liability Insurance · Professional Indemnity Insurance · Social Security Insurance |
Key Taxes | · Tax on Insurance Premium
· Corporate Income Tax · Corporate Capital Gains Tax · Value Added Tax |
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Puerto Rico Insurance Industry – Key Regulators and Legislation
Office of the Commissioner of Insurance: The OCS is responsible for regulating the insurance and reinsurance business in Puerto Rico. The Commissioner of the OCS must be appointed by the governor with the consent of the Senate, in accordance with Section 233 of the Insurance Code. The Commissioner is responsible for regulating and supervising the insurance conduct in Puerto Rico and protecting the consumers or holders of insurance contracts, among other regulatory activities.
International Association of Insurance Supervisors: The IAIS is a membership-driven global organization that represents insurance regulators and supervisors. It formulates and issues various global insurance principles, standards, and guidance, provides training and support on issues related to insurance supervision, and organizes meetings and seminars for insurance supervisors. The IAIS works closely with other financial sector standard-setting bodies and international organizations to promote financial stability.
The key piece of legislation governing the Puerto Rico insurance industry is:
- Insurance Code of Puerto Rico
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Puerto Rico Insurance Industry - Compulsory Insurance
Some of the key compulsory insurances required within the Puerto Rico insurance industry are:
- Motor Third-Party Liability Insurance
- Marine Liability Insurance
- Professional Indemnity Insurance
- Social Security Insurance
Puerto Rico Insurance Industry Analysis by Compulsory Insurances
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Puerto Rico Insurance Industry - Company Registration and Operation
The Commissioner needs to authorize every person wanting to act as an insurer. Additionally, no insurer shall transact insurance in Puerto Rico unless authorized as an insurance company. The Insurance Code also stipulates that the sale and promotion of insurance products and services is not permitted without a license. In order to carry out international insurance business from Puerto Rico, an intending company must obtain a license from the Commissioner as well.
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Puerto Rico Insurance Industry – Taxation
Tax is imposed upon insurance premium within the insurance industry in Puerto Rico. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
Corporate Income Tax: Any company registered in Puerto Rico or with management in the country, is considered a resident company. Resident companies are subject to tax on their global income, whereas non-resident companies are taxed only on their income sourced from Puerto Rico.
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Scope
This report provides:
- Details of the insurance regulatory framework in Puerto Rico
- Details of the rules and regulations governing insurance products and insurance entities
- Lists and analysis of key trends and developments pertaining to the country’s insurance regulatory framework
- Analysis of the rules and regulations pertaining to the establishment and operation of insurance businesses in the country
- Details of the taxation imposed on insurance products and insurance companies
Key Highlights
- OCS regulates and supervises the Puerto Rican insurance industry.
- Composite insurance is not permitted in Puerto Rico.
- Motor vehicle liability insurance is compulsory in Puerto Rico.
- Non-admitted insurance is not permitted in Puerto Rico. However, there are a few exceptions.
Reasons to Buy
- Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
- Gain insights into the insurance regulatory framework in Puerto Rico.
- Track the latest regulatory changes and expected changes impacting the Puerto Rican insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices pertaining to various types of insurance product.
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Frequently asked questions
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Which is the key regulator of the Puerto Rico insurance industry?
The Office of the Commissioner of Insurance (Oficina del Comisionado de Seguros — OCS) is the key regulator of the Puerto Rico insurance industry.
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Which are the other regulatory bodies overseeing operations in the Puerto Rico insurance industry?
The International Association of Insurance Supervisors (IAIS), Association of Insurance Supervisors Latin America (ASSAL), and National Association of Insurance Commissioners (NAIC) oversee the Puerto Rico insurance industry.
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Which are the compulsory insurances required within the Puerto Rico insurance industry?
Some of the key compulsory insurances required within the Puerto Rico insurance industry are motor third-party liability insurance, marine liability insurance, professional indemnity insurance, and social security insurance.
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What types of taxes are imposed upon the Puerto Rico insurance industry?
Tax is imposed upon insurance premium within the insurance industry in Puerto Rico. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
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