San Juan
19 May 2017
Reporter: Becky Butcher
PRIIA puts insurance market at ease
The Puerto Rico International Insurers Association (PRIIA) has reassured the insurance industry that although Puerto Rico has filed for voluntary bankruptcy, its international insurers remain "open for business".

PRIIA confirmed that there will be no change to the tax, regulatory, or other legal status of any licensed insurer operating in the centre as a result of the filing.

Puerto Rico filed for bankruptcy under Title III of the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA).

PROMESA provides the legal framework for local Puerto Rico government entities to restructure debt obligations.

The legislation was enacted by US Congress and signed into law by President Barack Obama in 2016.

Walter Keenan, PRIIA member and CEO of Advantage Insurance, explained that PROMESA was enacted to help grow Puerto Rico’s economy.

Keenan stated: “The international insurance centre has brought jobs and investment capital to Puerto Rico and will continue to play an important role in the commonwealth’s return to prosperity.”

“PROMESA recognises the importance of growth engines, such as the international insurance centre, and the law expressly preserves and continues the benefits our clients and companies enjoy today.”

Keenan insisted that Puerto Rico’s international insurers remain open for business.

He said: “Regulation of companies operating in the international insurance centre is provided by the Office of the Commissioner of Insurance of Puerto Rico, which receives funding from fees paid by its regulated entities.”

“There is no change to the tax, regulatory, or other legal status of any licensed insurer operating in the centre as a result of the Title III filing."

More news
The latest news from Captive Insurance Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
GEB appoints executive management trio
23 June 2017 | Brussels | Reporter: Becky Butcher
Generali Employee Benefits (GEB) has welcomed Eric Butler, Roland Raad and Thierry Mestach to its international management team
R&Q sells Lloyds managing agency to Coverys
23 June 2017 | London | Reporter: Becky Butcher
R&Q Investment Holdings has reached an agreement to sell the entire share capital of its Lloyd’s managing agency, R&Q managing agency, to Coverys, a provider of medical professional liability insurance based in Boston
Captives dominate the BVI insurance sector
23 June 2017 | Road Town, British Virgin Islands | Reporter: Becky Butcher
Captives in the British Virgin Island’s insurance sector continue to dominate the market, in terms of the number of firms, as well as revenues generated, according to a new BVI Global Contribution report
FCC Services captive reports ‘financially solid’ 2016 results
22 June 2017 | Colorado | Reporter: Becky Butcher
The Farm Credit System Captive Insurance Company, the captive insurer of FCC Services, has reported a net income of $10.3 million in 2016, an increase of 7.8 percent compared to the previous year
Archer Daniels Midland captives rated ‘excellent’ by A.M. Best
22 June 2017 | Oldwick | Reporter: Becky Butcher
A.M. Best has assigned a financial strength rating of “A- (Excellent)” and long-term issuer credit ratings of “a-” to both of Archer Daniels Midland's captives
OECD ranks Barbados as 'largely compliant'
22 June 2017 | Bridgetown | Reporter: Becky Butcher
Barbados has been recognised by the Organisation for Economic Co-operation and Development’s (OCED) Global Forum as being “largely compliant” during 2016
John Thomson departs HAI Group as CEO
21 June 2017 | Cheshire, Connecticut | Reporter: Becky Butcher
John Thomson has stepped down from his role as president and CEO at HAI Group, the public housing insurance agency