The Puerto Rico International Insurance Association (PRIIA) will play an expanded role in helping to grow the country into a leading captive insurance domicile, according to PRIIA president Hugo Cordova.
PRIIA is expected to reveal several new initiatives early next year, with a particular emphasis on the opportunities and benefits available for captive insurance company formations.
These new initiatives build on the work previously done by PRIIA to expand the association’s capabilities to promote Puerto Rico as a key international insurance domicile.
The PRIIA president explained that despite the devastation caused by Hurricane Maria, the growth of the Caribbean island’s financial and insurance services is a real success story.
Cordova stated: “The financial and insurance industry was able to quickly reestablish operations without major disruption.This attests to the island’s solid financial services and insurance sector. It also demonstrates the effectiveness of the business continuity programs that both the public sector and the private industry have in place.”
Ruben Gely Rodriguez, a senior official within the US territory’s office of the commissioner of insurance, confirmed this optimism.
He said: “The demand for our class 5 platform and related captive laws remain very attractive for companies in the US and elsewhere.”
