CLASS AUTHORIZATION LICENSING BASIS FOR INTERNATIONAL INSURERS AND REINSURERS

 

 

Type of License Description of Authority Capital Requirements Fees & Charges
       
CLASS 1 AUTHORITY
“Pure Captives”
Authority to transact insurance and reinsurance related to risks from the sole owner of the international insurer, any affiliated owner or other affiliate of the international insurer.

$500,000 Capital and Surplus with a minimum capital of $500,000

5:1 Premium to Surplus Ratio

$350 general application fee

$700 application fee for Class 1

CLASS 2 AUTHORITY
“ASSOCIATION Captives”

Risks of the owners, whether or not said owners are affiliated, risks of the international insurer or of any of their respective affiliates
Risks that arise from the business transactions of said owners of affiliates, as may be determined by the commissioner, or
Any other risk that does not exceed the total of 20% of the net premiums written by the international insurer

$750,000 Capital & Surplus with a minimum capital of $500,000

5:1 Premium to surplus ratio

3:1 Premium to surplus ratio regarding third party risk

$350 general application fee

$1,000 application fee for Class 2

CLASS 3 AUTHORITY
“PROPERTY & CASUALTY”
Authority to transact Property & Casualty insurance for foreign risk, excluding High Limits Casualty & Property insurance

$1,500,000 Capital & Surplus with a minimum capital of $500,000

3:1 Premium to surplus ratio

$350 general application fee

$2,500 application fee for Class 3

CLASS 4 AUTHORITY
“UNRESTRICTED
PROPERTY & CASUALTY”
Authority to transact Property & Casualty insurance for foreign risk, including High Limits Casualty & Property insurance

$100,000,000 Capital & Surplus with a minimum capital of $2,000,000

2:1 Premium to surplus ratio

$350 general application fee

$25,000 application fee for Class 4

CLASS 5 AUTHORITY
“UNRESTRICTED LIFE &
DISABILITY”
Authority to transact Life & disability insurance for foreign risks

$750,000 Capital & Surplus with a minimum capital of $750,000

4:1 Premium to surplus ratio

$350 general application fee

$750 application fee for Class 5

CLASS 6 AUTHORITY
“RISK SECURITIZATION
PROGRAM”
Unrestricted Life & Disability or Property & Casualty third party risks No capital requirement $350 general application fee

$25,000 application fee for Class 6

Classes 3, 4 and 5: Reinsurance of domestic risks permitted under Regulation


GENERAL INFORMATION

International Insurers and Reinsurers are subject to an Annual contribution based on premium level:

 

Annual Premium

(No greater than)

Annual

Contribution

$

25,000,000

5,000

50,000,000

10,000

75,000,000

20,000

100,000,000

35,000

150,000,000

50,000

250,000,000

65,000

>250,000,000

75,000

 

 

Contact Information

 

Angela Weyne

Commissioner of Insurance

 

Rubén Gely-Rodríguez, CPCU, AAI, ARM

Director of the International Insurers and Reinsurers Division

This email address is being protected from spambots. You need JavaScript enabled to view it.

787-304-1300

 

Glory Mar Montalvo Pagán, MBA, APIR, ARM

Executive Aide

International Insurers and Reinsurers Division

This email address is being protected from spambots. You need JavaScript enabled to view it.

787-304-8686 Ext 3000

 

Office of the Commissioner of Insurance of Puerto Rico

B5 C/Tabonuco Suite 216

PMB 356

Guaynabo, PR 00968-3029

787-304-1000

www.ocs.gobierno.pr