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CLASS AUTHORIZATION LICENSING BASIS FOR INTERNATIONAL INSURERS AND REINSURERS
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Type of License |
Description of Authority |
Capital Requirements |
Fees & Charges |
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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
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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
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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
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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
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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
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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:
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Annual Premium
(No greater than)
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Annual
Contribution
$
|
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25,000,000
|
5,000
|
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50,000,000
|
10,000
|
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75,000,000
|
20,000
|
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100,000,000
|
35,000
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150,000,000
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50,000
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250,000,000
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65,000
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>250,000,000
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75,000
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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
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