Insurance Providers Join to form Puerto Rico International Insurers Association

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More than a dozen Insurance and Financial Service Providers have joined forces to launch the Puerto Rico International Insurers Association (“PRIIA”).

We will work closely with the Office of the Commissioner of Insurance to develop standardized Codes of Conduct ensuring fair and efficient regulation and supervision for international insurers on the island,” stated board member Erick G. Negrón.

More than a dozen Insurance and Financial Service Providers have joined forces to launch the Puerto Rico International Insurers Association (“PRIIA”). The purpose of the organization is to create a single body that can respond to and advise related parties on insurance issues in Puerto Rico and serve as a single voice in discussions with Puerto Rico’s Office of the Commissioner of Insurance, who regulates the insurance industry.

“As a body representing the professionals in our industry, we will work closely with the Office of the Commissioner of Insurance to develop standardized Codes of Conduct ensuring fair and efficient regulation and supervision for international insurers on the island,” stated board member Erick G. Negrón.

One of the main focuses of the PRIIA is to contribute in the promotion of Puerto Rico as an offshore jurisdiction for International Insurers and to serve as a guide for companies interested in entering the island’s International Center.

“We also plan to develop a series of programs to educate professionals in the domestic insurance sector about the opportunities that will arise within the international insurance sector,” said founding member David Kirkup, COO of Madison Re I.I.

The founding member companies, International Insurers from various parts of the world, were initially brought together under Puerto Rico’s International Insurance Center.

Foundation Members include:

  • U.S. Commonwealth Life, A.I.
  • Advantage Life Puerto Rico, A.I.
  • Madison Re I.I.
  • Commonwealth Risk Transfer, A.I.

Initial Members include:

  • Advantage Life Assurance A.I.
  • RR Business & Compliance Consulting Inc.
  • RSM Puerto Rico
  • Rexach and Pico, PSC
  • LLM&D
  • BDO Puerto Rico

Provider Members include:

  • JA Walker and Assoc. Inc.
  • Advantage Insurance Services LLC
  • Ryan LLC (http://www.ryan.com/Home)
  • Fiddler, Gonzalez & Rodriguez, PSC
  • Advantage International Bank Corp.

The organization will host quarterly meetings and is currently headquartered in Hato Rey, Puerto Rico. For more information and a membership application, visit: http://www.PRIIA.org.

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