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International & Offshore Insurance Center |
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What is the International & Offshore Insurance Center of Puerto Rico?
The idea of transforming Puerto Rico into an international insurance center had been under evaluation for approximately 10 years. The Commissioner of Insurance, Dorelisse Juarbe, after careful review, decided to continue with the initiative begun by her predecessor and a group of representatives from the private sector. This joint effort resulted in the adoption of the laws and regulations that established the legal basis for developing Puerto Rico into an international insurance center. The Governor of Puerto Rico, the Honorable Aníbal Acevedo Vilá, adopted this new initiative and incorporated it as part of his economic agenda for Puerto Rico for the 21st Century. With the enactment, last September 2004 of Public Laws No. 399 and 400, Puerto Rico established its International & Offshore Insurance Center, thereby propelling itself as an important player in the international insurance arena.
Due to its strategic geographical location, Puerto Rico is preparing to become the logical portal for insurers and reinsurers wishing to enter into the Latin American insurance and financial markets with direct access to other international markets and to the United States.
The organization of the First Puerto Rico Symposium on International and Offshore Insurance, under a collaboration agreement between the Central Government of Puerto Rico and the private sector, confirms that the moment has arrived for Puerto Rico to participate in the modern trends to which global financial services markets are being directed. The experience in other jurisdictions close to Puerto Rico, has demonstrated that the development of international business centers, such as offshore venues, have provided viable opportunities for efficient and effective economic growth for countries and economies similar to the Commonwealth of Puerto Rico.
For more information visit: http://ocs.gobierno.pr
