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 |
$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
Mariano Mier Romeu
Commissioner of Insurance
David Castro anaya
Executive Aide
International Insurers and Reinsurers Division
787-304-8686 Ext 8000
Office of the Commissioner of Insurance of Puerto Rico
787-304-1000
