{"id":1283,"date":"2023-08-15T03:04:16","date_gmt":"2023-08-15T06:04:16","guid":{"rendered":"https:\/\/stg.ocs.pr.gov.wacpr.net\/?page_id=1283"},"modified":"2023-08-23T11:09:07","modified_gmt":"2023-08-23T14:09:07","slug":"authorization-requirements","status":"publish","type":"page","link":"https:\/\/stg.ocs.pr.gov.wacpr.net\/en\/international-insurance\/authorization-requirements\/","title":{"rendered":"Authorization Requirements"},"content":{"rendered":"\n

CLASS AUTHORIZATION LICENSING BASIS FOR INTERNATIONAL INSURERS AND REINSURERS<\/strong><\/p>\n\n\n

\n\n\n\n\n\n\n\n\n\n\n
Type of License<\/td>\nDescription of Authority<\/td>\nCapital Requirements<\/td>\nFees & Charges<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
CLASS 1 AUTHORITY
\u201cPure Captives\u201d<\/td>\n		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.<\/td>\n\n

$500,000 Capital and Surplus with a minimum capital of $500,000<\/p>\n

5:1 Premium to Surplus Ratio<\/p>\n<\/td>\n

\n

$350 general application fee<\/p>\n

$700 application fee for Class 1<\/p>\n<\/td>\n<\/tr>\n

CLASS 2 AUTHORITY
\u201cASSOCIATION Captives\u201d<\/td>\n		\n

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<\/p>\n<\/td>\n

\n

$750,000 Capital & Surplus with a minimum capital of $500,000<\/p>\n

5:1 Premium to surplus ratio<\/p>\n

3:1 Premium to surplus ratio regarding third party risk<\/p>\n<\/td>\n

\n

$350 general application fee<\/p>\n

$1,000 application fee for Class 2<\/p>\n<\/td>\n<\/tr>\n

CLASS 3 AUTHORITY
\u201cPROPERTY & CASUALTY\u201d<\/td>\n		Authority to transact Property & Casualty insurance for foreign risk, excluding High Limits Casualty & Property insurance<\/td>\n\n

$1,500,000 Capital & Surplus with a minimum capital of $500,000<\/p>\n

3:1 Premium to surplus ratio<\/p>\n<\/td>\n

\n

$350 general application fee<\/p>\n

$2,500 application fee for Class 3<\/p>\n<\/td>\n<\/tr>\n

CLASS 4 AUTHORITY
\u201cUNRESTRICTED
PROPERTY & CASUALTY\u201d<\/td>\n		Authority to transact Property & Casualty insurance for foreign risk, including High Limits Casualty & Property insurance<\/td>\n\n

$100,000,000 Capital & Surplus with a minimum capital of $2,000,000<\/p>\n

2:1 Premium to surplus ratio<\/p>\n<\/td>\n

\n

$350 general application fee<\/p>\n

$25,000 application fee for Class 4<\/p>\n<\/td>\n<\/tr>\n

CLASS 5 AUTHORITY
\u201cUNRESTRICTED LIFE &
DISABILITY\u201d<\/td>\n		Authority to transact Life & disability insurance for foreign risks<\/td>\n\n

$750,000 Capital & Surplus with a minimum capital of $750,000<\/p>\n

4:1 Premium to surplus ratio<\/p>\n<\/td>\n

\n

$350 general application fee<\/p>\n

$750 application fee for Class 5<\/p>\n<\/td>\n<\/tr>\n

CLASS 6 AUTHORITY
\u201cRISK SECURITIZATION
PROGRAM\u201d<\/td>\n		Unrestricted Life & Disability or Property & Casualty third party risks<\/td>\nNo capital requirement<\/td>\n$350 general application fee<\/p>\n

$25,000 application fee for Class 6<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\n

Classes 3, 4 and 5:<\/em>\u00a0Reinsurance of domestic risks permitted under Regulation<\/span><\/p>\n

GENERAL INFORMATION<\/strong><\/span><\/span><\/p>\n

International Insurers and Reinsurers are subject to an Annual contribution based on premium level:<\/p>\n<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n
\n

Annual Premium<\/strong><\/span><\/span><\/p>\n

(No greater than)<\/strong><\/span><\/span><\/p>\n<\/td>\n

\n

Annual<\/strong><\/span><\/span><\/p>\n

Contribution<\/strong><\/span><\/span><\/p>\n

$<\/strong><\/span><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

25,000,000<\/span><\/p>\n<\/td>\n

\n

5,000<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

50,000,000<\/span><\/p>\n<\/td>\n

\n

10,000<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

75,000,000<\/span><\/p>\n<\/td>\n

\n

20,000<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

100,000,000<\/span><\/p>\n<\/td>\n

\n

35,000<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

150,000,000<\/span><\/p>\n<\/td>\n

\n

50,000<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

250,000,000<\/span><\/p>\n<\/td>\n

\n

65,000<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

>250,000,000<\/span><\/p>\n<\/td>\n

\n

75,000<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

\n

Contact Information<\/strong><\/span><\/span><\/p>\n<\/p>\n

Mariano Mier Romeu<\/strong><\/p>\n

Commissioner of Insurance\u200b<\/span><\/span><\/p>\n

David Castro anaya<\/span><\/span><\/strong><\/p>\n

Executive Aide<\/span><\/span><\/p>\n

International Insurers and Reinsurers Division<\/span><\/span><\/p>\n

dcastro@ocs.pr.gov<\/a><\/span> <\/span><\/span><\/p>\n


787-304-8686 Ext 8000<\/span><\/span><\/p>\n<\/p>\n

Office of the Commissioner of Insurance of Puerto Rico<\/span><\/span><\/p>\n<\/p>\n

Edificio World Plaza<\/div>\n
268 Ave. Luis Mu\u00f1oz Rivera\u200b<\/strong><\/div>\n
San Juan, PR 00918<\/div>\n
Piso 9<\/div>\n

787-304-1000<\/span><\/span><\/p>\n

www.ocs.gobierno.pr<\/a><\/span><\/span><\/p>\n

\u00a0 \u200b<\/p>\n<\/div>\n

\u00a0<\/div>","protected":false},"excerpt":{"rendered":"

CLASS AUTHORIZATION LICENSING BASIS FOR INTERNATIONAL INSURERS AND REINSURERS Type of License Description of Authority Capital Requirements Fees & Charges \u00a0 \u00a0 \u00a0 \u00a0 CLASS 1 AUTHORITY\u201cPure Captives\u201d 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. […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":1218,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"template-default.php","meta":{"inline_featured_image":false,"footnotes":""},"class_list":["post-1283","page","type-page","status-publish","hentry"],"acf":[],"yoast_head":"\nAuthorization Requirements - Oficina del Comisionado de Seguros<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/stg.ocs.pr.gov.wacpr.net\/en\/international-insurance\/authorization-requirements\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Authorization Requirements - Oficina del Comisionado de Seguros\" \/>\n<meta property=\"og:description\" content=\"CLASS AUTHORIZATION LICENSING BASIS FOR INTERNATIONAL INSURERS AND REINSURERS Type of License Description of Authority Capital Requirements Fees & Charges \u00a0 \u00a0 \u00a0 \u00a0 CLASS 1 AUTHORITY\u201cPure Captives\u201d 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. 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