Puerto Rico adopted the “International Financial Center Regulatory Act” (Act 273) to expand as an international financial center and promote economic growth by broadening the scope of banking activities and incentives for international financial entities (IFEs) organized in Puerto Rico.
Although part of the United States, Puerto Rico has fiscal autonomy and operates in a separate tax jurisdiction. The unique interplay between island and federal tax laws creates the ideal environment for financial institutions and international businesses.
The Office of the Commissioner of Insurance (OCI) has a long history of regulatory expertise and is one of the few government agencies that historically operates under a fiscal surplus due to their tight adherence with agency budgets.
Due to many advantages, Puerto Rico is an ideal jurisdiction for insurers and reinsurers from Latin American, Europe and other international markets.
Since its inception in 2005, the International Insurance Center (IIC) has propelled Puerto Rico as an important member of the international insurance arena. The IIC is an accredited member of the U.S. National Association of Insurance Commissioners (NAIC), as well as, a participating member of the Association of Insurance Superintendents of Latin America (ASSAL) further positioning Puerto Rico as a secure and regulated territory for international business.