Committee hears amended bill to align Puerto Rico international insurers with NAIC accreditation standards

The House of Representatives’ Committee on Banking, Insurance and Finance on Oct. 23 heard testimony on House Bill 428, which would amend Puerto Rico’s Insurance Code to create subclasses 3‑M, 4‑M and 5‑M and align the regulation of international multi‑state insurers with the National Association of Insurance Commissioners (NAIC) accreditation standards, proponents said.

Committee members were presented with an amended draft of the bill and testimony from the office of the insurance commissioner and the Puerto Rico International Insurance Association (PRIA). The insurance commissioner’s office said the changes clarify which statutory provisions will apply to international insurers, add alternatives for the posting of guarantees and include a one‑year transition period for existing entities to comply.

“Un honor y un placer estar con ustedes aquí en el día de hoy,” said Licenciada Azusette del Valle Lecaros, the insurance commissioner‑designate, as she described the amendments and the office’s support. The commissioner’s office told the committee the amendments are intended to harmonize Puerto Rico’s regulatory framework…