Puerto RicoPC 042820th Legislative Assembly (2025-2028)HouseWALLET

Para añadir un nuevo inciso (5) del Artículo 61.020; renumerar los subsiguientes incisos y añadir un nuevo Artículo 61.051 a la Ley Núm. 77 del 19 de junio de 1957, según enmendada, conocida como "Código de Seguros de Puerto Rico", para crear las Subclases 3-M, 4-M y 5-M, aplicables a los aseguradores internacionales que operen como Aseguradoras Internacionales Multiestatales; alinear los parámetros de regulación bajo los cuales estas subclases podrán hacer negocios de seguros en otro estado o territorio de Estados Unidos conforme los estándares uniformes de regulación de solvencia financiera promulgados por la "National Association of Insurance Commissioners" (NAIC); y para otros fines relacionados.

Sponsored By: Carlos J. Méndez Núñez (PNP), Miembros PNP -

Signed by Governor

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Bill Overview

Analyzed Economic Effects

3 provisions identified: 2 benefits, 0 costs, 1 mixed.

Some insurers escape new multistate requirements

The new multistate requirements exclude international insurers whose business plans cover or assume reinsurance risks outside U.S. jurisdiction. Captive insurers and segregated-asset plans are also excluded. Certain non-admitted reinsurers are excluded when deposits or trusts secure reinsurance payments under the ceding insurer's home-state rules. These exclusions concern the new requirements, not an exemption from all insurance regulation.

Multistate insurers keep matching tax treatment

Insurers and reinsurers in subclasses 3-M, 4-M, and 5-M keep the tax treatment available to Classes 3, 4, and 5, respectively. The law preserves eligibility for that treatment rather than setting a new tax rate. It does not establish a household tax break or state how much insurers save.

New safeguards and duties for multistate insurers

The law creates subclasses 3-M, 4-M, and 5-M for international insurers and reinsurers with matching Puerto Rico authority. They qualify through authorization, operations, accredited or certified status, assumed reinsurance risks, or excess-lines business in at least one additional state. They need a Puerto Rico authority certificate, or an eligibility certificate for excess-lines business; authority certificates must show the subclass. They must follow Chapter 61 and designated insurance rules covering finances, reporting, examinations, reinsurance, and insolvency; designated rules control conflicts. They must join state guaranty associations where state rules require; Puerto Rico's Commissioner serves as auxiliary receiver during out-of-state liquidation. The law takes effect upon approval, giving insurers one year to submit amended business plans for approval showing compliance.

Sponsors & Cosponsors

Sponsors

  • Carlos J. Méndez Núñez

    PNP • House

  • Miembros PNP -

    Affiliation unavailable

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 74 • No: 0

Senate vote • 11/5/2025

Aprobado por el Senado en Votación Final

Yes: 27 • No: 0 • Other: 1

House vote • 10/30/2025

Aprobado por Cámara en Votación Final

Yes: 47 • No: 0

Bill Text

  • Se dispone que sea enrolado

    11/12/2025

  • Texto de Aprobación Final enviado al Senado

    10/30/2025

  • Radicado

    3/20/2025

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