Dear PRIIA and PRIBA Members and Friends,
As we present this 2024 edition of the Puerto Rico Financial Services Review, we reflect on another year of significant progress and milestones in Puerto Rico’s financial services sector. Despite the global economic challenges, Puerto Rico has continued to solidify its position as a leading jurisdiction for international insurers and banks, bolstered by our resilient regulatory framework and the support of our financial community.
This year, we celebrate the 3rd edition of the Puerto Rico Financial Services Forum, scheduled for October 21 and 22, 2024. The Forum remains a cornerstone in our mission to foster a cohesive and vibrant community, bringing together professionals from the international insurance and banking sectors. It is an opportunity to share knowledge, address challenges, and strategize for the future of our industry.
A key development in 2024 is the passing of Law 49, which further strengthens our international insurance regulatory landscape, enhancing compliance requirements and providing new opportunities for growth within the industry. This legislation underscores Puerto Rico’s commitment to maintaining a robust and transparent financial system, ensuring that our jurisdiction remains competitive and attractive to international businesses.
Another noteworthy achievement is Puerto Rico’s removal from the U.S. Treasury’s list of high-risk money-laundering jurisdictions. This marks a significant milestone, reflecting the diligent efforts of our regulatory bodies, particularly the Puerto Rico Financial Institutions Commissioner’s Office (OCIF), in enhancing our anti-money laundering (AML) and know-your-customer (KYC) protocols. This accomplishment not only bolsters our reputation but also opens new avenues for international partnerships and investments.
As you explore the articles within this review, you will find that our contributors have once again highlighted the resilience and adaptability of Puerto Rico’s financial services industry. From fintech innovations to advances in insurtech, Puerto Rico continues to position itself as a hub for financial technology and innovation.
Looking ahead, it is imperative that we continue to adhere to the highest standards of governance, compliance, and transparency. The collaboration between PRIIA, PRIBA, and our regulatory partners will be crucial in ensuring that Puerto Rico not only meets but exceeds the expectations of the global financial community.
We remain optimistic about Puerto Rico’s future as a premier jurisdiction for international insurers and banks. With continued focus on compliance, innovation, and community building, Puerto Rico is well-positioned to lead in the financial services arena for years to come.
Sincerely,
Ruben A. Gely-Ortiz
Ruben A. Gely-Ortiz is the President of International Insurers Consulting Group (IICG), and Vice President for the Puerto Rico International Insurers Association (PRIIA). He specializes in off-shore protected cell business and international reinsurance arrangements.
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