2025-2026 Puerto Rico Financial Services Review

Dear PRIIA and PRIBA Members and Friends,

As we present the 2025–2026 edition of the Puerto Rico Financial Services Review, we do so at a pivotal moment for Puerto Rico’s international insurance and banking sectors. This year we've experienced significant developments within the NAIC regarding how international insurers assume and manage risks in the United States, creating new expectations and opportunities for jurisdictions like Puerto Rico.

The Island is well positioned to meet this moment. Our jurisdiction continues to demonstrate that it can serve as a reliable, innovative, and resilient platform where technology, capital, and global business models converge. Far from being an outlier, the arrival of new market participants underscores Puerto Rico’s validation as a trusted hub for international insurers and banks seeking growth and diversification.

International banks, too, remain central to Puerto Rico’s value proposition. In 2025, local regulators announced an overhaul of the island’s financial regulatory framework, extending from traditional banking to international financial entities, as well as to fintech and emerging financial models. These reforms aim to clarify oversight, enhance transparency, and reinforce confidence in Puerto Rico’s financial ecosystem.

As we welcome a new Insurance Commissioner, PRIIA is committed to serving as a constructive and conciliatory voice — bridging the regulator’s mission with the industry’s realities. We believe in open dialogue grounded in deep understanding, supporting the regulatory process while ensuring Puerto Rico’s continued competitiveness as an international financial center.

Within this Review, you will find thoughtful contributions that address these shifts head-on: from the implications of U.S. regulatory changes, to advances in compliance and governance, to the growing influence of insurtech, digital banking, and hybrid financial models. Together, they demonstrate Puerto Rico’s ability not only to adapt to change but also to lead in select strategic areas.

Looking ahead, our compass remains set on excellence in regulation, responsible innovation, and growth with integrity. The collaboration between PRIIA, PRIBA, and our regulatory partners will be essential to ensuring Puerto Rico’s continued success as a premier jurisdiction for international insurers and banks.

We face this new chapter with optimism grounded in realism — ready to transform challenges into opportunities, and to deliver lasting value for our members and for Puerto Rico.

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.