Ley 144 del 2007
Resumen
Esta ley enmienda el Código de Seguros de Puerto Rico para otorgar al Comisionado de Seguros la facultad de celebrar acuerdos de colaboración con entidades similares, tanto extranjeras como de Estados Unidos, y promover su participación en organizaciones internacionales relacionadas con seguros. Busca fomentar el intercambio de ideas y experiencias, así como promover a Puerto Rico como centro para este tipo de negocios.
Contenido
(No. 144)
(Approved October 10, 2007)
AN ACT
To add a subsection (8) to Article 2.030 of Act No. 77 of June 19, 1957, as amended, known as the "Insurance Code of Puerto Rico" in order to establish among the powers of the Insurance Commissioner that of entering into collaboration agreements with similar entities, whether foreign or from the United States; to promote the participation and recommendation of the Commissioner in related international organizations; and for other purposes.
STATEMENT OF MOTIVES
Through the approval by this Legislature of Act No. 77 of June 19, 1957, as amended, known as the Insurance Code of Puerto Rico, the office of Insurance Commissioner of the Commonwealth of Puerto Rico was created to monitor the good functioning of the insurance industry in Puerto Rico.
At present, there are countless organizations in the United States and abroad that gather state or national regulatory agencies of several countries of the world. For such purpose, the National Association of Insurance Commissioners (NAIC) was created, organization in which the Commonwealth has been gradually participating.
On the other hand, the International Association of Insurance Supervisors (IAIS), was founded in 1994, and represents at present the regulatory agencies of more than one hundred (100) jurisdictions at the world level. Said organization promotes cooperation among its members,
establishes international regulatory standards, offers seminars to its associate members and facilitates coordination between the financial and insurance sectors.
This organization is an example of the international associations in which the Legislature considers that the Insurance Commissioner should participate in order for the international insurance industry to know of the success of said industry in Puerto Rico and of the regulations in this jurisdiction through the establishment of a fruitful exchange of ideas and experiences, as well as to promote the Island as a center to establish this type of business.
It is for the abovementioned reasons that the Legislature of the Commonwealth of Puerto Rico approves the present Act, which shall temper the duties and the powers of the Insurance Commissioner to the inevitable realities of the new millennium.
BE IT ENACTED BY THE LEGISLATURE OF PUERTO RICO:
Section 1. - Subsection (8) is hereby added to Article 2.030 of Act No. 77 of June 19, 1957, as amended, to read as follows: "Article 2.030 - General Powers, duties. (1) ... (2) ... (3) ... (4) ... (5) ... (6) ... (7) ... (8) The Commissioner may, upon previous approval of the Secretary of State of Puerto Rico, represent the
Commonwealth in, and be a member of the different regional and international organizations related to the insurance field. He/she may likewise coordinate and enter collaboration agreements, conduct conferences, seminars, exchanges and any other activity between his/her Office and public or private entities, whether foreign or from the United States, that shall allow for an effective discharge of the powers described herein. The Insurance Commissioner is hereby directed to establish the corresponding contacts with international organizations of insurance regulators such as the International Association of Insurance Supervisors (IAIS), to coordinate the entry of the Commonwealth in the same."
Section 2.- This Act shall take effect immediately after its approval.
CERTIFICATION
I hereby certify to the Secretary of State that the following Act No. 144 (H.B. 1023) of the $6^{ ext {th }}$ Session of the $15^{ ext {th }}$ Legislature of Puerto Rico:
AN ACT to add a subsection (8) to Article 2.030 of Act No. 77 of June 19, 1957, as amended, known as the "Insurance Code of Puerto Rico" in order to establish among the powers of the Insurance Commissioner that of entering into collaboration agreements with similar entities, whether foreign or from the United States; to promote the participation and recommendation of the Commissioner in related international organizations; and for other purposes, has been translated from Spanish to English and that the English version is correct.
In San Juan, Puerto Rico, today $31^{ ext {st }}$ of January of 2008.
Francisco J. Domenech Director