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PuertoRico2015

INTERNATIONAL INSURERS ARE LICENSED ON A CLASS BASIS WITH THE FOLLOWING DEFINITIONS, CAPITAL AND SURPLUS REQUIREMENTS CLASS 2 AUTHORITY “Association captives” CLASS 6 AUTHORITY “Risk Securitization Program” • $500,000 capital and surplus • 5:1 premium to surplus ratio • $750,000 capital and surplus, of which $500,000.00 must be paid In capital • 5:1 premium to surplus ratio; • 3:1 regarding third party risks • $1,500,000 capital and surplus, of which $500,000 must be paid in capital • 3:1 premium to surplus ratio • $100,000,000 capital and surplus, of which $2,000,000 must be paid in capital • 2:1 premium to surplus ratio • $750,000 capital and surplus, of which $750,000 must be paid in capital • 4:1 premium to surplus • $350 general application fee • $1,100 authorization fee • $350 general application fee • $1,350 authorization fee • $350 general application fee • $2,850 authorization fee • $350.00 general application fee • $25,350.00 authorization fee • $350 general application fee • $1,100.00 authorization fee • $350 general application fee • $25,350 authorization fee TYPE OF LICENSE DESCRIPTION OF AUTHORITY FEES & CHARGES CAPITAL REQUIREMENTS • Authority to transact insurance and reinsurance related to risks from the sole owner of the international insurer, any affiliated owner or other affiliate of the international insurer; 51 % of Third Party risks permitted to comply with regulations of domicile where the risks are assumed • Authority to transact insurance and reinsurance related to risks of the owners, whether or not said owners are affiliates of the international insurer or of any of their respective affiliates and risks that arise from the business transactions of said owners of affiliates, as may be determined by the Commissioner, or • Any other risk that does not exceed the total of 20% of the net premiums written by the international insurer • Authority to transact Property & Casualty insurance and reinsurance, excluding High Limits Casualty and Property Insurance • Assumption of domestic risk permitted under regulation • Authority to transact Property & Casualty insurance and reinsurance, including High Limits Casualty and Property Insurance • Assumption of domestic risk permitted under regulation • Authority to transact Life & Disability insurance and reinsurance • Assumption of domestic risk permitted under regulation • Unrestricted L & H or P & C • Securitization Programs CLASS 1 AUTHORITY “Pure captives” CLASS 3 AUTHORITY “Property casualty” CLASS 4 AUTHORITY “Unrestricted property & casualty” CLASS 5 AUTHORITY “Unrestricted life & disability” NO CAPITAL REQUIREMENT - 3 -


PuertoRico2015
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