Puerto Rico Treasury: 40 submit qualifications to insure island agencies
New process being used to contract coverage for 100 entities, corporations
SAN JUAN — Puerto Rico Treasury Secretary Francisco Parés Alicea announced Monday that 40 insurance producers submitted their qualifications and proposals to cover more than 100 government entities and public corporations starting Nov. 1.
An insurance producer is someone licensed to sell insurance products on behalf of insurers within a particular state. The term producer is interchangeable with agent, representative or broker.
“After the announcement of Aug. 1, 40 interested producers submitted proposals on evaluation of risks, loss control, and advice in management and contracting of risk insurance for the government of Puerto Rico,” Parés Alicea said in a release.
He said these proposals will “immediately” be vetted by an evaluating committee composed of officials from Treasury’s public insurance and legal divisions as well as the Insurance Commissioner’s Office, a representative from the Fiscal Agency & Financial Advisory Authority, and an “observer” from the Financial Oversight & Management Board.
The committee is tasked with evaluating the insurance producers’ knowledge and experience, said Parés Alicea, noting that qualifying producers will be managing coverage at assigned government agencies and public corporations. He said he ordered a new contracting process for insurance producers in July, after receiving reports of poor performance by certain producers and complaints that the former process was “too open to subjectivity.”
The new contracting process, done in coordination with the Insurance Commissioner’s Office, requires that applicants possess “specialized resources” in the areas of insurance coverage, claims, management of risk, and loss control, the Treasury chief said.
“The committee will responsibly evaluate the background of the producers to ensure that they comply with the requisites,” he said. “We are working through this process in the most transparent way possible to guarantee the public interest.”
The following is the list of insurance producers who responded to Treasury’s RFQ:
Edwin I. Rivera
CVR Insurance Group
Garcia Cespedes Ins
Jose A. Diaz Agosto
I Benefits Insurance
Lone Star Insurance
Virtue Insurance Group
L. Campos & Associates
Font Insurance Inc.
Jorge R. Urrutia Valles
Baco & Amador Matta
Owners Risk Insurance
Lopez Luna Insurance
Aon Risk Solutions
Consuelo Revuelta Ins
Vidal & Rodriguez, Inc.
First Class Lighthouse Ins
360 Risk Solution (Enrique Padial)
Goas & Associates
General Insurance Brok
Chapel & Associates
Get Insurance (Christofer Fuentes Mas)
Manuel Garcia Gonzalez
DSG Insurance Corp.
Strategic Group (Francisco Gomez)
Maria De Lourdes Fernandez