Insurance Superintendence will deepen reforms to accelerate progress and modernize the sector

Within the framework of the 56th anniversary of its foundation, the Insurance Superintendency of the Dominican Republic reaffirmed its commitment to strengthening the insurance sector with innovative reforms that consolidate its sustainable growth and adapt to the demands of a constantly evolving market.

This was expressed by the superintendent, Julio César Valentín Jiminián, who recognized the progress achieved, while highlighting the need to deepen it and promote “substantive changes that allow us to respond with greater agility, transparency and effectiveness to the new demands.”

Among the main challenges, he stressed the urgency of carrying out a “radical reform of Law 146-02 on Insurance and Bonds of the Dominican Republic, which must lead to the supreme purpose of guaranteeing the rights of the insured and providing speed in the procedures and services that the institution offers; in addition to obtaining greater financial and budgetary autonomy, and thus providing more effective responses to new challenges.”

Likewise, he raised the need to consolidate a new risk-based supervision and control model, which offers information on insurers’ operations in a reliable and real-time manner.

Also, he referred to the requirement to implement new digital tools and technological resources in line with the growth of the sector, which is over 17% compared to last year, as a result of the stability in the national economy.

¨We cannot operate as a state entity if we do not think in a way aimed at vindicating and protecting the rights of the insured. This will mean an increase in credibility and will strengthen confidence in the insurance sector,” the superintendent emphasized.

Finally, he stated that he trusts in the cooperation of all the actors that make up the sector, as well as the team of professionals and technicians of the Superintendency, whom he called to “redouble their efforts” and “contribute to the sustained growth of the industry, because this means greater development and well-being for the country.”

Commemorative and gratitude events

Superintendent Valentín offered these words during the commemorative activities of the Insurance Superintendency, in which he participated alongside directors, managers and collaborators of the institution, as well as guests related to the insurance sector.

The events began with the raising of the national and institutional flags in the front area of ​​the headquarters and, later, the delivery of a floral offering at the Altar of the Homeland.

Then, a Thanksgiving Mass was celebrated at the Primate Cathedral of America, in which priest Nelson Clark offered prayers for the success of the institution in its work, and for the unity and well-being of its members.

During the events, the official was accompanied by Francisco Campos Álvarez, mayor of the institution, as well as Alejandro Fernández, superintendent of Banks; Francisco Torres, superintendent of Pensions; Ángel Serulle, mayor of Securities; Nelson Arroyo, executive vice president of Seguros Reservas; in addition to the board of directors of the Dominican Association of Insurance Brokers (Adocose) and the Dominican Chamber of Insurers and Reinsurers (Cadoar), among other representatives of public and private sector organizations.