Omar Marrero, Executive Director of AAFAF.
The Tax Agency and Financial Advisory Authority (AAFAF, in Spanish) has opened a request for qualifications round seeking companies that can help the government meet the requirements for obtaining and maintaining insurance coverage. insurance for certain public assets, following parameters established by the Federal Emergency Management Agency (FEMA).
AAFAF Executive Director Omar Marrero explained that qualified companies must demonstrate their abilities to support the government in such efforts, including detailing previous experiences in other jurisdictions, following applicable federal regulations and requirements set out in the central government’s certified fiscal plan and accompanying certified budget.
“Following hurricanes Irma and María and the earthquakes of recent years, it is necessary to insure, at adequate levels, the assets of the government against possible future natural disasters, and also to protect the covers of insurance provided by FEMA for possible future events,” Marrero said.
“Through this initiative, the government wants to continue building the resilience of government assets and reaffirm that Puerto Rico is moving in the same direction as traditionally sophisticated insurance jurisdictions,” he said.
A sum of $35 million has been earmarked for the 2022 financial year for the government to develop a “sophisticated and comprehensive” insurance plan, and also to prioritize the various alternatives on how to supplement the existing insurance coverage, including parametric insurance coverage, he said.
The RFQ describes in detail the qualification process. The deadline for submitting proposals is September 3.