Insurance Superintendency of the Dominican Republic

History and Legal Framework

The Insurance Superintendency of the Dominican Republic (SIS) was created by Law No. 400 on January 9, 1969, as the primary regulatory body for the insurance sector. It currently operates under the Insurance and Bail Bonds Law (Law 146-02 of September 9, 2002), which establishes its supervisory authority over insurers, reinsurers, intermediaries, and adjusters. The SIS reports to the President of the Republic and maintains operational independence in its enforcement and oversight functions.

Regulatory Powers and Market Oversight

The SIS exercises broad authority to examine business records, financial statements, and internal operations of all regulated entities. It sets uniform accounting standards, validates technical reserves, and ensures compliance with minimum capital requirements—currently RD$8.5 million for local insurers, along with a 51% domestic ownership rule. The agency approves mergers, portfolio transfers, and entry of foreign insurers, requiring at least five years of operation in their home jurisdiction. It also issues and revokes operating licenses for insurers, reinsurers, brokers, and adjusters, and approves policy forms and premium rates.

Key Initiatives and Partnerships

In 2024, Superintendent Josefa Castillo signed a collaboration agreement with the United Nations Development Programme (UNDP) to strengthen the regulatory framework, focusing on climate-risk management and inclusive insurance under the UNDP’s Insurance and Risk Financing Facility (IRFF). In 2025, the SIS, together with the Ministry of Finance and the Insurance Development Forum, contracted the country’s first parametric insurance product, protecting 3,030 vulnerable households against wind and drought shocks. Additionally, a partnership with the Florida International Bankers Association (FIBA) brought the Anti-Money Laundering Certified Associate (AMLCA) credential to Dominican insurance professionals, reinforcing anti-money-laundering and combating the financing of terrorism (AML/CFT) compliance.

Organizational Structure and Leadership

The Superintendent of Insurance, appointed by the President, is the highest executive. The agency includes directorates for legal affairs, supervision, licensing, statistics, and anti-money-laundering. The current Superintendent is Josefa Castillo, and the Legal Director is Juan M. Hernández Buret. The headcount is not publicly disclosed.

Services and Digital Presence

As a regulatory body, the SIS does not offer commercial products but provides essential services: operator licensing and authorization, reserve and solvency supervision, consumer protection and market conduct oversight, publication of quarterly statistical bulletins on market performance, and anti-money-laundering oversight. The headquarters is located in Santo Domingo, and the official website is www.superseguros.gob.do (also accessible via sis.gob.do).