- What changes did PALIG make in Puerto Rico?
Following a thorough evaluation over many years, we have made the difficult decision to suspend sales of new policies underwritten by Pan-American Life Insurance Company of Puerto Rico starting February 1, 2021, and to close our affiliate operation.
Pan-American Life policyholders in Puerto Rico are currently serviced from our regional hub in Panama. This customer service hub will continue to serve our customers in Puerto Rico, as we have been doing over the last three years. Additionally, the Puerto Rico office will remain open to continue providing broker and provider network support for existing policies in Puerto Rico until their expiration date.
PALIG will remain active in the Puerto Rican marketplace through its subsidiaries Pan-American Life Insurance Company and Pan-American Assurance Company despite the closure of Pan-American Life Insurance Company of Puerto Rico.
- Why are these changes being made?
The Group Insurance market in Puerto Rico has changed significantly since we first opened our affiliate operation - Pan-American Life Insurance Company of Puerto Rico (a member of PALIG) – and introduced the portfolio of products. We have applied many strategic approaches over more than a decade, but as the competitive and regulatory landscapes changed, increased competition and other obstacles have put our products and services at a disadvantage.
- Will PALIG be closing the Puerto Rico office?
The Puerto Rico office will remain open as needed in 2022 to process claims. Once claims have been paid, PALIG will close the administrative office in Puerto Rico.