Canada    FinTech Guide    Chapter 13    Dominican Republic

13. InsurTech
Dominican Republic  Dominican Republic

Legal Affairs

There are no regulations on any of these matters.

  1. Digital and mobile brokers:
    Insurance companies and brokers are regulated by the Superintendence of Insurance, in accordance to Law 146-02 of Insurance and Bonding, and, are required to obtain a license in the case of brokers and an authorization in the case of Insurance companies from the Superintendence of Insurance. Individual Brokers are charged a USD 42.00 annual fee for their license and need to have USD 1,052 in financial reserves; Brokering companies are charged a USD 63.00 annual fee for their license and need to have USD 2,105 in financial reserves. Pursuant to Law 126-02 on E Commerce, Electronic Documents and Digital Signature., electronic trade of goods and services in general is valid in the Dominican Republic, subject to any special regulation that may be established for a specific sector. From that point of view we could understand that a person authorized to provide insurance brokerage services in the Dominican Republic could operate services via electronic means, however it would be subject to approval by the Superintendence of Insurance.

  2. Internet of Things:
    As per the services described in this section, although there is no specific regulation, based on the provisions of Law 126-02 we do not foresee any restriction to the offering of these services in the Dominican Republic without requiring a specific license.

Economic Conditions

There are no Insur-Tech services offered in the country.

Contributing Authors

Jiménez Cruz Peña

José Cruz Campillo
Santo Domingo, Dominican Republic

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Chapter Index:

1. Payment Services / Mobile Payment

2. Asset and Portfolio Management

3. Consulting and Broking Services / Robo-advisory / Auto-trading

4. Trading Platforms / Social Trading Platforms / Signal Following

5. Crowdfunding / Crowdinvesting / Crowdlending

6. Virtual Currency - Bitcoin

7. Loan Services / Factoring / Loan Broking / Finetrading

8. Online Banking Services

9. Analytics and Research / Data Management / Risk Management

10. Accounting

11. Identification

12. Online-pawning

13. InsurTech

14. RegTech

15. Initial Coin Offerings (ICOs)

The information in this guide provides a general overview at the time of publication and is not intended to be a comprehensive review of all legal developments nor should it be taken as opinion or legal advice on the matters covered. It is for general information purposes only and readers should take legal advice from a Multilaw member firm.

Publication Date: 1 May 2018