InsurTech is composed of the words “insurance” and “technology”. It is used as a collective term for the application of modern technologies in the domain of insurance services.

Digital and mobile brokers: FinTechs belonging to this category mostly act as digital insurance brokers and provide users with an overview of their insurance contracts with their respective conditions. Some FinTechs offer very short-term insurance contracts to cover specific cases which can be concluded often spontaneously via mobile devices. Oftentimes additional consulting services are offered.

Internet of things: FinTechs belonging to this category collect data by measuring for example the driving style of the customers or through wearables the customers wear to consult on, offer and/or manage the customer’s insurances.


Attitude of the country towards InsurTech-services

InsurTech services have been in boom during the last five years. However, the regulatory framework does not permit a clear panorama of this sector. 

The insurance sector is one of the financial sectors with more trajectory in the Dominican Republic. The actual insurance law (No. 146-02) was enacted in 2002, during a complicated socioeconomic situation in the Dominican Republic. Said law has not been actualized since then, hence the regulatory framework established through law 146-02 is not updated to the innovations of the insurance market that have happened in the last 20 years. 

Due to this situation and the lack of regulation in some specific sectors of insurance, the regulator has discretion in the way it regulates the market, which they usually use to facilitate business. Despite some projects to update the insurance law in recent years, the present Administration has an interest to present a law project to the Congress. The market does not expect a law project to be approved, at least until the following years. 

Legal affairs

Obligations and requirements to provide InsurTech-services

These will depend on the InsurTech-services to be provided. If the services are related to the issuance of insurance or reinsurance policies, intermediation of insurance or insurance adjustments, it would be necessary to obtain an authorization for each type of service, as insurance or reinsurance company, intermediator of insurance, insurance adjuster, etc. Costs and financial reserves may apply depending on the authorization obtained.

If InsurTech-services do not configure issuing insurance or reinsurance policies, intermediation of insurance or insurance adjustment, then a licence would not be required. 

Additional comments regarding the legal situation for InsurTech-services or what InsurTech’s must be aware of in this business area

Since the law is not clear regarding InsurTech-services, the regulator is reasonable regarding the business model applied by InsurTech-services and the licence process, and usually approaches the InsurTech-provider before applying any sanctions.

Economic conditions

Market size for InsurTech-services and biggest companies in this business area

The market for InsurTech-services is growing. Customers are interested in InsurTech-Services and major insurance companies of the Dominican Republic are working on alliances with InsurTech providers. 

However, its development is delayed due to the insurance law, which in most cases requires an authorization (and regulation) of the InsurTech providers. 

Additional comments regarding the economic situation for InsurTech-services or what InsurTech’s must be aware of in this business area

The Superintendence of Insurance, the insurance regulator of the Dominican Republic, is part of the I


Michelle Abreu VargasOMG[email protected]06517
Manuel Troncoso HernándezOMG[email protected]06517
Aldana Fernández MartínezOMG[email protected]06517
Diego García MelendezOMG[email protected]06517
Alejandro LamaOMG[email protected]06517


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