21The signature of this agreement promotes the procurement of insurance policies as safeguard of risks, avoiding interruptions for contingencies and guarantees the best practices of the insurance industry that participates in Public-Private Partnerships.
Santo Domingo. The Agency of Public and Private Partnerships (DGAPP by acronym in Spanish) along with the Dominican Chamber of Insurers and Reinsurers (CADOAR by acronym in Spanish), as a result of the initiative posed by Seguros Banreservas, signed an agreement to promote the best existing practices in the insurance industry, to establish and order the use of insurance policies, mainly all risk coverage and faithful compliance, as well as performance of all actions in technical and educational fields.
The agreement was signed by the director of Public-Private Partnerships, Mr. Sigmund Freund and Mr. James Garcia Torres, president of the Dominican Chamber of Insurers and Reinsurers (CADOAR). Furthermore, it included the participation of Mr. Victor J. Rojas, Vice-president of Seguros Reservas.
In the signature of the Agreement at CADOAR, the executive director of Public-Private Partnership, Mr. Sigmund Freund, ensured that: “DGAPP is committed to protect the investments of infrastructure of the State developed in Public-Private Partnership mode”.
Similarly, the executive director stated that “it is important to guarantee that all companies of the insurance industry that participate in projects performed under the Public-Private Partnerships mode, act on a competitive manner and with promptness, in compliance with the principles and best practices of that industry, safeguarding the projects and interests of the country”.
Also, James Garcia Torres, president of the Dominican Chamber of Insurers and Reinsurers (CADOAR) stated that the unprecedented fact of ensuring the new infrastructures that will be promoted by the State is not minor, which fills the insurance industry with optimism due to the clarity there is about the need to accompany large-scale projects with careful risk management and that the most viable alternative is to transfer said risk to the various insurers in our market and not the taxpayers.
On his end, Mr. Victor J. Rojas, Vice President of Seguros Reservas, affirmed that the signing of this agreement is an important step for the Dominican Republic and the insurance industry, since large infrastructure projects such as roads, maritime, air, hospital, education, services (electricity, gas and water), among others, from now on will be guaranteed with long-term insurance policies, which will generate significant income for the country. He also highlighted that the agreement includes a commitment to offer technical advice to the DGAPP on requirement of adequate insurance policies for each project, as well as the development of training programs for the staff of both entities.
The agreement was signed in the CADOAR Conference Room with the presence of personalities related to the insurance industry, as well as executives from the DGAPP, CADOAR and Seguros Reservas.
About the Dominican Chamber of Insurers and Reinsurers (CADOAR):
Founded in 1972, the Dominican Chamber of Insurers and Reinsurers clusters the insurance and reinsurance companies of the country.
Some of the companies in the industry that are part of CADOAR are: Angloamericana de Seguros, Seguros Reservas, Banesco Seguros, Humano Seguros, Mapfre BHD Seguros, La Colonial, Seguros Pepín, Sura, Seguros Universal, Worldwide Seguros, Seguros Ademi, Patria Compañía de Seguros, General de Seguros, BMI Compañía de Seguros, Atlantica Seguros, Seguros Crecer, Seguros APS, REHSA, La Monumental, Multiseguros, Reaseguradora Santo Domingo and Confederacion del Canada Dominicana.
