In the latest entry in our Commissioner Spotlight series, we are focusing on the head of the Puerto Rico Office of the Commissioner of Insurance, Commissioner Alexander S. Adams Vega. Commissioner Adams has been serving in the Puerto Rico Office of the Commissioner of Insurance for more than 10 years, first as a legal adviser and later as deputy commissioner for legal affairs. In these roles, Commissioner Adams gained experience on insurance regulatory matters and led policy implementation in areas like financial solvency, market conduct, licensing, credit for reinsurance, holding company regulation, health care plans, and property/casualty (P/C).
Prior to working for the Puerto Rico Office of the Commissioner of Insurance, Commissioner Adams served as a law clerk in the Supreme Court of Puerto Rico, where he began his professional career. Commissioner Adams earned a Juris Doctor (J.D.) and a master’s degree in public administration from the Pontifical Catholic University of Puerto Rico, as well as a bachelor’s degree in political science from the University of Puerto Rico.
Why Commissioner Adams is Important to Agents:
The National Association of Insurance Commissioners (NAIC) Accreditation Program assures that member insurance departments meet certain solvency regulation standards and provide sufficiently rigorous regulation of multi-state insurers. NAIC accreditation allows non-domestic states to rely on the accredited domestic regulator to maintain effective financial regulatory oversight.
For a department to remain accredited, the department must pass an accreditation review. If needed, a department may be given key areas for improvement, and interim follow-up may be required in those areas. Under the leadership of Commissioner Adams, late last year, Puerto Rico regained its accreditation status with the NAIC.
At the NAIC, Commissioner Adams also serves on the Climate and Resiliency Task Force, its Special Committee on Race and Insurance, its Health Insurance and Managed Care (B) Committee, its Health Actuarial (B) Task Force, its Regulatory Framework (B) Task Force, its Surplus Lines (C) Task Force, its Receivership Law (E) Working Group, its Reinsurance (E) Task Force, and the NAIC/Consumer Liaison Committee.
PIA National has long valued its close relationship with the NAIC and its members, and we look forward to future collaborations with Commissioner Adams at the NAIC and in Puerto Rico in the years to come.