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Dear Agents,

We have exciting news for 2022. I’m pleased to announce VUMI® is moving its jurisdiction from Turks & Caicos Islands to Puerto Rico!

Puerto Rico has much to offer. We see this move as a catalyst to better position ourselves to advance our plans for global growth.

Please take a moment to familiarize yourself with the upcoming changes, all carefully crafted to keep us moving boldly forward.  
  • Puerto Rico is becoming an entrepreneurial hub, offering international companies the business infrastructure necessary for growth.
  • As an unincorporated territory of the U.S., Puerto Rico is subject to U.S. regulations, ensuring a safe business environment.
  • The Puerto Rico Insurance Commissioner's Office is an accredited member of the National Association of Insurance Commissioners (NAIC), making the island a unique international insurance jurisdiction.
  • Its economic, commercial and banking systems are regulated by U.S. laws (FDIC) and are under the protection of the National Security Act and the legal framework and protection of intellectual property.
  • Puerto Rico is also an International Insurance Center, facilitating in the export of insurance and reinsurance services to international markets.
  • Our company’s legally registered name is changing to VUMI® Group International Insurance (VUMI® Group, I.I.). You’ll see the new name in all marketing and sales materials, websites, forms, contracts, etc.
  • All new business policies issued on February 1, 2022 and beyond will be through the Puerto Rico entity. No new business is to be issued in the Turks and Caicos after this date.
  • Our existing portfolio will migrate gradually to the Puerto Rico entity, according to a policy’s renewal date and country of residence. The complete transition process is projected to take 3 to 5 years.
  • The policy number format (number and/or characters) for policies issued in Puerto Rico is changing. However, the policy number format of existing policies issued in the Turks & Caicos will remain the same.
  • Arbitration cases will now be handled in accordance with the JAMS International Arbitration Rules in the courts of New York City. All terms and conditions of our policies will remain the same.
  • Starting January 5, 2022, you must sign a new Agent Agreement, and submit a W-8 or W-9. We will be unable to send any commissions until we’ve received your new signed Agreement. The new contract will be digitally signed via our Agent Portal. Please note: We will send some important communication announcements on how best to complete the new contract.
  • On January 5, 2022, Master General Agencies will receive a communication announcement with specific instructions.
  • On January 12, 2022, Agents and Sub-Agents will receive a communications announcement with specific instructions.
  • To help you better understand the changes, we’ve developed the following resources:
  • A new module on VUMI(Lab).
  • A landing page that will have all the resources you’ll need, including the new Agent Agreement, W-8 and W-9 forms, and a helpful Q&A document you can also find here. To access the landing page, click on the Puerto Rico banner available on the Agent Portal homepage.
 
In business, as in every aspect of life, the true measure of success is based on our ability to change, to grow and to evolve. I’m looking forward to this new year and the changes it will bring. Together, let’s channel all our energy into building the new VUMI®.

Thank you,
David A. Rendall
President & CEO
VUMI®