AAFAF opens RFQ for firms to develop insurance plan per FEMA requirements
The Fiscal Agency and Financial Advisory Authority (AAFAF, in Spanish) has opened a Request for Qualifications cycle looking for firms that can firms that can assist the government meet the requirements of getting and maintaining insurance coverage for some public assets, following the parameters established by the Federal Emergency Management Agency (FEMA).
AAFAF Executive Director Omar Marrero explained that qualified firms must show their capabilities to support the government in such efforts, including detailing previous experiences in other jurisdictions, following applicable federal regulations and the requirements established in the central government’s certified fiscal plan and the accompanying certified budget.
“In the aftermath of Hurricanes Irma and María and the earthquakes of past years, there’s a need to insure, at adequate levels, government assets against possible future natural disasters, and also to safeguard the insurance covers provided by FEMA for possible future events,” said Marrero.
“Through this initiative, the government wants to continue strengthening the resilience of government assets and reiterate that Puerto Rico is moving in the same direction as traditionally sophisticated jurisdictions in insurance matters,” he said.
A sum of $35 million has been earmarked for Fiscal 2022 for the government to develop a “sophisticated and comprehensive” insurance plan, and also prioritize the different alternatives on how to supplement existing insurance coverage, including a parametric insurance coverage, he said.
The RFQ describes the qualification process in detail. The deadline to submit proposals is Sept. 3.