# Puerto Rico State Insurance Fund Corporation

Puerto Rico State Insurance Fund Corporation is a Government / Public Body based in San Juan, United States.

## Overview

- **Organization type:** Government / Public Body
- **Headquarters:** San Juan, United States
- **Region:** North America
- **Address:** San Juan, Puerto Rico, United States
- **Founded:** 1935
- **Assets under management:** Undisclosed
- **Website:** cfse.pr.gov
- **LinkedIn:** linkedin.com/company/puerto-rico-insurance-agency

## Regulatory record

- **Reports private funds:** No

## About

The Puerto Rico State Insurance Fund Corporation is a government agency in San Juan, Puerto Rico. It oversees approximately $1.7 billion in assets across four funds. Its regional focus is on Latin America and the Caribbean.

## Sectors

- Insurance

## Offices

- Ponce, PR
- Arecibo, PR
- Bayamón, PR
- Caguas, PR
- Carolina, PR
- Humacao, PR
- Mayagüez, PR
- Aguadilla, PR

## People

- Enid Inalbis Ortiz Rodriguez — Administrator
- Dr. Víctor M. Ramos Otero — President of the Governing Board
- Hon. Pedro Pierluisi Urrutia — Governor of Puerto Rico (appointing authority)

## Questions

### Who runs investment decisions at the Puerto Rico State Insurance Fund Corporation?

The Administrator, Enid Inalbis Ortiz Rodriguez, holds executive responsibility for the Corporation's operations, including oversight of the investment reserve portfolio. The FOMB-certified fiscal plan constrains the broad parameters of asset allocation, and the Governing Board, appointed by the Governor, provides fiduciary oversight. Day-to-day portfolio management is handled internally by the Corporation's investment staff.

### Is the Puerto Rico State Insurance Fund Corporation a government agency or an independent insurer?

It is a public corporation and a component unit of the Commonwealth of Puerto Rico. It operates as the island's monopoly compulsory workers' compensation carrier, meaning all employers in Puerto Rico must secure coverage through CFSE. It is subject to fiscal oversight by the Financial Oversight and Management Board under the federal PROMESA law.

### Does the Puerto Rico State Insurance Fund Corporation take outside capital or co-invest?

No. CFSE exclusively manages the reserves generated from compulsory workers' compensation premiums collected from employers across Puerto Rico. It does not manage third-party capital, participate in co-investments alongside external GPs, or operate as a fund-of-funds.

### How is the Corporation governed?

The Governor of Puerto Rico appoints the members of the CFSE Governing Board, currently chaired by Dr. Víctor M. Ramos Otero. The Administrator runs day-to-day operations. Because CFSE is a covered entity under the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA), its budgets and fiscal plans must be certified by the federally established Financial Oversight and Management Board.

### Why does CFSE own a hospital?

CFSE operates the Hospital Industrial Dr. Domingo Luciani in San Juan to directly provide medical care to injured workers covered by its insurance policies. This vertical integration — combining underwriting, claims management, and direct healthcare delivery — is unusual among US workers' compensation insurers and reflects the Corporation's original 1935 mandate to be both insurer and provider for Puerto Rico's labor force.

### What is the relationship between CFSE and the Puerto Rico government's broader fiscal situation?

As a component unit of the Commonwealth, CFSE's financial health affects and is affected by the territory's fiscal condition. Its reserve portfolio is part of the Commonwealth's overall financial reporting, and its fiscal plans are subject to FOMB oversight. However, the Corporation's funds are segregated reserves held to satisfy insurance obligations, not general treasury assets.

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Last updated: 2026-06-03T20:00:00.000Z

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