DL1215 Posted October 30, 2017 Posted October 30, 2017 Puerto Rico only (not dual qualified) defined benefit plan is terminating. US financial institution has indicated that it can only sell annuities to the plan if it has some kind of presence in the United States. Anyone familiar with where this rule can be found and what qualifies as a minimum "presence"?
Effen Posted October 30, 2017 Posted October 30, 2017 Maybe you should let them know that Puerto Rico is part of the United States... But seriously, this is probably a licensing issue. The companies you have talked to are probably not licensed to do business in PR - like some companies are not licensed in NY. There must be insurance companies inside PR that can help you. The material provided and the opinions expressed in this post are for general informational purposes only and should not be used or relied upon as the basis for any action or inaction. You should obtain appropriate tax, legal, or other professional advice.
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