Monday, September 24, 2018

Companies fined by Puerto Rico insurance commissioner revealed

By on February 23, 2018

SAN JUAN — The Puerto Rico Insurance Commissioner’s Office (OCS by its Spanish initials) revealed that the companies fined due to delays in the resolution and payment of claims were Triple S Property, Mapfre Praico Insurance Co., Mapfre Pan-American Insurance Co., Cooperativa de Seguros Múltiples de Puerto Rico, Caribbean American Insurance Co., Multinational Insurance Co., and Universal Insurance Co.

The charges correspond to violations for breach of Article 27.162 of the Insurance Code of Puerto Rico and the combined total of fines amounts to $2.4 million.

“Our office has worked diligently since Hurricane Maria, assigning auditors to each property insurer and ensuring their performance,” Insurance Commissioner Javier Rivera said.

(Information provided by the Insurance Commissioner’s Office)

“Our presence at the insurance companies remains with auditors who are auditing other possible violations, and this process has not been completed. The orders that were issued are limited only to violations of delays in the term period to resolve a claim, established in Art. 27.162 of the Code, and we do not want to affect the audits that have not been completed,” the commissioner explained.

Since Hurricane Maria and up to Jan. 31 this year, 229,458 insurance claims have been filed in Puerto Rico. As a result of these claims, insurance companies have already disbursed about $1.7 billion in payments. Rivera stressed that the amount represents the most significant increase compared with previous months.

Policyholders who do not agree with the decision made by their insurer have the right to request OCS’s intervention.

Measure would amend Puerto Rico Insurance Code to require that fined companies be made public

OCS intervention requests must be submitted in writing, along with corresponding evidence, either by sending a letter or a request for investigation form via postal mail, email (investigaciones@ocs.pr.gov) or in person.

The OCS is located on the 5th floor of GAM Tower on Tabonuco Street in Guaynabo  and its phone number is 787-304-8686. For more information, visit www.ocs.pr.gov or the OCS’s Facebook page.

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