Thursday, June 20, 2019

Puerto Rico House passes amendments to Insurance Code

By on October 18, 2018

SAN JUAN – With the objective of providing alternatives and improving insurance coverage options, the House of Representatives passed House Bill 1727, which seeks to modify the Puerto Rico Insurance Code.

The measure, introduced by the administration, proposes a series of amendments to the code that it said “groups and establishes processes that are more agile and provide an adequate response to policyholders and the payment of claims.”

A report by the Consumer Affairs, Insurance and Banking Committee, chaired by Rep. Yashira Lebrón Rodríguez, concludes that “the recommendations of the Puerto Rico Insurance Companies Association [Acodese by its Spanish acronym] were accepted, in order to guarantee that the risk is circulated among local insurers before accessing the surplus lines market.”

Several amendments were made to the bill, which reads, “we live in times when the frequency and severity of experiencing catastrophic events are ever greater. Amidst this reality, the insurance industry plays a fundamental role in the recovery after a catastrophe.”

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