Governor Ricardo Rossello Nevares announced on June 28 that a summit would be held addressing the response of the insurance industry to catastrophic events and the protection of insurance policyholders.
In a written statement, the Governor said that it is imperative that adequate mechanisms are in place to protect policyholders in Puerto Rico, even while the insurance industry continues to reel from an unprecedented number of claims following ‘the greatest natural disaster in the history of the U.S.’
The summit will examine regulatory, judicial and administrative remedies that can be established to ensure that policyholder damage claims are investigated and paid within a reasonable amount of time. The Governor wrote that the reconstruction projections on the island include the investment of private insurance claims. The event has been coordinated with the collaboration of the Office of the Commission of Insurance and hopes to improve the response of insurance providers after catastrophic events.
The goal is to have complaints handled in a fair and expeditious manner. The summit hopes to collect recommendations from private citizens, professional associations, municipalities, and insurance providers that will allow adjustments to be made on how claims are handled during damaging events like Hurricanes Irma and Maria. Insurance Commissioner Javier Rivera said the office is focused on maintaining continuous control of insurance companies while they process damage claims from Hurricane Maria to ensure they fulfill their obligations and speed the recovery of Puerto Rico communities.
Thus far, the Office of the Commissioner of Insurance has reported that 14 insurance companies operating in Puerto Rico have been hit with some 7,000 fines equaling $5.5 million for claims processing delays and industry regulation non-compliance.
The Summit will be held June 28, at the Puerto Rico Convention Center at 9:00 am. The public is invited
to attend and share their ideas on how to improve recovery efforts.
