Puerto Rico Approves Laws For Insurance Policy Holders Post-Hurricane Maria
SAN JUAN — The governor of Puerto Rico overhauled the U.S. commonwealth’s insurance laws on Tuesday to help protect policy holders as thousands of claims remain unresolved more than a year after Hurricane Maria.
Gov. Ricardo Rossello signed six laws into effect as he stressed that his administration was not pleased with how insurance companies handled complaints filed after the Category 4 storm hit.
One law now requires insurance companies to start making partial payments under certain conditions shortly after a state of emergency is declared. Another creates special courtrooms with expert judges to solve appraisal disagreements via mediation, a first for Puerto Rico. All decisions reached during mediation will be binding but can be appealed in court. A third law sharpens the types of actions officials can take against insurance companies if they do not resolve cases promptly or act improperly.
“This is a historic moment,” Javier Rivera, who oversees the Office of the Insurance Commissioner of Puerto Rico, said in a phone interview. “It transforms how insurance companies will respond in a catastrophic event.”
Read more: http://vifreepress.com/2018/11/puerto-rico-approves-laws-for-insurance-policy-holders-post-hurricane-maria/