New Appraisal Rules For Puerto Rico Property Insurers
Law360 (February 7, 2019, 5:43 PM EST) -- In response to the extremely active 2017 Atlantic hurricane season, Puerto Rico's governor signed into law six bills that amend or introduce new provisions to the Insurance Code of Puerto Rico, 26 L.P.R.A. § 101 et seq. These bills address the newly established appraisal process, expedited payment requirements and additional civil remedies against insurers. They also address requirements for insurers, surplus carriers and micro-insurance providers.
Though the six enacted bills became effective on Nov. 27, 2018, they are difficult to find in English-language platforms. The focus of this article is PS 1054, the bill that codifies the use of a provision frequently...
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