PR Senate Bill 1058
On August 20, 2018, senator Thomas Rivera Schatz and the Majority Members introduced Senate Bill 1058 to amend Article 2.110 and add a new Article 3.331 of Act No. 77 of June 19, 1957, known as the Puerto Rico Insurance Code, in order to provide overseeing tools to the Commissioner of Insurance and to require insurance companies to present to the Office of the Commissioner of Insurance a catastrophe or emergency response plan. This bill was approved by the Senate on October 1, 2018 and sent to the House of Representatives on that same day, which approved the final text of the bill on October 29, 2018. The Senate approved the House of Representatives final text on November 12, 2018.
The proposed bill authorizes the Commissioner of Insurance to inspect insurance companies’ financial situation no less than once every 5 years.
The new proposed article requires insurance companies to establish and maintain a catastrophe or emergency response plan which will be filed with the Commissioner yearly on or before March 31. The response plan must secure the continuity of their services and operations and shall be certified by a business continuity or disaster recovery expert.
If you have any questions about Senate Bill 1058 feel free to contact us at your convenience at (787) 765-5656.