The Puerto Rico Association of Insurance Companies announced Monday that the probe launched in 2010 by federal authorities has concluded without any claims filed against the organization that has represented Puerto Rico insurance providers since 1975.
In April 2010, federal authorities raided ACODESE’s office as part of the investigation in the corruption case against former Sen. Jorge De Castro-Font that landed him in federal prison in May 2011. ACODESE was involved in the case after De Castro-Font offered information related to alleged illegal donations in 2006 and 2007.
“The corresponding authorities were given all the space they needed and we’re pleased to report that the investigation concluded without any claims. Last Friday we went to pick up all the boxes of documents that were raided,” said Iraelia Pernas, executive director of ACODESE.
“Since the beginning of the process, ACODESE has reiterated that our members, as well as the legal entity that represents them, did not commit any violation of law,” said Pernas.
An investigation by local authorities did not result in accusations against ACODESE or its member insurers either, she said.
“For more than three decades, ACODESE has been the voice of the insurance industry, promoting and preserving the welfare of its members and of all its constituents. Our commitment has been and still is to our industry and to Puerto Rico, and now more than ever, we reaffirm that this will remain our north,” Pernas added.
The insurance industry is highly regulated by local and federal authorities.
At the time of the raid, published reports indicated that high-ranking ACODESE executives were paying off lawmakers in exchange for the approval of bills.