The Puerto Rico Financial Institutions and Insurance commissioners defended their respective budgets during a hearing before the Senate Finance Committee Monday, when they requested $15.2 million and $10.8 million, to run their respective agencies.
Despite the challenges Puerto Rico’s insurance industry has faced related to new federal health regulations and local tax changes, it remains one of the local economy’s strongest sectors and industry members continue to develop products and services in benefit of consumers.
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.
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