Insurer is going to founder



























At the request of the Office of the Commissioner of Insurance (OCS) of Puerto Rico, the Court of First Instance of San Juan issued the order to initiate the liquidation process of the insurance company, Real Legacy Assurance, Inc., converting the process of previous rehabilitation in an order to liquidate the business of this insurance company under the exclusive supervision of the judicial forum, transcended on Friday.

Every claimant, insured or creditor, even if he has previously submitted his claim to the Real Legacy insurer or has a pending lawsuit in court, must complete and submit to the Assistant Liquidator appointed by the Commissioner the Claim Form no later than 90 days, from the date the Order is issued. The Claim Form will be available at http://ocs.pr.gov. If the Form is not submitted on or before the established term, as of the date of issue of the Liquidation Order, the priority and distribution of the payment may be affected.

The liquidation process initiated today is governed by the provisions of Chapter 40 of the Insurance Code, which establish the form and order of priority that the liquidator will follow for the equitable distribution of the available assets of the insolvent insurer among the insured, claimants and creditors. .

"During the past month of November and December, the Court authorized the sale of the business portfolio of Real Legacy in Puerto Rico and British and American Virgin Islands, respectively, in order to monetize the assets of the insurer in money available to honor the maximum possible the obligations of Real Legacy with its insured, claimants and creditors, in protection of the best public interest ", explained the Commissioner of Insurance, Javier Rivera Ríos, in written communication.

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The liquidation also activates the coverage of the Miscellaneous Insurance Guaranty Association, a mechanism through which valid claims against the insolvent Real Legacy insurer can be met within a maximum coverage limit of $ 300,000 per event claimed, or one million dollars in aggregate. The Guarantee Association will be considered as the insurer up to such limits with respect to the pending claims against Real Legacy.

The Claim Form may also be presented personally in the facilities of the Insurer in Liquidation located in Metro Office Park, Lot 1, Floor 2, Guaynabo, PR or by mail to P.O. Box 71467, San Juan, Puerto Rico 00936-8567.





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