At the request of the Office of the Insurance Commissioner of Puerto Rico, Judge Elisa Fumero of the Superior Court, converted the previous process of rehabilitation of the company Real Legacy Assurance Inc., into one of order to liquidate all the business of the insurer, under your exclusive supervision.
The Insurance Commissioner, Javier Rivera Ríos, confirmed the request and explained that "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 search of monetizing the assets of the insurer in money available to honor as much as possible the obligations of Real Legacy with its insured, claimants and creditors, in protection of the best public interest ".
Real Legacy reached insolvency after it failed to meet the payment of all claims of its insured, mainly for the damages caused by the devastating Hurricane Maria.
The liquidation process active today is covered by the Miscellaneous Insurance Guarantee Association, a mechanism through which claims validly claimed against the insolvent insurer can be met within a maximum coverage limit of $ 300,000 per event claimed, or $ 1,000,000 in aggregate.
It was reported that the Guarantee Association will be considered as the insurer up to such limits with respect to the pending claims against Real Legacy.
Rivera Ríos said it is important to note that every claimant, insured or creditor, even if he has previously submitted his claim to Real Legacy or has a pending lawsuit in court, must complete and submit to the Assistant Liquidator that he designates, the Claim Form , no later than 90 days, from the date of issuance of the Order. Said form will be available on the website of the Office of the Insurance Commissioner.