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Puerto Rico insurance commissioner places restrictions on Integrand Assurance

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Puerto Rico insurance commissioner places restrictions on Integrand Assurance

Puerto Rico's insurance commissioner has imposed limitations on Integrand Assurance Co.'s ability to write new business, ruling that it can no longer cover new catastrophic risks in commercial and personal property insurance, Caribbean Business reported.

The company was restricted to renewing existing policies related to such risks.

Additionally, the insurer cannot proceed with fee payment increases and declare dividends and must also submit monthly financial reports. Commissioner Javier Rivera Ríos stressed that the insurer is not insolvent, but that this could change if it fails to take corrective action.