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Report: Puerto Rico insurance commissioner takes over Real Legacy Assurance

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Report: Puerto Rico insurance commissioner takes over Real Legacy Assurance

The Puerto Rico Insurance Commissioner's Office took over Real Legacy Assurance Co. Inc.'s assets after getting a rehabilitation order from the Court of First Instance, Superior Court of San Juan, Caribbean Business reported.

As the court-designated rehabilitator, Insurance Commissioner Javier Rivera Ríos will manage the operations and assets of Real Legacy Assurance. The commissioner said that a rehabilitation order is issued when an insurer is in a financial condition that requires intervention to protect its assets without involving its closure or liquidation.