P.R. Laws tit. 9, § 2060
(1) There is hereby created, to carry out the purposes of this chapter, a corporation as a government instrumentality of the Government of the Commonwealth of Puerto Rico to act by its own authority, under the name of the Automobile Accident Compensation Administration.
(2) The corporate powers of the Administration shall be exercised by a Board of Directors which shall also be responsible for the administration of same and of seeing to the enforcement of the provisions of this chapter. The Board shall be composed of one (1) member of the Cabinet and four (4) additional members appointed by the Governor with the advice and consent of the Senate. At least two (2) of the four (4) members shall represent the public interest and one (1) shall be a person conversant with the insurance business. The first appointments shall be made for the term of two (2) years in the case of the representatives of the public interest and of one (1) year in the case of the other two (2) members and until their successors are appointed and qualify. All subsequent appointments shall be for the term of three (3) years. Three members of the Board shall constitute a quorum. Vacancies of the Board shall be filled by appointments made for the unexpired term for which the member causing the vacancy was appointed.
The Governor may remove any member of the Board for incompetency in the discharge of his duties or for any other good cause, upon charges brought against him and after giving him an opportunity to be heard.
The Board shall elect one of its members to act as Chairperson and another to act as Secretary. Members of the Board shall receive the per diems the Board determines by regulations for their services, and the Administration shall reimburse any necessary expenses incurred to discharge their functions. Those members of the Board who are officials of the Government of the Commonwealth of Puerto Rico shall receive no compensation for their services. The Chairperson of the Board may receive an additional fee to be fixed by the Board, which shall not exceed an amount equal to fifty percent (50%) of the per diem received by members of the Board.
The Board shall appoint an Executive Director who shall be responsible for the direct administration of the corporation in accordance with the standards and conditions that the Board may establish.
(3) The Board shall adopt rules for its organization and internal operation and shall approve and shall cause the promulgation of the necessary regulations to enforce the provisions of this chapter pursuant to §§ 2101 et seq. of Title 3, including the proceedings for the payment of premiums and for the payment of claims. In addition to the duties arising from this chapter, the Board shall have the following faculties and obligations:
(a) Hold, at least four (4) times a year, regular meetings and those special sessions as may be deemed necessary. The Board shall keep full minutes of all its proceedings.
(b) Consider and take resolutions on matters referred by the Executive Director.
(c) Approve the investment of the resources of the Administration that the Executive Director may propose.
(d) May investigate and shall decide on appeal, at the request of a party, controversies arising between claimants of the Administration and the Executive Director.
(e) As soon as possible after each fiscal year, but not later than the first of November of each year, revise, approve and direct that it be transmitted to the Governor and to the Legislative Assembly an annual report containing, among other things, a balance sheet of the economic conditions; a statement of the receipts and expenditures for the year; detailed statements on the claims experience of the Administration for the year, a report on titles of property investment of the Administration; and other statistics and financial data that may be considered necessary for an adequate interpretation of the situation of the Administration and of the results of its operations.
History —June 26, 1968, No. 138, p. 335, § 10, renumbered as § 12 and amended on Oct. 30, 1975, No. 12, p. 782, § 10; Aug. 13, 1994, No. 83, § 1.