P.R. Laws tit. 26, § 4051

2019-02-20 00:00:00+00
§ 4051. Liquidation—Claims of residents against insurers domiciled in reciprocal states

(1) In a liquidation proceeding in a reciprocal state against an insurer domiciled in that state, claimants against the insurer who reside in Puerto Rico may present their claims with the ancillary receiver in Puerto Rico, if any, or with the domiciliary liquidator. Claims must be filed on or before the final date set in the domiciliary liquidation procedures for the filing of claims.

(2) Claims of claimants residing in Puerto Rico may be proved either in the domiciliary state pursuant to the laws of that state or under the ancillary proceedings in Puerto Rico, if any. If a claimant decides to prove his/her claim in Puerto Rico, he/she shall present his/her claim to the liquidator according to the provisions of §§ 4032 and 4033 of this title. The ancillary receiver shall make his/her recommendation to the court according to the provisions of § 4040 of this title. He/she shall also set a date for a hearing, if necessary, under § 4036 of this title and shall notify the liquidator of the domiciliary state by certified mail or personal service, at least forty (40) days prior to the date of the hearing. If within thirty (30) days after notice the domiciliary liquidator gives notice in writing, by certified mail or by personal service, to the ancillary receiver and the claimant of his/her intention to contest the claim, he/she shall have the right to appear or be represented in any proceeding in Puerto Rico involving the adjudication of the claim.

(3) The final allowance of the claim by the courts of Puerto Rico shall be accepted as conclusive with regard to amount and priority against special deposits or other security locate din Puerto Rico.

History —Ins. Code, added as § 40.510 on Aug. 17, 1991, No. 72, § 1.