Insurer Challenges Puerto Rican Law

     (CN) – An insurance company claims the Insurance Commissioner of Puerto Rico is enforcing an unconstitutional law that prohibits it from distributing more than 5% of profits to its members. Insurers must deposit excess profits into a special reserve for public benefit. It contains more than $118 million, and the Asociacion de Suscripcion Conjunta del Seguro de Responsabilidad Obligatorio wants to use its money for its own purposes.

     The plaintiff is represented in Puerto Rico Federal Court by Veronica Hornedo.

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