STORY FROM: Reinsurance & Arbitration
Owners of Puerto Rican Insurer Sue Insurance Commissioner for $30 Million
July 25, 2019
SAN JUAN, Puerto Rico — The owners of Integrand Assurance Co. have sued Puerto Rican insurance regulators, accusing them of conspiring to harm the insurer’s reputation and hamper its ability to regain financial stability in the wake of hurricane-related losses.
In a July 11 complaint filed in the U.S. District Court for the District of Puerto Rico, Victor and Ana Salgado-Micheo seek $30 million in compensatory damages, plus punitive damages and attorneys’ fees and costs. Named as defendants are Puerto Rico’s insurance commissioner Javier Rivera, sub-commissioner Rafael Cestero-Lopategui, attorney Alexander Adams, and Integrand’s rehabilitation officer Juan Moldes.
Plaintiffs accuse defendants ...