Repeal of Grace Period in Puerto Rico
Previously, due to the catastrophic effects of Hurricane Maria, the Office of the Commissioner of Insurance in Puerto Rico had issued ruling letters providing a grace period for the payment of premiums and a temporary postponement of cancelation of policies that expire for non-payment during the declared state of emergency.
Due to recent successful recovery efforts, the Commissioner has announced the repeal of the extended payment grace period through Ruling Letter CN-2018-231-D. In accordance with this announcement, PFI will no longer delay lender placement letter cycles in Puerto Rico when the policy premium is due on or after January 15, 2018.
PFI encourages clients to review their internal insurance processing and lender placement notification procedures to ensure compliance with this recent update.
Please contact your client representative if you have any questions.