Puerto Rico Automobile Accident Compensation Administration
- Puerto Rico Automobile Accident Compensation Administration
The Puerto Rico Automobile Accident Compensation Administration is a public corporation created to provide compensation for the medical and disability expenses resulting from traffic accidents in Puerto Rico. Created in the late 1960's, the coverage offered by the corporation is mandatory but private insurance companies are allowed to provide supplemental policies.
The corporation is run by a board of directors appointed by the Governor of Puerto Rico with the advise and consent of the Senate of Puerto Rico.
The $35 annual premium has remained unaltered since its inception in the 1970's and has generated an investment fund that had prevented premium rate increases. However, current corporation management has indicated the need for a premium increase within the next two years.
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