Puerto Rico Automobile Accident Compensation Administration
Encyclopedia
The Puerto Rico Automobile Accident Compensation Administration (Puerto Rican Spanish
: Administración de Compensaciones por Accidentes de Automóviles or ACAA) is a public corporation
that provides compensation for the medical and disability expenses resulting from traffic accidents in Puerto Rico
. The coverage offered by the corporation is mandatory, but private insurance companies are allowed to provide supplemental policies. The corporation was created in 1970 pursuant to Law No. 138 of June 26, 1968.
The corporation is run by a board of directors appointed by the Governor of Puerto Rico
with the advice and consent
of the Senate of Puerto Rico
.
The $35 annual premium has remained unaltered since its inception in the 1970s 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.
Puerto Rican Spanish
Puerto Rican Spanish is the Spanish language as characteristically spoken in Puerto Rico and by millions of people of Puerto Rican descent living in the United States and elsewhere...
: Administración de Compensaciones por Accidentes de Automóviles or ACAA) is a public corporation
Public corporations of the Government of Puerto Rico
In Puerto Rico, Public corporations are separate legal entities owned, either entirely or in a large majority, by the Government of the Commonwealth of Puerto Rico. These corporations are created to serve a public service, such as electricity, water, public financing, education, transportation, or...
that provides compensation for the medical and disability expenses resulting from traffic accidents in Puerto Rico
Puerto Rico
Puerto Rico , officially the Commonwealth of Puerto Rico , is an unincorporated territory of the United States, located in the northeastern Caribbean, east of the Dominican Republic and west of both the United States Virgin Islands and the British Virgin Islands.Puerto Rico comprises an...
. The coverage offered by the corporation is mandatory, but private insurance companies are allowed to provide supplemental policies. The corporation was created in 1970 pursuant to Law No. 138 of June 26, 1968.
The corporation is run by a board of directors appointed by the Governor of Puerto Rico
Governor of Puerto Rico
The Governor of Puerto Rico is the Head of Government of the Commonwealth of Puerto Rico. Since 1948, the Governor has been elected by the people of Puerto Rico...
with the advice and consent
Advice and consent
Advice and consent is an English phrase frequently used in enacting formulae of bills and in other legal or constitutional contexts, describing a situation in which the executive branch of a government enacts something previously approved of by the legislative branch.-General:The expression is...
of the Senate of Puerto Rico
Senate of Puerto Rico
The Senate of Puerto Rico is the upper house of the Legislative Assembly of Puerto Rico, the territorial legislature of Puerto Rico. The Senate is composed of 27 senators, representing eight constituent senatorial districts across the commonwealth, with two senators elected per district; an...
.
The $35 annual premium has remained unaltered since its inception in the 1970s 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.