Endoso CA 2603 – Ed. 12-88 Amendment of Single Interest Coverage Puerto Rico

QTADO U..E A.SoaADO DE ..UraTO alco OFICINA ,DEL COMISIONADO DE SEGUROS Cartai:~tiva NUm. N-CA-II-O9-87 4 de:" f.ebrero de 1988 A TODOS LOS ASEGURADORES DEL PAIS , AGENTES GENERALES y GERENTES DE AS£GURADORES EXTRANJEROS, CORREDORES y AGENTES AUTORIZADOS A GESTIONAR NEGOCIOS DE SEGURO DE AUTOMOVIL EN PUERTO RICO 12-88) Asunto: Endoso CA 2603 (Ed. Amendment of Single Interest Coverage Puerto Rico Estimados senores: Efectivo ell de enero de 1987, esta O£icina aprobo el endoso de referencia, el cual nos fuera sometido por el Insuranc.e Services Office, Inc., en represerttacion de sus miembros y suscritores. Entre otras cosas. dicho endoso establece las condiciones bajo las cuales una cubierta de interes simple puede ser cancelada cuando un comprador (retail purchaser) ha obtenido otro segura que cubra el interes de la instituci6n financiera. El endosa lee coma sigue: "It is agreed that : 1. When other valid and collectible insurance has been purchased by the retail purchaser which protects the named insured's interest in the automobile to which such other insurance applies, such coverages as are afforded by the policy shall be cancelled in accordance with the following: (a) If (i) the policy or series of policies providing such other insurance has been amended to cover the named insured's interest in the automobile to which such other insurance applies for the remaining period of the finance contract and the retail purchaser or an authorized re f resentative of the retail purchaser has direct y or through the insurer writing such other insurancef or such Apartado 8330 -Estaci6n Fdcz. Juncos -Santurcc. Puerto Rico 00910 -8330 -2- insurer's 'authorized representative, notified the named insured and the company, in writing, of the existence of such other insurance not later than 30 days after the effective date of such policy, including any renewal thereof, or {ii) loss has occurred and the company writing such other insurance has satisfied the named insured's interest in the automobile represented by the outstanding balance, such coverages as are afforded by the policy shall be cancelled on the effective date of such other insurance. (b) If the policy or series of policies .providing such other insurance has been amended to cover the named insured's interest in the automobile to which such other insurance applies for the remaining period of the finance contract and the retail purchaser or an authorized represeptative of the retail purchaser has directly or through the insurer writing such other insurahce~ or such insurer's authorized representative, notified the named insured and the company. in writing, of the existence of such other insurance more than 30 days after the e£fective date of such policy, or any renewal thereof, such coverages as are afforded by the policy shall be cancelled on. the date specified by the named insured but not earlier than the date written notification 0£ the existence of such policy, or the first in a series of policies, is received by the company. 2. When coverage under this policy has been cancelled as provided in paragraph 1 of this endorsement, a return premium, calculated pro rata as of the effective date of cancellation in accordance with the Special Single Interest Short Rate Pro Rata Cancellation Tablet shall be made. 3. This endorsement shall not appl1 to any coverage afforded by this policy which is not afforded by such other insurance. 4. The definition of outstanding. balance in section IV, Definitions, is hereby replaced by the following: 'Outstanding balance' means the retail purchaser'e balance due under the finance contract at the time -3- of loss but shall not include present any of the following: Btr.Ounts which re- (a) installments which are more than 90 days past due under the finance contract on the date of loss, (b) interest, insurance, finance or carrying charges computed pro rata as of the date of loss, and (c) penalties or other charges which may have been added to balance due after the date 0£ the inception of the £inance contract. rr En vista de que anteriores endosos solo requerian notificaci6n a la instituci6n financiera o al asegurador de doble interes para que fuera aplicable eBta diBposici6n especial de cancelaci6n, se. advierte por la presente a loB corredores de seguroB, aBeguradores de interes dual y/o BUS representanteB que el nuevo endoso reQuiere notificaci6n tanto a la institucion financiera como aL ase -~nta as a Dart e 1.nteres Qual.. El incumplimiento con el anterior requerimiento obviamente, lesionaria el derecho que le garantiza el articulo 12.040(1)(b) del C6digo de Seguros de Puerto Rico a toda asegurada, en 10 que a tipos que no sean excesivos, inadecuados a injustamente desiguales concierne. Esta Oficina considera injusto el que a un comprador (retail purchaser) se le requiera mantener a la misma vez dos polizas diferentes que protejan simultaneamente el interes asegurable de una institucion financiera y que a la misma vez se prive a dicho comprador de recuperar la prima del seguro de interes simple debido a su incumplimiento inadvertido con los requisitos antes mencionados. Lo anterior es asi, entre otras cosas, porque entendemos que tal situacion menoscaba el derecho que le concede al comprador el articulo 27.160(7) del Codigo de Seguros de Puerto Rico de solicitar la cancelacion de una poliza existente debido a la existencia de una nueva poliza que sea aceptable. A loa fines de evitar las situaciones antes descritas, estamos, por la presente, requiriendo de todc corredor de seguros que coloque una poliza de interes dual en Puerto Rico que notifique la exiatencia de tal poliza en la manera requerida por el endoso CA 2603 (Ed. 12-85) antes citado de suerte que se garantice al comprador la fecha mas temprana de cancelacion que permita dicho endoso. El corredor de seguros deberA conservar prueba razonable -4- futura inspecci6n este requerimiento para del cumplimiento con por el Comisionado. En el caso de cualquier p6liza de interes dual que sea obtenida en Puerto Rico sin la.. intervenci6n de un cor-redor de seguros, el requerimiento antes establecido aplica.ra a1 asegurador de interes dual O al agen.te general o gerente a traves del cual Be coloc6 la. p6liza de .interes dua.l. De igual forma dicho asegurador, agente general o gerente deberA conservar prueba razonable del cumplimiento con el referido requerimiento para nuestra futura inspecci6n. El incump1imiento Con 10 requerido por esta carta.normativa sera considerado, entre otras cosas, como una violaci6n de una orden del Comisionado y estar! sujeto a las sanciones establecidas en los articulos 3.210, 3.211, 9.460 y 9.480- del C6digo de Seguros de Puerto Rico. b ~L Juan .Antonio Garcia Comisionado de Seguros