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Puerto Rico Agriculture Department opposes C-686, warns law risks reinsurance loss and state fiscal exposure
Summary
At a Sept. 19 House Agriculture Committee hearing, Department of Agriculture officials opposed House Bill C-686 — which would create a local extraordinary compensation mechanism for uninsured farm losses — saying it duplicates federal programs and could endanger the island's federal reinsurance relationship and public finances.
Representative (presiding) opened a Sept. 19 public hearing of the House of Representatives Committee on Agriculture and introduced House Project C-686, which seeks to amend Puerto Rico's Agricultural Insurance Law to authorize the Corporación de Seguros Agrícolas to establish an extraordinary compensation mechanism for farmers with significant losses not covered by existing policies.
The Department of Agriculture and officials from the Corporación de Seguros Agrícolas presented a written position and testimony opposing the bill in its current form. Irvin Rodríguez Torres, subsecretary of agriculture, read the agency's memorial explaining technical and legal concerns and recommending against the measure as drafted.
The department's written and oral testimony argued the bill duplicates existing federal safety-net programs and lacks a clear funding source. The presentation noted that the Corporación de Seguros…
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