Puerto Rico State Insurance Fund Corporation
Encyclopedia
The Puerto Rico State Insurance Fund Corporation is a public corporation created in the 1940's as the "Fondo del Seguro del Estado" to provide workmens' compensation in Puerto Rico.
It is headed by a Board of Directors appointed by the Governor of Puerto Rico
and subject to the advice and consent of the Senate of Puerto Rico
.
The corporation holds a monopoly on workmen's compensation in Puerto Rico, and no private insurance company is allowed to offer workmen's comp, while all employers are required by law to insure their employees with the corporation at the rates and premiums set by its Board of Directors.
It is headed 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...
and subject to the advice and consent 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 corporation holds a monopoly on workmen's compensation in Puerto Rico, and no private insurance company is allowed to offer workmen's comp, while all employers are required by law to insure their employees with the corporation at the rates and premiums set by its Board of Directors.