2023 Laws of Puerto Rico › TITLE NINE - Highways and Traffic (§§ 1-8 — 5725) › Chapter 17 - Automobile Accident Social Protection (§§ 2051 — 2065) › § 2064 - Financing

(1) The cost of this insurance shall be distributed among all the motor vehicle owners through an annual contribution to be paid at the time of registering the vehicle.
(2) At the time of its registration, every vehicle shall pay the annual premium fixed by the Administration with the approval of the Insurance Commissioner. Said premium shall be renewed on the same date on which the motor vehicle or trailer’s license and plates must be renewed.
Van trailer vehicles engaged in maritime transportation to bring freight to Puerto Rico from abroad, and which enter Puerto Rico as transients, may choose to pay a special premium instead of the abovestated annual premium, based on their short stay on the Island, regardless of whether or not they are registered, or regardless of the type of registry. This special premium shall be fixed by the Board of Directors of the Administration as previously provided and based on how many times these trailers enter Puerto Rico.
The payment mechanism for these special premiums shall be provided through a procedure that shall be established by the Administration to such effect.
(3) At the time of registration every vehicle shall pay an annual premium fixed by the Administration with the approval of the Insurance Commissioner. Said premium shall be renewed on the same date on which the vehicle’s or trailer’s license and plates must be renewed pursuant to Act No. 141 of July 20, 1960 known as the “Vehicle and Traffic Law of Puerto Rico”.
(4) Any receipts not required for the payment of claims and expenses shall be deposited in a reserve fund which shall be used exclusively for the payment of claims in subsequent years, in case that the claims incurred in any of the said years exceed the advanced claims upon determining the type of contribution. Provided, That (i) for Fiscal Year 2012-2013, the sum of twelve million five hundred thousand dollars ($12,500,000) shall be transferred from the Reserve Fund to the “2012-2013 Budget Support Fund”, and (ii) during Fiscal Year 2015-2016 and Fiscal Year 2016-2017, at least fifty million dollars ($50,000,000) shall be used to acquire tax and revenue anticipation notes issued by the Commonwealth of Puerto Rico from time to time and/or any other instrument issued by the Government Development Bank for Puerto Rico, for the purpose of acquiring said notes, regardless of the credit rating of such instruments or any limit or restriction in the investment policies or contractual obligations applicable to the Reserve Fund; Provided, further, That said notes or other instruments shall have a yield equal to or higher than the average yield of the Reserve Fund’s fixed-income investment portfolio for the twelve (12)-month period preceding March 31, 2015 and March 31, 2016, as appropriate, which shall not be less than a six-percent (6%) annual interest rate.
(5) Provided, That for Fiscal Year 2015-2016, the sum of five million dollars ($5,000,000) shall be transferred from the Reserve Fund and/or any other account thus identified by the Automobile Accident Compensation Administration to the “Special Education Student’s Therapy and Service Fund”, created by Act No. 73-2014.
(6) If in any year the receipts and the reserves accrued are not sufficient to cover the losses and the expenses incurred, the Secretary of the Treasury shall provide to the Administration from any funds available in the general fund of the Government, as an advance, the sums required to remediate [cover] the deficiency.
History —June 26, 1968, No. 138, p. 335, § 14; June 1, 1969, No. 20, p. 35; July 23, 1974, No. 180, Part 2, p. 49, § 3; renumbered as § 16 on Oct. 30, 1975, No. 12, p. 782, § 14; July 29, 1988, No. 142, p. 597, § 3; Dec. 12, 1989, No. 26, p. 597, § 1; July 2, 2012, No. 134, § 4; July 1, 2014, No. 78, § 16; July 2, 2015, No. 102, § 3; July 2, 2015, No. 105, § 5; July 14, 2016, No. 69, § 3.