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ASC would be insolvent if it had to pay now the $47 million class action lawsuit

The Insurance Commissioner said the insurer would face a $12 million loss

June 12, 2024 - 9:00 AM

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The insurance commissioner, Alexander Adams, indicated that if a $47 million judgment were to be handed down, the ASC would be $12 million short, which would lead to insolvency. (Archivo)

By Marian Díaz

Periodista de Negociosmarian.diaz@gfrmedia.com

The Office of the Commissioner of Insurance (OCS) is watching the outcome of the class action lawsuit against the Association of Joint Underwriting Companies (ASC) and does not rule out the possibility that the insurer will have to make a payout to its members if the final amount to be paid to the injured parties amounts to $47 million.