P.R. Laws tit. 26, § 4040
(1) The liquidator shall review all claims duly filed in the liquidation and shall make such further investigations as deemed necessary. He/she may adjust, settle or otherwise negotiate the amounts for which claims shall be recommended to the court except when the liquidator is required by law to accept claims as settled by any other person or organization, including any guaranty association or foreign guaranty association. Unresolved disputes shall be treated as provided in § 4036 of this title. As soon as possible the court shall be presented with a report of the claims filed with recommendations. The report shall include the name and address of each claimant and the amount of the claim finally recommended, if any. If the insurer has issued annuities or life insurance policies, the liquidator shall report the persons to whom, according to the records of the insurer, amounts are owed as cash surrender values or other investment values and the amounts owed.
(2) The court may approve, reject or modify the report on claims presented by the liquidator. The liquidator shall regard as allowed claims those claims included in the report which are not modified by the court within a period of sixty (60) days after being filed, subject to subsequent modifications by the court in accordance with § 4036 of this title. No claim under an insurance policy shall be allowed for an amount in excess of the applicable policy limits.
History —Ins. Code, added as § 40.400 on Aug. 17, 1991, No. 72, § 1.