The Comptroller of Puerto Rico issued a qualified opinion on the fiscal operations of the Agricultural Insurance Corporation of Puerto Rico (Corporation). The audit had as specific objectives to verify the claims for damages caused by Hurricanes Irma and María, as well as to evaluate the policies of the claims, to determine whether they were formalized in accordance with the General Regulation of Agricultural Insurance of 2004. A qualified opinion is issued when noncompliance, individually or in the aggregate, is significant but not pervasive.
The Report reveals that the Corporation's Board of Directors met only once in a period of three years. Between July 1, 2016 and June 30, 2019, the Board held a single meeting even though since 2015 the Board was constituted with all its members. This situation did not allow the Board to pass judgment on the functioning of the Corporation's fiscal and administrative operations.
The one-finding audit notes that the president of the Board of Directors was only able to provide one appointment letter, in response to the request for information on the tenure of three Board members. This situation prevented the Comptroller's auditors from examining the documents related to the Board appointments. A similar situation had been noted in Audit Report CP-09-01 of 2008.
This Report covers the period from July 1, 2016 to November 10, 2020.
See Audit Report CP-21-09.
To see other published reports, visit our Audit Reports section.
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