Hurricane Maria claims update
The remaining 4%, according to Acodese president Iraelia Pernas, primarily involve complex claims filed by municipalities, government agencies, large businesses and condominiums.
Pernas indicated that as of July 31, Acodese members have settled 237,017 claims and paid more than US$3mn in 10 months after the hurricane.
In a statement, Pernas said the remaining claims require extensive analysis and expertise in order to determine a "fair and reasonable" payment.
"The processes are complicated when there are claims without the documentation ... or when public adjusters demand payment of amounts without submitting proof of the claim," she said.
AFP concerns raised in Dominican Republic
With a bill on social security reform working its way through the Dominican Republic's senate, Pepe Abreu, the president of one of the nation's largest labor unions (CNUS), said the authorities and lawmakers need to address the private pension fund managers (AFPs) and social security as a whole before the situation erupts into a crisis.
"What we are hoping for is that we finally get to work on true social security. There is the law, but up to now it has been unable to guarantee the objective for which it was created," said Abreu in an interview on the Detalle Semanal show on Teleradio America.
The complex legislation is seen as an effort to push back against the business interests of the nation's seven AFPs and healthcare providers (ARSs) to boost retirement replacement rates for millions of workers.
In the interview, he said that there is still time to solve the problem within the existing framework, which utilizes a system of contributions from individual employees, the state and employers, noting that the system manages around 600bn pesos (US$12bn) and that by the year 2020 these funds would represent 15% of GDP.
Abreu said his greatest concern was that these funds would become stuck in financial instruments issued by the treasury and the central bank, reaching a ceiling on investment returns and failing to support employees and small companies by not investing in other financial instruments.
Labor representatives are set to meet with employers and the labor ministry Thursday to submit observations on the first of seven proposals in the social security bill, mostly dealing with procedural details, he said.