Diario Libre reports today, Monday 13 January that the five companies approved for disability or death coverage of workers had received RD$16.49 billion for coverage of workers who suffer disabilities or death prior to their retirement age as of November 2013. But as of the same date, they had only benefited 7,003 people, who receive on average RD$6,462.57 per disability and their spouses and children will receive RD$8,940.22 per month if the affiliate dies before retirement age. This equals to around RD$713.2 million spent on the chapter by the banks for the same period. Diario Libre calculates the banks have pocketed RD$9.36 billion, or 131% of the pensions since the start of the Dominican Social Security System.
Joaquin Geronimo, Superintendent of Pensions, was quoted as saying: “Without doubt it is a very, very lucrative business for the insurance companies,” as reported in Diario Libre.
The companies approved to provide the disability and death insurance in the Dominican Social Security System are Seguros Universal, Seguros Banreservas, Seguros Sura, Scotia Seguros and Mapfre BHD Seguros. In August 2006, the Superintendence of Pensions approved a resolution on the Disability and Survival Policy Contract that stipulates that the rights of the beneficiaries expires after two years, in benefit of the insurance companies, but in violation of the Law of the Dominican System of Social Security, says Diario Libre.
http://www.diariolibre.com/destacada/2014/01/13/i436831_las-aseguradoras-baan-oro-con-las-pensiones-vida.html