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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/301/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 301 - Definitions | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 301 - Definitions | For purposes of this chapter, the following terms shall have the meaning stated below, except where the context clearly indicates otherwise.
(1) Domestic insurer.— Is one constituted under the laws of Puerto Rico.
(2) Foreign insurer.— Is one constituted under the laws of any state or country other than Puerto Rico.
(3... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/303/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 303 - Authority to transact insurance required | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 303 - Authority to transact insurance required | (1) No person shall act as an insurer and no insurer shall transact insurance in Puerto Rico except as authorized by a subsisting authority granted to it by the Commissioner, except as to such transactions as are expressly otherwise provided for in this title.
(2) No such authority shall be required for an insurer, for... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/304/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 304 - Qualification for authority | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 304 - Qualification for authority | To qualify and hold authority to transact insurance in Puerto Rico as insurer, an insurer must:
(1) Be a stock, mutual, reciprocal, cooperative or Lloyd’s insurer of the same general type as may be formed as a domestic insurer under this title, except, that no foreign insurer formed or transacting insurance upon the as... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/304-1/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 304-1 - Affiliation to financial institutions prohibited | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 304-1 - Affiliation to financial institutions prohibited | (1) In addition to the requirements established in § 304 of this title, an insurer must comply with the following, in order to be authorized to contract insurance in Puerto Rico:
(a) That any one or more of the financial institutions described in subsection (4) of this section shall not have any direct or indirect subs... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/304a/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 304a - Foreign insurers formed under inadequate laws | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 304a - Foreign insurers formed under inadequate laws | The Commissioner may deny, suspend or revoke the authority to transact insurance in Puerto Rico to any foreign insurer organized in any country or jurisdiction, whose laws or enforcement thereof he may consider inadequate with respect to capital requirements and public intervention or supervision applicable to its dome... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/305/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 305 - Charter, defined | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 305 - Charter, defined | Charter.— Means articles of incorporation, of agreement, of association or other basic constituent document of a corporation, or subscribers’ agreement and power of attorney of a reciprocal insurer, or underwriters’ agreement and power of attorney of a Lloyd’s plan insurer.
History —Ins. Code § 3.050; renumbered as § 3... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/306/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 306 - Required reports and information sharing | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 306 - Required reports and information sharing | Any insurer or third party shall submit to the Department of Health the Puerto Rico Health Insurance Administration (ASES, Spanish acronym), any information about coverage and/or benefits paid or available to beneficiaries of the Medical Assistance Program (PAM, Spanish acronym) and any other information required. The ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/307/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 307 - Insurer not to engage in other business | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 307 - Insurer not to engage in other business | No person shall be authorized as an insurer in Puerto Rico if engaged in any business other than the insurance business, and in the operations and transactions incidental thereto. Without limiting the general meaning of the foregoing clause, banking, securities, industrial, agricultural, mercantile, transportation, rea... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/308/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 308 - Kinds of insurance—An insurer | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 308 - Kinds of insurance—An insurer | An insurer who otherwise qualifies therefor may be authorized to transact any one kind or combination of kinds of insurance as defined in §§ 401–414 of this title, except that:
(1) A life insurer may not be authorized to contract any other kind of insurance except for disability. Provided, That this limitation shall no... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/309/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 309 - Funds required from insurers | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 309 - Funds required from insurers | (1) To qualify to receive the authority to transact any kind of insurance, an insurer must have and hold paid-in capital or surplus stock in an amount which shall not be less than what appears in the applicable portion of the following schedule:
Stock, mutual, or cooperative insurers Reciprocals Capital or surplus or L... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/310/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 310 - Additional kinds of insurance, funds required of insurers | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 310 - Additional kinds of insurance, funds required of insurers | An insurer who is otherwise qualified therefore may be authorized to transact combinations of kinds of insurance other than the combinations stipulated in § 309 of this title, while possessing and maintaining additional paid-in capital, if a stock insurer, or additional surplus funds, if a mutual, cooperative, reciproc... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/312/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 312 - New insurer, additional surplus required | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 312 - New insurer, additional surplus required | (1) In addition to the minimum paid-in capital with regard to stock insurers, or minimum surplus with regard to mutual, cooperative, reciprocal and Lloyd’s insurers, as required under §§ 309 and 310 of this title, every insurer shall hold at the time of the original authorization in Puerto Rico surplus funds in an amou... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/313/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 313 - Deposit requirements—Insurers organized in the United Stat... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 313 - Deposit requirements—Insurers organized in the United States | (1) No insurer organized under the laws of a state of the United States may be authorized to transact insurance in Puerto Rico, unless it deposits and maintains on deposit assets worth not less than fifty percent (50%) of the amount of the paid-in capital if a stock insurer, or surplus if a mutual, cooperative, recipro... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/314/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 314 - Deposit requirements—Insurers not organized in United Stat... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 314 - Deposit requirements—Insurers not organized in United States | (1) A foreign insurer not organized under the laws of a state of the United States, but which is authorized to transact insurance in one or more such states, shall be subject to the provisions of § 313 of this title.
(2) An insurer not organized under the laws of a state of the United States nor authorized to transact ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/315/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 315 - Requirements of capital or surplus, deposits and/or invest... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 315 - Requirements of capital or surplus, deposits and/or investment in Puerto Rican securities; authorized insu... | Every insurer authorized to transact insurance in Puerto Rico with capital or surplus funds or with a deposit and/or investment in Puerto Rican securities, smaller than that otherwise required under this Code, may continue to be so authorized without immediately increasing its capital or surplus funds or its deposit an... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/315a/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 315a - Requirement of deposit, domestic insurers | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 315a - Requirement of deposit, domestic insurers | (1) No domestic insurer shall be authorized to transact insurance in Puerto Rico unless it deposits and maintains on deposit assets of a value not less than fifty percent (50%) of the amount of the paid-in capital if a stock insurer or a cooperative insurer, or of the surplus funds if a mutual, reciprocal, or Lloyd’s p... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/316/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 316 - Required investment in Puerto Rican securities | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 316 - Required investment in Puerto Rican securities | (1) An insurer shall not be authorized to transact insurance in Puerto Rico unless it has and maintains invested in the securities as designated in subsection (2) hereof an amount not less than one-half of the required capital, if a stock insurer, or surplus, if a mutual, reciprocal or Lloyd’s plan insurer, shown in § ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/317/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 317 - Application for authority | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 317 - Application for authority | (1) To apply for an original certificate of authority an insurer shall file with the Commissioner its request therefor showing its name, location of home office, location of its principal office, if any, in the United States, type of insurer, organization date, and if a reciprocal or Lloyd’s, the name of its attorney-i... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/318/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 318 - Issuance or refusal of authority | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 318 - Issuance or refusal of authority | If upon application by an insurer the Commissioner finds that the insurer has met the requirements for and is entitled thereto under this title, he shall issue to the insurer a proper certificate of authority showing the kind or kinds of insurance the insurer is authorized to transact in Puerto Rico. If the Commissione... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/319/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 319 - Expirations, renewals, amendments to authorization certifi... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 319 - Expirations, renewals, amendments to authorization certificates | (1) All authorization certificates issued to an insurer shall continue to be in effect until its expiration, but subject to the payment to the Commissioner of the corresponding annual fee set forth in § 701 of this title before midnight on the date of expiration.
(2) The Commissioner may amend a certificate of authorit... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/320/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 320 - Refusal to renew, revoke or suspend authorization—Obligato... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 320 - Refusal to renew, revoke or suspend authorization—Obligatory grounds | The Commissioner shall refuse to renew the authorization of an insurer to transact insurance, or may revoke or suspend said authorization when said insurer, in addition to other reasons prescribed in this Code:
(1) Is a foreign insurer and no longer qualifies or meets the requirements for the authority; or, is a domest... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/321/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 321 - Refusal to renew, revocation or suspension of authority—Di... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 321 - Refusal to renew, revocation or suspension of authority—Discretionary grounds | The Commissioner may after a hearing refuse, suspend, or revoke an insurer’s authority to transact insurance, in addition to other grounds therefor in this title, if the insurer:
(1) Fails to comply with or violates any provision of this title, other than those as to which refusal, suspension, or revocation is mandator... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/321a/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 321a - Additional penalty for violations | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 321a - Additional penalty for violations | In addition to, or in lieu of refusal, revocation or suspension of the authorization of an insurer to make insurance, any insurer violating the provision of this title may be punished by an administrative fine which shall not exceed five thousand dollars ($5,000) for each offense; Provided, That the total amount of fin... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/322/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 322 - Notice of revocation or suspension; effect on agents’ lice... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 322 - Notice of revocation or suspension; effect on agents’ licenses | (1) Upon determining to revoke or suspend an insurer’s certificate of authority, the Commissioner shall give notice thereof to the insurer not less than ten days in advance of the effective date of revocation or suspension.
(2) Within such ten-day period the Commissioner shall likewise revoke or suspend as of the same ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/323/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 323 - Duration of suspension or revocation | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 323 - Duration of suspension or revocation | (1) Unless the Commissioner specifies the duration of the revocation in his order of revocation, the insurer may be granted another certificate of authority at any time upon application and qualification therefor as provided in this chapter.
(2) A certificate of authority may be suspended for not over twelve months, as... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/324/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 324 - Ownership of certificate; surrender to Commissioner | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 324 - Ownership of certificate; surrender to Commissioner | Ownership of all certificates of authority is vested in the Commissioner. Upon suspension or revocation of an insurer’s certificate of authority the insurer shall surrender the certificate to the Commissioner, who shall retain the certificate during the period of revocation or suspension.
History —Ins. Code § 3.240. |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/325/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 325 - Insurer’s name | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 325 - Insurer’s name | (1) Every insurer shall conduct its business in its own proper or corporate name, except as provided in subsection (2) hereof or in § 1122(1) of this title (underwriter’s department).
(2) No insurer shall be authorized to transact insurance in Puerto Rico which has or uses a name so similar to that of any insurer alrea... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/326/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 326 - Disqualified supervisors of Puerto Rico business | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 326 - Disqualified supervisors of Puerto Rico business | (1) The Puerto Rico business of any authorized insurer shall not be under the direct or indirect supervision or control, from Puerto Rico or elsewhere, of any individual deemed by the Commissioner to be unreliable, untrustworthy, or incompetent by reason of:
(a) Acts of such individual resulting previously in suspensio... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/327/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 327 - Suits against insurers, service of process on Commissioner | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 327 - Suits against insurers, service of process on Commissioner | (1) Each authorized foreign insurer and each domestic reciprocal and Lloyd’s insurer shall appoint the Commissioner as its attorney-in-fact to receive service of legal process against it in Puerto Rico. The appointment shall be irrevocable, shall bind any successor in interest or successor to the assets or liabilities ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/328/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 328 - How service made; duties of Commissioner | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 328 - How service made; duties of Commissioner | (1) Manifold copies of legal process against an insurer for whom the Commissioner is attorney-in-fact shall be served upon him. At time of service the plaintiff shall pay to the Commissioner three dollars ($3), taxable as costs in the action.
(2) Within two business days after such service, the Commissioner shall infor... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/329/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 329 - Business must be transacted through resident agents or bro... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 329 - Business must be transacted through resident agents or broker producers; countersignature | (1) No insurer may effectuate any direct insurance upon or relative to any person, property or other material object of insurance that resides, is located in or is to be carried out in Puerto Rico, nor any insurance related thereto, except through an authorized representative of said insurer residing in Puerto Rico.
If... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/330/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 330 - Records of insurers | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 330 - Records of insurers | Every insurer shall keep full and accurate accounts and records of its assets, obligations, transactions, and affairs, with proper separation as to the different kinds of insurance transacted by it, in accordance with accounting methods and practices generally recognized in such business or approved by the Commissioner... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/331/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 331 - Annual statement required | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 331 - Annual statement required | (1) Each authorized insurer shall annually, before the thirty-first day of March, file with the Commissioner a true statement of its financial condition, transactions, and affairs as of the December 31st preceding. The statement shall be on forms as prescribed by the Commissioner, shall contain information as required ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/332/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 332 - Report for statistical purposes | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 332 - Report for statistical purposes | Each authorized insurer shall, at the request of the Commissioner, furnish or cause to be furnished to the Commissioner data for compilation and study of statistics relative to insurance of such insurer effected or in force in Puerto Rico. Such data may include information as to losses suffered on account of any risk o... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/333/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 333 - Special reports | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 333 - Special reports | The Commissioner, by rule or regulations, may require an insurer to make such special reports with respect to particular losses or claims or particular classes of losses or claims in Puerto Rico as he deems advisable, and on any matter when he deems it necessary or convenient and they are pertinent and related to the C... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/334/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 334 - General agents and managers | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 334 - General agents and managers | (1) In order to comply with the provisions of § 317 of this title, an insurer shall appoint and contract a manager or general agent to represent the insurer in Puerto Rico to carry out those functions consistent with this Code that may be conferred upon said manager or general agent by the insurer.
(2) The insurer that... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/335/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 335 - Reciprocal provisions | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 335 - Reciprocal provisions | (1) If by or pursuant to laws of any state or country any premium tax or income tax or other taxes, or any fees, fines, penalties, licenses, deposit requirements or other obligations, prohibitions, or restrictions are imposed upon Puerto Rico domiciled insurers doing business in such state or country, or upon its agent... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-4/401/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 4 - Kinds of Insurance; Reinsurance; Limits of Risk (§§ 401 — 415)›§ 401 - Definitions not mutually exclusive | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 4 - Kinds of Insurance; Reinsurance; Limits of Risk (§§ 401 — 415) › § 401 - Definitions not mutually exclusive | It is intended that certain coverages may come within the definitions of two or more kinds of insurance as set forth in this chapter, and the fact that such a coverage is included within one definition shall not exclude such coverage as to any other kind of insurance within the definition of which such coverage may lik... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-4/402/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 4 - Kinds of Insurance; Reinsurance; Limits of Risk (§§ 401 — 415)›§ 402 - Life insurance, defined | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 4 - Kinds of Insurance; Reinsurance; Limits of Risk (§§ 401 — 415) › § 402 - Life insurance, defined | Life insurance.— Is insurance of human lives and insurance appertaining thereto or connected therewith. For the purposes of this title, the transacting of life insurance includes the granting of annuities and endowment benefits, additional benefits in event of death or dismemberment by accident or accidental means, add... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-4/403/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 4 - Kinds of Insurance; Reinsurance; Limits of Risk (§§ 401 — 415)›§ 403 - Disability insurance, defined | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 4 - Kinds of Insurance; Reinsurance; Limits of Risk (§§ 401 — 415) › § 403 - Disability insurance, defined | “Disability insurance” is insurance against bodily injury, disablement, or death by accident or accidental means, or the expense thereof, against disablement or expense resulting from sickness, and every insurance appertaining thereto.
History —Ins. Code § 4.030. |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-4/404/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 4 - Kinds of Insurance; Reinsurance; Limits of Risk (§§ 401 — 415)›§ 404 - Property insurance, defined | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 4 - Kinds of Insurance; Reinsurance; Limits of Risk (§§ 401 — 415) › § 404 - Property insurance, defined | Property insurance.— Is insurance on real or personal property of every kind and interest therein, against loss or damage from any or all hazard or cause, and against loss consequential upon such loss or damage, other than noncontractual legal liability for any such loss or damage. Property insurance shall also include... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-4/405/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 4 - Kinds of Insurance; Reinsurance; Limits of Risk (§§ 401 — 415)›§ 405 - Marine and transportation insurance, defined | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 4 - Kinds of Insurance; Reinsurance; Limits of Risk (§§ 401 — 415) › § 405 - Marine and transportation insurance, defined | Marine and transportation insurance.— Is:
(1) Insurance against loss of or damage to:
(a) Vessels, craft, aircraft, cars, automobiles and vehicles of every kind, as well as all goods, freights, cargoes, merchandise, effects, disbursements, profits, moneys, bullion, precious stones, securities, choses in action, evidenc... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-4/406/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 4 - Kinds of Insurance; Reinsurance; Limits of Risk (§§ 401 — 415)›§ 406 - Agricultural insurance, defined | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 4 - Kinds of Insurance; Reinsurance; Limits of Risk (§§ 401 — 415) › § 406 - Agricultural insurance, defined | Agricultural insurance.— Includes insurance on farm buildings, machinery, equipment, animals, fowl, plantings, and crops, appurtenant to farms, against loss or damage from any and all hazards and causes, including losses occurring during transportation and delivery of crops to shipping points, but not including risks o... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-4/407/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 4 - Kinds of Insurance; Reinsurance; Limits of Risk (§§ 401 — 415)›§ 407 - Vehicle insurance, defined | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 4 - Kinds of Insurance; Reinsurance; Limits of Risk (§§ 401 — 415) › § 407 - Vehicle insurance, defined | (1) Vehicle insurance.— Is insurance against loss of or damage to any land vehicle or aircraft, or any draft or riding animal, or to property while contained therein or thereon or while being loaded or unloaded therein or therefrom, from any hazard or cause, and against any loss, expense, or liability for loss of or da... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-4/408/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 4 - Kinds of Insurance; Reinsurance; Limits of Risk (§§ 401 — 415)›§ 408 - Casualty insurance, defined | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 4 - Kinds of Insurance; Reinsurance; Limits of Risk (§§ 401 — 415) › § 408 - Casualty insurance, defined | Casualty insurance.— Includes vehicle insurance as defined in § 407 of this title, and in addition is:
(1) Liability insurance.— Insurance against legal liability for the death, injury, or disability of any human being, or for damage to property; and provision of medical, hospital, surgical and funeral benefits to indi... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-4/409/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 4 - Kinds of Insurance; Reinsurance; Limits of Risk (§§ 401 — 415)›§ 409 - Surety insurance, defined | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 4 - Kinds of Insurance; Reinsurance; Limits of Risk (§§ 401 — 415) › § 409 - Surety insurance, defined | Surety insurance.— Includes:
(1) Credit insurance as defined in § 408(9) of this title.
(2) Fidelity insurance, which is insurance guaranteeing the fidelity of persons holding positions of public or private trust.
(3) Guaranteeing the performance of contracts, and guaranteeing and executing bonds, undertakings, and con... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-4/410/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 4 - Kinds of Insurance; Reinsurance; Limits of Risk (§§ 401 — 415)›§ 410 - Title insurance, defined | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 4 - Kinds of Insurance; Reinsurance; Limits of Risk (§§ 401 — 415) › § 410 - Title insurance, defined | Title insurance.— Is the insurance of owners of real or personal property or others having an interest therein or liens or encumbrances thereon, against loss by encumbrance or defective titles or invalidity or claims adverse to title and services connected therewith.
History —Ins. Code § 4.100; Aug. 26, 2005, No. 82, §... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-4/411/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 4 - Kinds of Insurance; Reinsurance; Limits of Risk (§§ 401 — 415)›§ 411 - Power to accept reinsurance | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 4 - Kinds of Insurance; Reinsurance; Limits of Risk (§§ 401 — 415) › § 411 - Power to accept reinsurance | (1) An authorized insurer shall accept reinsurance only of those kinds of insurance which it is authorized to transact direct in Puerto Rico or elsewhere.
(2) No authorized insurer shall accept reinsurance in whole or in part of any risk resident, located, or to be performed in Puerto Rico which was insured as direct i... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-4/412/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 4 - Kinds of Insurance; Reinsurance; Limits of Risk (§§ 401 — 415)›§ 412 - Power to cede reinsurance | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 4 - Kinds of Insurance; Reinsurance; Limits of Risk (§§ 401 — 415) › § 412 - Power to cede reinsurance | (1) An insurer may reinsure the total or part of the risks in Puerto Rico with other insurers only as follows:
(a) In any insurer authorized to transact the same kind of insurance in Puerto Rico, or
(b) with the prior written approval of the Commissioner, when with any foreign insurer not authorized to transact insuran... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-4/413/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 4 - Kinds of Insurance; Reinsurance; Limits of Risk (§§ 401 — 415)›§ 413 - Third party’s rights against reinsurer | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 4 - Kinds of Insurance; Reinsurance; Limits of Risk (§§ 401 — 415) › § 413 - Third party’s rights against reinsurer | The original insured or policyholder or any person other than the ceding insurer, who enters a claim by virtue of any insured or policyholder’s insurance, shall not have any direct right of action against the reinsurer which is not specifically set forth in the reinsurance contract, or in a specific agreement between t... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-4/414/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 4 - Kinds of Insurance; Reinsurance; Limits of Risk (§§ 401 — 415)›§ 414 - Limit of risk | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 4 - Kinds of Insurance; Reinsurance; Limits of Risk (§§ 401 — 415) › § 414 - Limit of risk | (1) No insurer shall retain any risk on any one subject of insurance, whether located or to be performed in Puerto Rico or elsewhere, in an amount exceeding ten percent (10%) of its surplus to policy holders, except that:
(a) A domestic mutual may insure up to such ten percent (10%) or up to the maximum applicable as s... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-4/415/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 4 - Kinds of Insurance; Reinsurance; Limits of Risk (§§ 401 — 415)›§ 415 - Limit of underwriting | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 4 - Kinds of Insurance; Reinsurance; Limits of Risk (§§ 401 — 415) › § 415 - Limit of underwriting | (1) Any authorized insurer, except the life insurance insurer, and as provided in the following subsection (2), shall keep, at all times, a ratio or rate between the net premiums underwritten, to their surplus, for policyholders, as defined in § 414(4) of this title, which shall not be greater than the rate established... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-5/516/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 5 - Assets and Liabilities (§§ 501-511 — 524)›§ 516 - Assets, definition | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 5 - Assets and Liabilities (§§ 501-511 — 524) › § 516 - Assets, definition | For purposes of §§ 516–524 of this title, assets shall be defined as probable future economic benefits obtained or derived by an insurer as a result of past transactions or events.
History —Ins. Code, added as § 5.010 on Mar. 22, 2003, No. 90, § 1. |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-5/517/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 5 - Assets and Liabilities (§§ 501-511 — 524)›§ 517 - Liabilities, definition | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 5 - Assets and Liabilities (§§ 501-511 — 524) › § 517 - Liabilities, definition | For purposes of §§ 516–524 of this title, liabilities shall be defined as probable future economic sacrifices that arise from the present obligations of an insurer, which consist of the transfer of assets, or the rendering of services to other entities in the future as a result of past transactions or events.
History —... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-5/518/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 5 - Assets and Liabilities (§§ 501-511 — 524)›§ 518 - Assets not allowed, definition | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 5 - Assets and Liabilities (§§ 501-511 — 524) › § 518 - Assets not allowed, definition | It shall be considered that an asset is not allowed if it is specifically identified as such by the accounting practices and procedures adopted by the National Association of Insurance Commissioners or if it is not specifically identified as an allowed asset by the accounting practices and procedures adopted by the Nat... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-5/519/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 5 - Assets and Liabilities (§§ 501-511 — 524)›§ 519 - Reduced unearned premiums reserve, new local insurers | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 5 - Assets and Liabilities (§§ 501-511 — 524) › § 519 - Reduced unearned premiums reserve, new local insurers | (1) A local insurer of property, accidents, or guarantee insurance may, during the first five (5) natural years of its operations, subject to the dispositions set forth in subsections (2) and (3) of this section, maintain unearned premiums reserves in the following proportion of otherwise required reserves:
First compl... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-5/520/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 5 - Assets and Liabilities (§§ 501-511 — 524)›§ 520 - Increase in reserves | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 5 - Assets and Liabilities (§§ 501-511 — 524) › § 520 - Increase in reserves | (1) If the Commissioner determines that the non-earned premiums reserves of an insurer are inadequate, regardless of the manner in which same are calculated, he shall demand that the insurer maintains the reserves in an increased amount that turns out to be in agreement with any other generally acknowledged method.
(2)... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-5/521/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 5 - Assets and Liabilities (§§ 501-511 — 524)›§ 521 - Credit in reserves for reinsurance | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 5 - Assets and Liabilities (§§ 501-511 — 524) › § 521 - Credit in reserves for reinsurance | An insurer may obtain credit for reserves upon risks ceded to a reinsurer up to the amount reinsured, except:
(1) No credit shall be granted for reinsurance not authorized by § 412 of this title.
(2) No credit shall be granted as an asset nor as a deduction from the liabilities to any cedent insurer, unless the reinsur... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-5/522/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 5 - Assets and Liabilities (§§ 501-511 — 524)›§ 522 - Registry of liabilities | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 5 - Assets and Liabilities (§§ 501-511 — 524) › § 522 - Registry of liabilities | An insurer must keep a complete detailed registry showing all losses and claims of which same has been notified, in regard to property, accident and guarantees insurance, including all notifications received due to the occurrence of any event that may result in losses.
History —Ins. Code, added as § 5.070 on Mar. 22, 2... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-5/523/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 5 - Assets and Liabilities (§§ 501-511 — 524)›§ 523 - Valuation of life policies | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 5 - Assets and Liabilities (§§ 501-511 — 524) › § 523 - Valuation of life policies | (1) Minimum valuation standard for old policies.— The minimum standards for the valuation of all policies and contracts, except group annuity contracts, issued prior to January 1 of the year this Code becomes operative, shall be that pursuant to the laws in effect immediately prior to the effective date of this Code. R... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-5/523a/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 5 - Assets and Liabilities (§§ 501-511 — 524)›§ 523a - Minimum reserves | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 5 - Assets and Liabilities (§§ 501-511 — 524) › § 523a - Minimum reserves | (a) In no event shall an insurer’s aggregate reserves for said life insurance policies, excluding disability and accidental death benefits, be less than the aggregate reserves calculated pursuant to the method set forth in subsections (2) and (3) of § 523 of this title and in the regulations promulgated by the Commissi... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-5/523b/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 5 - Assets and Liabilities (§§ 501-511 — 524)›§ 523b - Actuarial opinion | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 5 - Assets and Liabilities (§§ 501-511 — 524) › § 523b - Actuarial opinion | (a) Every insurer shall file annually, together with its annual report, the opinion of a qualified actuary stating whether the reserves of the policies and contracts specified by the Commissioner have been calculated properly, are based on assumptions that comply with the provisions of said contracts, are consistent wi... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-5/524/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 5 - Assets and Liabilities (§§ 501-511 — 524)›§ 524 - Powers of the Commissioner | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 5 - Assets and Liabilities (§§ 501-511 — 524) › § 524 - Powers of the Commissioner | The accounting practices and procedures adopted in the National Association of Insurance Commissioners Accounting Practices and Procedures Manual, as well as the amendments that from time to time shall be promulgated by said entity, are hereby adopted as the statutory accounting standards that govern local insurers.
Th... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-6b/648/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 6B - Investments (§§ 648 — 662)›§ 648 - Definitions | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 6B - Investments (§§ 648 — 662) › § 648 - Definitions | (1) AFICA.— Is the Spanish acronym for the Puerto Rico Industrial, Tourist, Educational, Medical, and Environmental Control Facilities Financing Authority created by Act No. 121 of June 27, 1977, as coded in Sections 12 L.P.R.A. §§ 1241 et seq.
(2) Preferred stock.— Means any preferred stock, preferent or secured of a ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-6b/649/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 6B - Investments (§§ 648 — 662)›§ 649 - Qualification and eligibility of investments | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 6B - Investments (§§ 648 — 662) › § 649 - Qualification and eligibility of investments | (1) Insurers may acquire, own or invest in those investments, or engage in those investment practices described in §§ 648–662 of this title. Investments that do not adjust to §§ 648–662 of this title shall not be eligible investments and shall not be a part of the assets allowed to the insurer.
(2) An insurer shall not... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-6b/650/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 6B - Investments (§§ 648 — 662)›§ 650 - Authorization of investments by the board of directors | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 6B - Investments (§§ 648 — 662) › § 650 - Authorization of investments by the board of directors | (1) The board of directors of an insurer shall adopt a written plan to acquire and maintain investments and to outline their investment practices. This plan shall establish guidelines with regard to the quality, maturity, diversity of investments and other requirements, including investment strategies geared to ensure ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-6b/651/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 6B - Investments (§§ 648 — 662)›§ 651 - Prohibited investments | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 6B - Investments (§§ 648 — 662) › § 651 - Prohibited investments | An insurer shall not, directly or indirectly:
(1) Invest in an obligation or security of, or grant or offer a guaranty for the benefit of, or in favor of an official or director of the insurer.
(2) Invest in an obligation or security, grant a guaranty in benefit of or in favor of, or make other investments in a busines... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-6b/652/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 6B - Investments (§§ 648 — 662)›§ 652 - Valuation of investments | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 6B - Investments (§§ 648 — 662) › § 652 - Valuation of investments | (1) For purposes of §§ 648–662 of this title, the worth of an investment acquired or maintained under §§ 648–662 of this title, unless otherwise indicated in this Code, shall be the informed worth of the asset for statutory accounting purposes, as determined according to the procedures indicated in the valuation and ac... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-6b/653/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 6B - Investments (§§ 648 — 662)›§ 653 - General requirements of diversification | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 6B - Investments (§§ 648 — 662) › § 653 - General requirements of diversification | (1) Unless otherwise indicated in §§ 648–662 of this title, an insurer shall not acquire any investment under §§ 648–662 of this title if, as a result of, and after making the investment, the insurer has more than five percent (5%) of its allowed assets or more than ten percent (10%) of its capital and surplus, whichev... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-6b/654/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 6B - Investments (§§ 648 — 662)›§ 654 - Credit instruments or obligations | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 6B - Investments (§§ 648 — 662) › § 654 - Credit instruments or obligations | (1) Credit instruments or preferential debt.— An insurer may invest up to one hundred percent (100%) of its allowed assets in credit instruments issued, assumed, secured or insured by the United States or Puerto Rico; or a public agency, dependency, instrumentality or corporation of Puerto Rico or the United States; or... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-6b/655/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 6B - Investments (§§ 648 — 662)›§ 655 - Interests in equity | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 6B - Investments (§§ 648 — 662) › § 655 - Interests in equity | (1) Subject to the limitations indicated in subsections (1) and (2) of § 653 of this title, an insurer may invest in securities of a registered investment company.
(2) Subject to the limitations indicated subsections (1) and (2) of § 653 of this title, an insurer may acquire interests in equity of any business entities... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-6b/656/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 6B - Investments (§§ 648 — 662)›§ 656 - Investment in subsidiaries | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 6B - Investments (§§ 648 — 662) › § 656 - Investment in subsidiaries | The limitations and restrictions to investment set forth in §§ 648–662 of this title shall not apply to investments made by an insurer in a subsidiary that was acquired or established by the insurer with prior authorization from the Commissioner. All entities that are directly or indirectly under the control of the ins... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-6b/657/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 6B - Investments (§§ 648 — 662)›§ 657 - Mortgage loans and real estate | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 6B - Investments (§§ 648 — 662) › § 657 - Mortgage loans and real estate | (1) Mortgage loans.—
(a) Subject to the limitations indicated in § 653 of this title, an insurer may acquire, whether directly, or indirectly through interests in limited liability partnerships, interests in partnerships not prohibited under § 651(4) of this title, limited liability companies, joint ventures, or shares... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-6b/658/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 6B - Investments (§§ 648 — 662)›§ 658 - Securities loans, repurchase, inverse repurchase, and dollar roll transactions | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 6B - Investments (§§ 648 — 662) › § 658 - Securities loans, repurchase, inverse repurchase, and dollar roll transactions | An insurer may effect securities loans, repurchase transactions, reverse repurchase transactions, and dollar roll transactions with registered business entities, if:
(1) The Board of Directors of the insurer adopts a written plan consistent with the requirements of the plan described in § 650(1) of this title specifyin... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-6b/659/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 6B - Investments (§§ 648 — 662)›§ 659 - Foreign investments and foreign currency | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 6B - Investments (§§ 648 — 662) › § 659 - Foreign investments and foreign currency | (1) Subject to the limitations stated in § 653 of this title, an insurer may acquire foreign investments of substantially the same nature as those allowed to be acquired by an insurer under §§ 648–662 of this title, if as a result of such acquisition:
(a) The sum total of the foreign investments held at a given moment ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-6b/660/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 6B - Investments (§§ 648 — 662)›§ 660 - Hedge transactions | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 6B - Investments (§§ 648 — 662) › § 660 - Hedge transactions | (1) An insurer may use hedging instruments such as options, futures and other transactions, to protect interest rates solely for the following purposes: (a) to reduce the risk of its other investments, and (b) to improve the income of its other investments. The use of options, futures and other hedging instruments for ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-6b/661/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 6B - Investments (§§ 648 — 662)›§ 661 - Loans on policies | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 6B - Investments (§§ 648 — 662) › § 661 - Loans on policies | A life insurer may make loans to policy holders with the collateral of their respective policies in amounts that shall not exceed the redeemable cash value according to the terms of the policy.
History —Ins. Code, added as § 6.150 on May 16, 2003, No. 130, § 1. |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-6b/662/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 6B - Investments (§§ 648 — 662)›§ 662 - Authority for additional investment | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 6B - Investments (§§ 648 — 662) › § 662 - Authority for additional investment | (1) An insurer may acquire investments of any type that are not expressly prohibited by § 651 of this title without considering the categories, conditions, requirements or other limitations established by §§ 653–659 of this title, including exceeding the quantitative limits established in §§ 648–662 of this title, if a... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-7/701/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 7 - Fees and Taxes (§§ 701 — 706)›§ 701 - Presentation rights, license and others | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 7 - Fees and Taxes (§§ 701 — 706) › § 701 - Presentation rights, license and others | (1) As a condition to remain or continue being authorized to procure or process any type of insurance in Puerto Rico, the following persons or entities shall pay to the Commissioner, not later than the date of expiration of their licenses or authorization certificates, the fees specified below:
Entity Annual Fee (a) Lo... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-7/702/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 7 - Fees and Taxes (§§ 701 — 706)›§ 702 - Taxes on premiums | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 7 - Fees and Taxes (§§ 701 — 706) › § 702 - Taxes on premiums | (1) Except as otherwise provided in this section, every insurer shall pay to the Secretary of the Treasury of the Commonwealth of Puerto Rico, through the Office of the Commissioner, a six percent (6%) tax on premiums and of three percent (3%) on annuity remunerations, as provided in clause (b) of this subsection recei... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-7/702a/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 7 - Fees and Taxes (§§ 701 — 706)›§ 702a - Tax exemption for domestic insurers maintaining a home office in Puerto Rico | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 7 - Fees and Taxes (§§ 701 — 706) › § 702a - Tax exemption for domestic insurers maintaining a home office in Puerto Rico | (1) Every domestic insurer who maintains a home office in Puerto Rico as defined hereinafter, and the Insurers’ Syndicate as defined in § 4102 of this title, shall be exempted from the payment of taxes on premiums and annuity considerations established in § 702 of this title. The insurers thus exempted shall not be bou... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-7/702c/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 7 - Fees and Taxes (§§ 701 — 706)›§ 702c - Special tax on premiums | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 7 - Fees and Taxes (§§ 701 — 706) › § 702c - Special tax on premiums | (a) For taxable years beginning after December 31, 2012, there shall be imposed, collected, and paid a special one percent (1%)-tax on the premiums of every insurer, in addition to the tax on premiums imposed under § 702 of this title, and to any other tax imposed under this Code or under §§ 30011 et seq. of Title 13, ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-7/703/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 7 - Fees and Taxes (§§ 701 — 706)›§ 703 - Tax statement; deposit | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 7 - Fees and Taxes (§§ 701 — 706) › § 703 - Tax statement; deposit | (1) The insurer shall file with the Commissioner as part of its annual statement, a statement of premiums for insurance and considerations for annuities received and on which tax is payable pursuant to § 702 of this title. Such tax statement shall be according to such form as shall be prescribed and furnished by the Co... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-7/704/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 7 - Fees and Taxes (§§ 701 — 706)›§ 704 - Failure to pay tax | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 7 - Fees and Taxes (§§ 701 — 706) › § 704 - Failure to pay tax | (1) Any insurer that fails to file its tax statement and pay the specified tax on premiums after it is due shall be subject to an administrative fine of twenty-five dollars ($25) for each day of delinquency, subject to the Commissioner’s right to grant a reasonable extension of time for the filing and payment thereof. ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-7/705/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 7 - Fees and Taxes (§§ 701 — 706)›§ 705 - Refunds | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 7 - Fees and Taxes (§§ 701 — 706) › § 705 - Refunds | If any person has paid to the Commissioner any tax, license fee, or other charge in error or in excess of that which he is lawfully bound to pay, the Commissioner may, upon proof thereof satisfactory to the Commissioner, make or cause to be made a refund thereof as the Secretary of the Treasury may prescribe. However, ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-7/706/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 7 - Fees and Taxes (§§ 701 — 706)›§ 706 - Commonwealth preempts insurance tax field | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 7 - Fees and Taxes (§§ 701 — 706) › § 706 - Commonwealth preempts insurance tax field | The Commonwealth of Puerto Rico hereby preempts the field of imposing excise, privilege, franchise, income, license and similar taxes on insurers, health services organizations, general agents, producers, consultants, adjusters and solicitors, as such, and taxes on the intangible property of said insurers, health servi... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-8/801/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 8 - Administration of Deposits (§§ 801 — 809)›§ 801 - Insurers’ deposits | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 8 - Administration of Deposits (§§ 801 — 809) › § 801 - Insurers’ deposits | (1) The Secretary shall accept and hold in trust, when made through the Commissioner, deposits of securities or funds physically or electronically made by insurers; as follows:
(a) Deposits required for authority to transact insurance in Puerto Rico.
(b) Deposits of domestic or foreign insurers when made pursuant to th... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-8/802/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 8 - Administration of Deposits (§§ 801 — 809)›§ 802 - Assets elegible for deposit | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 8 - Administration of Deposits (§§ 801 — 809) › § 802 - Assets elegible for deposit | Assets eligible for deposit shall consist of any combination of the following: public obligations of Puerto Rico or the United States, state obligations, municipal obligations, public improvement bonds, certificates of deposit, whether physical or electronic, issued by commercial banks authorized to do business in Puer... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-8/803/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 8 - Administration of Deposits (§§ 801 — 809)›§ 803 - Registration of securities | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 8 - Administration of Deposits (§§ 801 — 809) › § 803 - Registration of securities | Securities, titles or certificates of deposit shall be registered in trust in the name of the Secretary for the purpose required pursuant to the law, and any securities payable to the bearer shall be accompanied by assignment to such Secretary in trust for such purpose. In the case of certificates of deposit, in additi... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-8/804/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 8 - Administration of Deposits (§§ 801 — 809)›§ 804 - Commonwealth responsible | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 8 - Administration of Deposits (§§ 801 — 809) › § 804 - Commonwealth responsible | The Commonwealth of Puerto Rico shall be responsible for the safekeeping and return of all assets deposited pursuant to this title with the Secretary of the Treasury.
History —Ins. Code § 8.040. |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-8/805/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 8 - Administration of Deposits (§§ 801 — 809)›§ 805 - Dividends and substitutions | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 8 - Administration of Deposits (§§ 801 — 809) › § 805 - Dividends and substitutions | So long as the insurer remains solvent and complies with this title it shall be entitled:
(1) To demand, receive, sue for, and recover the income from the securities deposited.
(2) To exchange and substitute for the securities on deposit or any part thereof, eligible securities of equivalent or greater value.
(3) To in... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-8/806/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 8 - Administration of Deposits (§§ 801 — 809)›§ 806 - Excess deposits | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 8 - Administration of Deposits (§§ 801 — 809) › § 806 - Excess deposits | An insurer may so deposit eligible securities in an amount exceeding its required deposit under this title by not more than one hundred thousand dollars ($100,000), for the purpose of absorbing fluctuations in the value of securities held in its required deposit, and to facilitate the exchange and substitution of secur... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-8/807/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 8 - Administration of Deposits (§§ 801 — 809)›§ 807 - Depletion of deposit | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 8 - Administration of Deposits (§§ 801 — 809) › § 807 - Depletion of deposit | If at any time the Commissioner finds that the value of assets on deposit by an insurer is less than the amount required pursuant to this Code, he/she shall notify the insurer of such deficiency by registered mail addressed to the insurer at its home office, or at its main office in Puerto Rico, and require that the de... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-8/808/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 8 - Administration of Deposits (§§ 801 — 809)›§ 808 - Release of deposit | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 8 - Administration of Deposits (§§ 801 — 809) › § 808 - Release of deposit | (1) Any deposit made in Puerto Rico under this title shall be released and returned:
(a) To the insurer upon extinguishment by reinsurance or otherwise of substantially all liability of the insurer for the security of which the deposit is held; or
(b) to the insurer to the extent such deposit is in excess of the amount... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-8/809/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 8 - Administration of Deposits (§§ 801 — 809)›§ 809 - Deposit not subject to levy | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 8 - Administration of Deposits (§§ 801 — 809) › § 809 - Deposit not subject to levy | No judgment creditor or other claimant of an insurer shall levy upon any deposit held pursuant to this chapter, or upon any part thereof.
History —Ins. Code § 8.090. |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/949/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i)›§ 949 - Statement ... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 949 - Statement of purpose | This chapter establishes the requirements that must be met by all persons who aspire to obtain a license issued by the Commissioner to engage in the insurance business in Puerto Rico. It also establishes the procedure to issue licenses to said persons, as well as for the renewal, denial, suspension and revocation of sa... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/949a/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i)›§ 949a - Producer,... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 949a - Producer, definition | The person that pursuant to this Code holds a license duly issued by the Commissioner to negotiate insurance in Puerto Rico. In negotiating insurance the producer shall not act as authorized representative of the insurer, except in those cases in which an appointment made according to the provisions of § 949 l of this ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/949b/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i)›§ 949b - Authorize... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 949b - Authorized representative, definition | Authorized representative is a producer that subscribes a contract with an insurer to negotiate insurance on his behalf, be it as employee or as independent contractor.
History —Ins. Code, added as § 9.021 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006. |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/949c/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i)›§ 949c - Responsib... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 949c - Responsibility of the producer towards the insured | The producer shall fulfill the following duties, among others:
(1) Provide the consumer with a clear and concise orientation about the coverage, benefits, limitations and exclusions of the insurance policy negotiated by him/her, as well as about the duties and obligations of the former as insured under the same.
(2) Ne... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/949d/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i)›§ 949d - Solicitor... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 949d - Solicitor, definition | A solicitor is a natural person appointed and authorized by a producer to solicit insurance as representative of said producer. An individual employed on salary only who devotes all his/her time to office work, incidentally soliciting insurance at the office of the producer shall not be deemed to be a solicitor if his/... |
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