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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/949e/
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PR
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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)›§ 949e - General agent, definition
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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) › § 949e - General agent, definition
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A general agent is the person appointed by an insurer as an independent contractor, or who is totally or partially on commission, with general powers or duties to inspect the execution and operations of the policy services of the insurer, to contract authorized representatives for the insurer, and to perform other functions the latter may confer pursuant to the terms of the contract, such as:
(1) Receive and accept business solicited or negotiated by producers.
(2) Compute rates.
(3) Countersign the policies.
(4) Issue endorsements, countersign and maintain records thereof.
(5) Train producers about the new products available.
(6) Process the loss experience.
(7) Process policy cancellations.
(8) Invoice and collect the corresponding premiums.
(9) Process and carry out the return of premiums.
(10) Process and carry out the payment of commissions to producers.
(11) Select risks according to the established underwriting guidelines.
Any general agent interested in acting as authorized representative shall be bound to meet the requirements established in this chapter to obtain a license as such.
History —Ins. Code, added as § 9.040 on Jan. 19, 2006, No. 10, § 8; Dec. 28, 2010, No. 220, § 1.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/949f/
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PR
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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)›§ 949f - Adjuster, definition
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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) › § 949f - Adjuster, definition
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(1) Adjuster.— Is the person who for compensation as independent contractor or as employee of an independent contractor, or for a fee, commission or salary, investigates and negotiates the settlement of claims arising under insurance contracts exclusively on behalf of the insurer or the insured.
A practicing attorney-at-law who adjusts insurance losses from time to time incidental to the practice of his/her profession shall not be deemed an “adjuster” for the purposes of this chapter. An attorney-at-law who in representation of an insurer adjusts losses shall have to hold a license as independent adjuster.
(2) Independent adjuster.— Means the adjuster who represents the interests of the insurer.
(3) Public adjuster.— Means the adjuster employed by the claimant whose financial interests he/she represents exclusively.
History —Ins. Code, added as § 9.050 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/949g/
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PR
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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)›§ 949g - Insurance consultant, definition
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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) › § 949g - Insurance consultant, definition
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(1) Insurance consultant is the person who for compensation as independent contractor, if not the insurer, advises his/her clients, provides advice and information regarding the terms of a policy, its conditions, coverage benefits, the premium of any policy or contract and offers orientation with relation to the advisability or opportunity of canceling or continuing to hold a policy or of accepting or obtaining any contract or policy.
Any person who through any advertisement or any means of publicity uses the title of insurance consultant, insurance specialist, insurance advisor, insurance analyst or any similar title shall be deemed as an insurance consultant and shall be bound to meet all requirements that to those effects are provided in this chapter.
(2) This provision shall not apply to attorneys in active professional practice nor to insurance actuaries, members of the Society of Actuaries or of the Academy of Actuaries, who incidentally render services as consultants on insurance matters.
(3) Property and contingency insurance consultant is the person who holds a license as consultant in one or several of the following kinds of insurance:
(a) Property
(b) Casualty
(c) Surety
(d) Transportation and marine
(e) Title
(4) Life and disability insurance consultant is the person who holds a license as life insurance, annuities and disability consultant, including health care plans.
History —Ins. Code, added as § 9.051 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/949h/
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PR
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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)›§ 949h - Proxy, definition
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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) › § 949h - Proxy, definition
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A proxy is a person authorized by a surety insurer to grant, on behalf and in representation of the latter, surety instruments in Puerto Rico according to the license which for such a purpose is issued by the Commissioner pursuant to the provisions of §§ 2201–2205 of this title.
History —Ins. Code, added as § 9.052 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/949i/
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PR
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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)›§ 949i - License required; incompatibility
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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) › § 949i - License required; incompatibility
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(1) No person in Puerto Rico shall act as or pretend to be an insurance producer, authorized representative, general agent, solicitor, adjuster, or consultant unless he/she holds a license therefor, pursuant to this chapter.
(2) No producer or solicitor may transact or accept applications for any kind of insurance for which he/she does not hold a license nor procure or place said application for others.
(3) No producer may act or state that he/she acts as authorized representative of an insurer unless there is a written contract subscribed to those effects between the latter and the insurer.
(4) A person who is not a resident of Puerto Rico who sells, solicits, or negotiates a contract of insurance for commercial property or casualty risks to an insured with risks located in more than one state insured under that contract, does not need to obtain a producer license in Puerto Rico, provided that the person is otherwise licensed as an insurance producer in the state where the insured maintains its principal place of business and the contract of insurance insures risks located in that state.
(5) Violations against subsections (1), (2) or (3) of this section shall be deemed as violations of this Code subject to the sanctions provided in this chapter. Furthermore, said violations shall be deemed misdemeanors punishable with a fine of not less than five hundred dollars ($500) nor more than fifteen thousand dollars ($15,000).
(6) No person shall be issued a license in more than one of the following classifications: producer, authorized representative, general agent, solicitor, adjuster, or consultant; except that a person holding an authorized representative license may obtain a license as a general agent and proxy, and a producer may obtain a license of consultant. Provided, That a person who holds both a producer and consultant license at the same time, shall not receive commissions or other valuable consideration for both under the same insurance or insurable object.
(7) The Commissioner shall supply the forms required in relation to the application, issue or termination of any license required by this chapter.
History —Ins. Code, added as § 9.060 on Jan. 19, 2006, No. 10, § 8; Dec. 28, 2010, No. 220, § 2.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/949j/
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PR
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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)›§ 949j - Commission for Business Negotiations—Payment and acceptance
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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) › § 949j - Commission for Business Negotiations—Payment and acceptance
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(1) No insurer, general agent, manager or authorized representative of the insurer shall accept insurance applications transacted through a person who does not hold a license issued according to this Code for the kind of insurance transacted.
(2) No insurer, general agent, manager or producer shall pay any commission or compensation whatsoever for transacting insurance unless by the date the same is due the person entitled to the same holds a license issued pursuant to this Code for the kind of insurance transacted.
(3) No person shall accept any payment whatsoever as commission or compensation for transacting insurance, including commissions whose payment has been deferred or commissions payable for renewals, unless by the date the same is due said person holds a license issued pursuant to this Code for the kind of insurance transacted.
(4) An insurer or producer may pay or assign commissions or other valuable consideration, to a manager or persons who are engaged in the insurance industry outside of the jurisdiction of Puerto Rico and who do not sell, contract, negotiate, transact, or solicit insurance in Puerto Rico, provided, that said person is authorized to carry out insurance transactions or negotiations within their jurisdiction of domicile and that the payment does not violate the provisions regarding unlawful rebates and incentives established in § 2710 of this title.
—Ins. Code, added as § 9.061 on Jan. 19, 2006, No. 10, § 8; Dec. 28, 2010, No. 220, § 3; July 24, 2013, No. 81, § 1.
History
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/949k/
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PR
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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)›§ 949k - Commission for business negotiations—Maximum amount
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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) › § 949k - Commission for business negotiations—Maximum amount
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The commission to be paid to any producer for negotiating insurance shall be circumscribed to the maximum amount fixed in the schedule of types approved by the Commissioner for the corresponding kind or subdivision of insurance. [In case that the registration is not required, the commission to be paid to any producer for negociating insurance shall be circumscribed to the maximum amount fixed by the Commisisioner for that class or subdivision.] Should the Commissioner fail to fix said maximum commission, the same shall be circumscribed to the portion the insurer is able to justify on the basis of a study or analysis conducted by the latter.
The payment of any commission or compensation in addition to the commission calculated and authorized, including but not limited to the payment of contingent commissions, may only be made according to the standards established by the Commissioner for such a purpose through rules or regulations.
No person may accept as incentive for insurance or in relation to an insurance transaction, commissions in excess of the commission calculated and authorized pursuant to the preceding, or accept some other type of prohibited emolument or incentive.
History —Ins. Code, added as § 9.062 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/949l/
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PR
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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)›§ 949l - Notice of appointment of producers
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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) › § 949l - Notice of appointment of producers
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(1) No producer may act as authorized representative of an insurer, unless he/she subscribes a contract with the insurer through which the insurer authorizes the producer to negotiate insurance on behalf and in representation of the insurer.
(2) The appointment of a producer as authorized representative of an insurer shall be notified to the Commissioner in the manner prescribed by the latter within the fifteen (15) days following the date on which the contract is subscribed for such a purpose. The insurer shall keep the contract subscribed between the insurer and the producer accessible for the inspection of the Commissioner.
(3) The cancellation of the contract subscribed between the insurer and the producer for the negotiation of insurance shall be notified to the Commissioner in the manner prescribed by the latter within the fifteen (15) days following the date on which the contract was cancelled.
History —Ins. Code, added as § 9.063 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/949m/
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PR
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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)›§ 949m - License—General requirements
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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) › § 949m - License—General requirements
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(1) The Commissioner shall not issue, renew, or permit the licenses of any general agent, producer, authorized representative, solicitor, adjuster, or consultant to exist except in compliance with this chapter, or with respect to:
(a) Any untrustworthy or incompetent person or any person who has not established to the satisfaction of the Commissioner that he/she is qualified to hold a license according to this chapter.
(b) Any person who, in his/her capacity as an official or employee of the Government of the United States, the Government of Puerto Rico or any agency or municipality thereof, or a member of the reserve units of the United States Armed Forces or the Puerto Rico National Guard in active duty, is impaired to carry out such functions by virtue of §§ 1801 et seq. of Title 3, known as the “Ethics in Government Act of the Commonwealth of Puerto Rico”.
(c) Any bank or any other depository institution, except that a license as producer may be issued to a savings and credit cooperative organized according to the laws of Puerto Rico.
(d) Any financial holding company, trust company, finance company, savings and loan association or any other institution directly or indirectly engaged in the business of lending money.
(e) Any employee, director, official, officer, or stockholder of a financial holding company, depository bank or institution, trust company, finance company, savings and loan association or any other institution directly or indirectly engaged in the business of lending money, except as provided in this section.
(2) The Commissioner may issue a license pursuant to this chapter to any person who has, directly or indirectly, a substantial financial interest in, or relationships, as owner, subsidiary, or affiliate, with a company exclusively engaged in financing insurance premiums. Provided, That in no case shall the premium financing company have, directly or indirectly, a substantial economic interest in, or a relationship as owner, subsidiary, or affiliate with a company exclusively engaged in the business of lending money.
(3) The Commissioner may issue, renew or permit a license as producer or general agent to exist with respect to:
(a) An entity or corporation with a substantial economic interest in, or a relationship as owner, subsidiary, or affiliate with, a financial holding company or depository institution, regardless of whether said financial holding company or depository institution has, directly or indirectly, a relationship as owner, subsidiary, or affiliate with other institutions engaged in the business of lending money.
(b) An entity or corporation that has, directly or indirectly, a substantial economic interest in or a relationship as owner, subsidiary, or affiliate, with an institution engaged in the business of lending money.
(c) An entity or corporation that has, directly or indirectly, a substantial economic interest in or a relationship as owner, subsidiary, or affiliate, with a savings and credit cooperative organized pursuant to the laws of Puerto Rico.
(4) Taking into account the provisions of the preceding subsection (3), the depository institution, the institution engaged in the business of lending money or the savings and credit cooperative may not:
(a) Select, directly or indirectly, the producer to solicit, place or negotiate insurance for insurance objects, subjects or exposures that may arise from or be related to its credit activity.
(b) Induce, directly or indirectly, the potential party for insurance to select the producer or to not conduct any business transaction whatsoever that puts the producer in an advantageous competitive position with respect to an insurance object, subject or exposure that may arise from or be related to its credit activity.
(5) The Commissioner may include on the license as producer of a subsidiary corporation, of a financial holding company or of a depository institution as authorized person, any individual who works as employee, director or official of said institution, provided the latter does not accept deposits. In the case of savings and credit cooperatives, the Commissioner may include on the license of said corporation as authorized person any individual who works as employee or official of the cooperative, provided the latter does not accept deposits. The Commissioner shall establish through rules or regulations the additional standards that shall govern the inclusion of said persons on the license of the corporation.
(6) For the purposes of this section, the terms “depository institution” and “financial holding company” shall have the meaning provided in § 304-1 of this title.
(7) The Commissioner may promulgate those rules or regulations deemed necessary to oversee compliance with the provisions of this section.
History —Ins. Code, added as § 9.070 on Jan. 19, 2006, No. 10, § 8; Dec. 28, 2010, No. 220, § 4.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/949n/
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PR
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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)›§ 949n - License—Controlled business
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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) › § 949n - License—Controlled business
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(1) For the purposes of assisting in the enforcement of the laws against prohibited rebates and prevent the use of undue influences or coercion in insurance transactions, the Commissioner shall not grant any license as producer, general agent or solicitor to any person should he/she have reasonable grounds to believe that the license has been used to negotiate a controlled business.
(2) A license shall be deemed to be used for the purpose of negotiating a controlled business if the total net sum of the commissions or other compensation received or to be received by the licensee or applicant on a controlled business contracted or to be contracted during a specific period, exceeds thirty-five percent (35%) of the total net sum of commissions or other compensation received or to be received by the licensee or applicant, on every insurance business contracted or to be contracted by him/her during the same period.
(3) Controlled business.— Shall mean insurance transacted or to be transacted by said licensee or applicant or through either of them on:
(a) His/her own life, person, property or interests, or those of his/her spouse or relatives by consanguinity or affinity to the second degree;
(b) the life, person, property, casualty risks, surety risks, or title risks of his/her employer, or of his/her principal, or of his/her firm, or of his/her officer, director or stockholder, or of his/her client or any person to whom he/she serves through a professional service contract or of any officer, director, stockholder or member of his/her employer or firm that are not members of mutual insurers or of the spouse of said employer, officer, director, stockholder or member;
(c) the property or interests of the corporation whose stock is under its control or held by any combination of himself/herself, his/her firm, employer, major stockholders of his/her employer, his/her directors, officers, or stockholders and spouses of any of them; the property or interests of any subsidiary of said corporation;
(d) the life, person, property or interests of his/her ward or his/her employees or upon persons, property or interests under his/her control or supervision as trustee, attorney, agent or receiver or as administrator or executor of any estate, or
(e) property sold under contract by him/her as agent or principal, his/her employee, director or stockholder or by his/her employer or firm or by any officer, official, director, stockholder or member of his/her employer or firm, except in the case of real estate.
(4) The provisions of this section shall not apply to any general agent or producer who has a relationship as subsidiary or affiliate with a depository institution or financial holding company, provided these comply with the safeguards established by the Commissioner to protect consumers from the use of undue influences or coercion in the transaction of insurance and a conditioned subscription. The Commissioner may deny, revoke, suspend or refuse to renew the license of said general agent, producer or solicitor if, when transacting insurance, these fail to observe the safeguards established by the Commissioner. To those effects, the procedure established in subsection (2) of § 953g of this title shall be available to the Commissioner.
History —Ins. Code, added as § 9.080 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/949o/
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PR
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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)›§ 949o - License—Applications
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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) › § 949o - License—Applications
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(1) The application for a license shall be made to the Commissioner by the applicant. The application must be sworn to by the applicant and shall contain that information and those documents the Commissioner may require.
(2) Should the applicant be a partnership or a corporation, the application shall also indicate the names of all partners, officials and directors as well as designate every person who shall exercise the powers to be conferred by the license to said partnership or corporation. The Commissioner shall require that every person so designated furnish information as though for an individual license.
The application for a license as solicitor shall be accompanied by a written statement executed by the producer by whom the applicant is to be appointed, stating:
(a) The appointment of the applicant as solicitor, subject to the license being issued.
(b) Whether the producer has made an investigation about the probity and qualifications of the applicant and the results of the same.
(c) Whether said insurance solicitation shall constitute the principal occupation of the applicant.
(d) Any other information the Commissioner may require.
(3) The willful misrepresentation of any fact required in said application or declaration is a violation of this chapter and the same may be cause for denial, cancellation, non-renewal or suspension of the license.
(4) As part of the procedure for renewing a license, or at any date after the same has been issued, the Commissioner may require the presentation of a new application containing the pertinent information.
History —Ins. Code, added as § 9.090 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/950/
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PR
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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)›§ 950 - License—Number of applications required
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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) › § 950 - License—Number of applications required
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(1) The presentation of personal data about a person, together with his/her license application, subject to subsection (2) of this section, shall be sufficient, regardless of the number of license applications or renewals subsequently made by the same person.
(2) In relation to the renewal of a license, or at any date after the issue of a license, the Commissioner may require the presentation of a new application containing the pertinent information.
History —Ins. Code, added as § 9.100 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/950a/
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PR
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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)›§ 950a - License—Examination
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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) › § 950a - License—Examination
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(1) Prior to the issue of any such license, each applicant for a license as producer, solicitor, adjuster, consultant or proxy, must take and pass, to the satisfaction of the Commissioner, an examination given under the direction of the Commissioner as proof of his/her qualifications and competence, although this requirement shall not apply to:
(a) An applicant who at some date, within a period of five (5) years immediately preceding the date of the application, had been authorized in Puerto Rico under a license similar to the one he/she is applying for and who is considered by the Commissioner to be fully qualified therefor.
(b) An applicant for a license as non-resident producer who meets all classification requirements in his/her state of country of residence and who is deemed by the Commissioner to be fully qualified and competent.
(c) An applicant who has transferred his/her residence from a state or jurisdiction of the United States to have said residence established as bona fide in Puerto Rico, provided he/she meets one of the following conditions:
(A) That at the time of the application he/she holds, in his/her state or jurisdiction of origin, a license equal to the license applied for in Puerto Rico, subject to having said state or jurisdiction issue a certificate of good standing from which may be ascertained that the applicant has no matter pending in the state or jurisdiction which may result in the revocation or suspension of such a license; or
(B) that at the time of the application no more than ninety (90) days have transpired from the date his/her license was cancelled in his/her state or jurisdiction or origin, subject to having that state or jurisdiction certify, to the satisfaction of the Commissioner, that by the date of cancellation of the license the applicant met all requirements to continue holding the same, and
(C) that the provisions of the Model Act for Licensing Producers approved by the National Association of Insurance Commissioners have been adopted in his/her state or jurisdiction and that a similar privilege has been granted to a person residing in Puerto Rico.
(2) If the applicant is a partnership, every partner or member must take and pass the corresponding examination for each kind of insurance that said partnership is to transact pursuant to its license.
(3) If the applicant is a corporation, at least one director must take and pass the corresponding examination for each kind of insurance that said corporation is to transact pursuant to its license. All other persons or any other director who is to be designated on the license of the corporation to transact, on behalf or in representation of the latter, one or more of the kinds of insurance that the same intends to transact, must take and pass the corresponding examination for said kind or kinds of insurance.
(4) The Commissioner may, at any time, require that any licensee take and pass an examination as evidence of his/her competence as a condition for continuing or renewing his/her license if the licensee has been conducting his/her business pursuant to his/her license in a manner that would make the Commissioner need additional evidence as to his/her qualifications. In any of such case, the Commissioner shall give notice of said requirement at least thirty (30) days prior to the date of the examination. The license of such a person shall remain in effect until the results of the examination have been determined by the Commissioner, unless the license expires before for other reasons.
(5) The Commissioner may require that a new examination be taken and passed as part of the procedure established pursuant to § 953h of this title for the reinstatement of a license that has been suspended or revoked for any of the causes provided in this Code.
History —Ins. Code, added as § 9.110 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/950b/
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PR
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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)›§ 950b - License—Scope of the examination
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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) › § 950b - License—Scope of the examination
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(1) Every examination required by § 950a of this title shall be as prescribed by the Commissioner and its scope shall be broad enough to enable the reasonable evaluation of the knowledge of the applicant relative to the kinds of insurance covered on the license and the duties and responsibilities of said licensee and the laws applicable to the latter.
(2) The Commissioner may prepare and make available to the applicants, through the payment of fees established by the Commissioner through rule, regulation, order or administrative determination, a manual specifying the subject matter to be covered in any examination for a specific license.
(3) The Commissioner shall, from time to time and through rule or regulation, establish reasonable groupings of the kind or kinds of insurance or subdivisions thereof that may be covered by examinations for specific licenses.
History —Ins. Code, added as § 9.120 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/950c/
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PR
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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)›§ 950c - License—Examinations; form, place, waiting period and fees
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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) › § 950c - License—Examinations; form, place, waiting period and fees
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(1) The examination shall be administered in the form and manner deemed by the Commissioner to best serve the purposes of this chapter.
(2) The Commissioner shall administer the examinations in Puerto Rico on the dates and at the places deemed appropriate, taking into account his/her resources and the convenience of the applicants.
(3) The Commissioner, through rule or regulation, may require a waiting period before administering a new examination to an aspirant who has failed to pass a prior similar examination.
(4) For every examination the Commissioner shall collect in advance the fee specified in § 701 of this title.
History —Ins. Code, added as § 9.130 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/950d/
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PR
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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)›§ 950d - License—Issuance
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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) › § 950d - License—Issuance
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The Commissioner shall issue the licenses applied for to eligible persons under this chapter, providing evidence thereof in the form of a certificate or of an identification card.
Licenses shall be issued for a term of two (2) years and may be renewed for additional periods pursuant to § 953b of this title. However, in the case of a license issued to a new applicant, the Commissioner may issue a license for a term greater than two (2) years, subject to the payment of the corresponding fees, prorated for the term in excess of two (2) years; Provided, That the effective term of a license thus issued shall in no case exceed thirty (30) months.
History —Ins. Code, added as § 9.140 on Jan. 19, 2006, No. 10, § 8; Dec. 28, 2010, No. 220, § 5.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/950e/
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PR
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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)›§ 950e - Licenses—Limited by type of risk
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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) › § 950e - Licenses—Limited by type of risk
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When a qualified person applies for a license, the Commissioner may issue a license limited to subscribing insurance against the following risks:
(1) Automobile, truck or other similar motor vehicle rental or lease.— Means insurance offered, sold or solicited in relation or incidental to the rental or lease of an automobile, truck or other similar motor vehicle for a period of time of not more than ninety (90) days, by the lessor through a corporate or group insurance contract with an insurer, provided the same: (1) is non-transferable, (2) is applicable only to the automobile, truck or other similar motor vehicle object of the agreement, and (3) is limited to the following kinds of insurance:
(a) Insurance against bodily injury to the lessee and those who accompany the latter inside the automobile, truck or other similar motor vehicle, to cover disability, accidental death and dismemberment damages and any medical expenses resulting from an accident occurring with the rented or leased vehicle during the term of the rental or lease;
(b) liability insurance arising from the operation or use of the vehicle rented or leased by the lessee and any other authorized driver of said vehicle during the term of the rental or lease;
(c) insurance that provides coverage for the lessee and for those who accompany the latter inside the automobile, truck or other similar motor vehicle for the loss of, or damages to, personal effects found inside the vehicle during the term of the rental or lease, and
(d) for roadside assistance and emergency protection due to illness.
(2) Travel.— Means insurance against cancellation of travel, interruption of travel, loss of baggage, death, illness and accident, disability and damage to personal articles, when the same is limited to a specific trip and is issued in relation to the transportation provided by a maritime, land or air transport company.
(3) Cancer and critical illness insurance.— Means coverage under which benefits are paid beginning at the time the subscriber receives a positive cancer or critical illness diagnosis by a physician certified in pathology, and any endorsements thereof.
(a) For purposes of this section, cancer means a malignant tumor caused by the uncontrolled growth and division of abnormal cells in any part of the body, the invasion of tissue or leukemia, provided that such disease has been diagnosed through a pathology report. Cancer shall also mean Kaposi’s Sarcoma and Hodgkin’s disease.
(b) For purposes of this section, critical illness shall mean, but not be limited to one or more of the following: muscular dystrophy, poliomyelitis, multiple sclerosis, encephalitis, rabies, tetanus, tuberculosis, osteomyelitis, meningitis, diphtheria, typhoid fever, malaria, Reye syndrome, myasthenia gravis, rheumatoid fever, lupus erythematosus, legionnaires’ disease, turalemia, scarlet fever, or smallpox.
(4) Home service insurance, to wit: burial, natural death, and accident insurance.
(5) Any other risks for which, in the judgment the Commissioner, it would be appropriate to recognize, establish, or issue a limited license.
History —Ins. Code, added as § 9.14 on Jan. 19, 2006, No. 10, § 8; renumbered as § 9.141 and amended on Dec. 28, 2010, No. 220, § 6.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/950f/
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PR
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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)›§ 950f - License—Contents
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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) › § 950f - License—Contents
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(1) All licenses shall contain whatever information the Commissioner may deem pertinent, including the name, address, kinds of insurance and the number assigned to the license, and they shall be in the form prescribed by the Commissioner.
(2) In the case of partnerships or corporation, the license shall also set forth the name of every person authorized by the same to exercise the powers conferred therein, indicating the kinds of insurance that said persons may transact pursuant to the same.
(3) If the holder is a solicitor, the license shall contain the name of the producer the latter shall represent.
History —Ins. Code, added as § 9.150 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/950g/
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PR
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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)›§ 950g - License—Partnerships and corporations
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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) › § 950g - License—Partnerships and corporations
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(1) A partnership or corporation shall only be licensed as producer, general agent, adjuster, or consultant, subject to the following requirements:
(a) In the case of a partnership, every partner or member shall appear on said license and meet its requirements as if they were holders of individual licenses. A license in the name of a partnership may only be issued when it is proven, to the satisfaction of the Commissioner, that the company name has been registered in the Mercantile Registry.
(b) In the case of a corporation, at least one (1) of its directors must appear on the license and meet its requirements as if he/she were the holder of an individual license. Likewise, every person designated to act on behalf of the corporation in one or more of the kinds authorized pursuant to the license, must appear on the license and meet its requirements regarding said kinds as if he/she were the holder of an individual license. Such persons designated to act on behalf of the corporation with regards to one or more kinds of insurance in particular, may only transact or contract, on behalf of the corporation, said kind or kinds of insurance. Thus, none of the persons designated to act on behalf of the corporation may contract more kinds of insurance than those for which they have been authorized under the license of the corporation. A license may be issued only to a corporation organized pursuant to the laws of Puerto Rico with its main place of business in Puerto Rico. All other directors, officials, and those stockholders who have substantial financial interest in the corporation, either directly or indirectly, must meet the requirements listed in § 949m of this title.
(c) When the entity to be licensed is a savings and credit cooperative, organized pursuant to the laws of Puerto Rico, at least one (1) executive officer must appear on the license and meet its requirements as if he/she were the holder of an individual license. Likewise, every person to be designated to act on behalf and in representation of the cooperative in the transaction of one or more of the kinds of insurance authorized pursuant to the license must appear on the license and meet its requirements regarding said kind or kinds of insurance as if he/she were the holder of an individual license. Such persons may only transact on behalf of the cooperative, the kind or kinds of insurance for which they were authorized. Provided, That only a license as producer may be issued to the cooperative as provided by § 949m of this title and only with respect to cooperative insurers authorized pursuant to this Code.
(d) Any corporation subsidiary of a savings and credit cooperative that applies for a license shall be subject to the provisions of clause (b) of this subsection.
(2) A license may not be issued to a partnership or corporation unless it is proven, to the satisfaction of the Commissioner that the business it intends to conduct is legally within the scope of the partnership contract or the articles of incorporation.
(3) Except for the exceptions contained in § 951m of this title, only those persons who reside in Puerto Rico may be designated in the license of the partnership or the corporation. A person designated to act as the person authorized on the license of a partnership or a corporation may not, at the same time, represent another partnership or corporation or obtain a license of any kind whatsoever in his/her individual capacity until his/her capacity as such ceases.
(4) The Commissioner shall charge for every person in excess of three (3), who is designated on the license as producer or general agent of the partnership or corporation, the fees provided in § 701 of this title for the individual license as producer or general agent, as the case may be. In the case of a license as adjuster or consultant, the Commissioner shall charge for every person in excess of one (1) who is designated on the partnership or corporation license, the fees provided in § 701 of this title for licenses as adjuster or consultant, as the case may be.
(5) The partnership or corporation holding a license must notify the Commissioner about any application for bankruptcy, voluntary dissolution and merger or consolidation and about any change in its members, directors and officers, as well as in any of the persons designated in its license not later than fifteen (15) days as of the date of the application, transaction or change. The notice shall be accompanied by all the documentation that credits the transaction executed. The information herein required shall remain confidential and not be subject to public inspection.
(6) The Commissioner may, through rule or regulation, establish requirements in addition to those herein contained.
History —Ins. Code, added as § 9.160 on Jan. 19, 2006, No. 10, § 8; Dec. 28, 2010, No. 220, § 7.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/950h/
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PR
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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)›§ 950h - License—Sale of variable products
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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) › § 950h - License—Sale of variable products
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(1) A corporation may obtain a license as producer for the sale of variable products provided it complies with the provisions of § 950g of this title, with all applicable provisions of the Puerto Rico Uniform Securities Act and its Regulations and with those other requirements that the Commissioner, the Commissioner of Financial Institutions, or both acting jointly, may establish through rule, regulation, order or administrative determination.
(2) A natural person interested in obtaining a license of an individual nature for the sale of variable products must comply with the provisions of §§ 949m and 950i of this title, with all applicable provisions of the Puerto Rico Uniform Securities Act and its Regulations and with those requirements that the Commissioner, the Commissioner of Financial Institutions, or both acting jointly, may establish through rule, regulation, order or administrative determination.
(3) The Commissioner shall suspend the license of any authorized producer to whom the Office of the Commissioner of Financial Institutions, the National Association of Securities Dealers or the Securities Exchange Commission has suspended its authorization for the sale of securities. In the case of corporations, the Commissioner shall remove from the license of the corporation the person suspended or expelled and shall allow the license of the corporation to exist while it complies with all provisions of this chapter.
History —Ins. Code, added as § 9.161 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/950i/
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PR
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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)›§ 950i - Producer—Requirements
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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) › § 950i - Producer—Requirements
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The insurance producer license may only be issued and exist in connection with a natural person who meets the following requirements:
(1) To have attained eighteen (18) years of age and completed his/her high school education or its equivalent.
(2) To reside de facto in Puerto Rico and to have been a bona fide resident of Puerto Rico for at least one (1) years immediately prior to the date on which he/she solicits the license, except for non-resident producers authorized pursuant to § 951m of this title and except for general agents as provided in subsection (2) of § 951a of this title. Neither shall those individuals who transfer their residence from any state or jurisdiction of the United States and establish the same in a bona fide manner in Puerto Rico, be bound to comply with the residential requirement of one (1) year prior to soliciting a license, provided that at the time the license is solicited they meet the conditions established in subsection (1)(c) of § 950a of this title and that the state or jurisdiction from where they proceed has adopted the provisions of the Model Act for licensing producers approved by the National Association of Insurance Commissioners and provided that a similar privilege has been granted to a person residing in Puerto Rico.
(3) Be trustworthy and competent and be able to comply in other respects with § 949m of this title.
(4) Comply with the provisions of § 949n of this title about a controlled business.
(5) Pass any examination required pursuant to § 950a of this title.
(6) Shall not be a stockholder, member, partner, director, official, representative or employee of any other producer authorized to conduct business or who is conducting business in Puerto Rico nor to have an economic or financial interest or a contractual relationship in the field of insurance with a producer authorized to conduct business or who is conducting business in Puerto Rico.
(7) Provide satisfactory evidence of having complied with those continuing education requirements established by the Commissioner through rule or regulation.
(8) Have and maintain a place of business, as required by § 952c of this title.
(9) Present proof of financial responsibility required pursuant to § 951 of this title.
History —Ins. Code, added as § 9.170 on Jan. 19, 2006, No. 10, § 8; Dec. 28, 2010, No. 220, § 8; July 19, 2013, No. 63, § 1.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/950j/
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PR
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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)›§ 950j - Producer—Scope of license
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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) › § 950j - Producer—Scope of license
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The license as producer shall cover all kinds of insurance for which the latter has taken and passed [the] examination required. However, the Commissioner may issue a license as producer limited to a specific kind or kinds of insurance, excluding others.
History —Ins. Code, added as § 9.190 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/951/
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PR
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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)›§ 951 - Producer—Proof of financial liability
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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) › § 951 - Producer—Proof of financial liability
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(1) No insurance producer license shall be issued or permitted to exist unless a bond is posted in the name of the Government of Puerto Rico to answer for the funds received by the producer as incidental to the insurance business and for the damages the interested parties may suffer as a result of the negligence of the producer in the performance of his/her duties. Provided, That this requirement shall not apply when a nonresident producer license is issued.
(2) The bond shall be for the sum the Commissioner may require, taking into account, among other things, the volume of business subscribed through a producer, although it shall never be less than ten thousand dollars ($10,000). In the case of a corporation or partnership, the amount of the bond shall never be less than ten thousand dollars ($10,000) multiplied by the number of persons designated in its license. The Commissioner shall provide through rule or regulation the parameters pursuant to which the amount of the bond required shall be established.
(3) The bond shall be effective by the date of effectiveness of the license.
(4) The bond shall consist of:
(a) A bond issued by an authorized surety insurer which shall not be subject to cancellation unless the Commissioner is notified thereof not later than sixty (60) days prior to its cancellation and in which it is established that the liability contracted under the bond contract until the date of cancellation shall not be extinguished nor be limited in any manner whatsoever because of the cancellation, or
(b) Deposit of securities acceptable to the Commissioner.
(5) In lieu of the bond the producer may submit a professional liability policy issued by an authorized insurer which shall be for an amount equal to or greater than the bond and be subject to the approval of the Commissioner.
History —Ins. Code, added as § 9.200 on Jan. 19, 2006, No. 10, § 8; Dec. 28, 2010, No. 220, § 9.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/951a/
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PR
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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)›§ 951a - Producer—Authority
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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) › § 951a - Producer—Authority
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(1) A producer is not a representative of an insurer and does not have the power through his own acts to bind the insurer regarding a risk or in reference to any insurance transaction, unless the producer has subscribed a contract with the insurer through which he/she is conferred the authority to act as his/her authorized representative in the transaction of one or more kinds of insurance subscribed by the insurer. Said appointment shall be notified to the Commissioner pursuant to the provisions of § 949 l of this title.
(2) In those cases whereby the an insurer wishes to appoint a producer as his/her authorized representative for transacting insurance, the latter shall subscribe a contract with said producer through which shall be established, among other things, the payment of commissions, the collection of premiums, the termination of the contractual relationship and whether said representation shall be of an exclusive nature.
History —Ins. Code, added as § 9.210 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/951b/
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PR
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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)›§ 951b - General agent—License
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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) › § 951b - General agent—License
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(1) No person shall act in the capacity of general agent in relation to those risks located in the Commonwealth of Puerto Rico in the name of an insurer authorized to enter into the insurance business in Puerto Rico, unless said person holds a license issued by the Commissioner to do so pursuant to this chapter and unless an appointment of said insurer exists pursuant to the provisions of § 951c of this title.
(2) The license as general agent issued by the Commissioner shall continue in effect while it has not been suspended, revoked or cancelled, but subject to the payment of the annual fee for the amount stipulated in § 701 of this title before its expiration date.
(3) The Commissioner may deny, suspend or revoke the license of the general agent for any of the grounds specified in § 953f of this title and in the manner provided in § 953g of this title.
History —Ins. Code, added as § 9.211 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/951c/
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PR
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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)›§ 951c - General agent—Appointment
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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) › § 951c - General agent—Appointment
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(1) The insurer who appoints a person as general agent to represent him/her as such in Puerto Rico, shall give written notice of the appointment to the Commissioner within the fifteen (15) days following the date on which the contract for such purposes is executed and in the form he/she may prescribe. The insurer shall keep accessible for the inspection of the Commissioner the contract executed between the former and the general agent.
(2) The general agent shall have the authority, which consistently with this Code, the insurer may confer upon him/her in the contract executed between them. Said general agent may transact insurance applications if he/she obtains a license as producer and meets all requirements established in § 950i of this title for said license, except as refers to the length of his/her previous residence in Puerto Rico.
(3) The volume of business generated by the general agent shall mostly proceed from other producers.
History —Ins. Code, added as § 9.212 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/951d/
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PR
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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)›§ 951d - Solicitor—Requirements
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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) › § 951d - Solicitor—Requirements
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A license as solicitor may only be issued to a natural person who meets the following requirements:
(1) To be residing in and to have been a bona fide resident of Puerto Rico for at least one (1) year immediately before the date on which the license is applied for, to be at least eighteen (18) years of age and to have finished high school or its equivalent. The Commissioner may, at his/her discretion, waive the residence requirement of an industrial life insurance solicitor who is to be assigned to a specific area for the collection of small short-term premiums.
(2) To be trustworthy, competent and willing to actively engage in the insurance business as his/her main occupation and be otherwise in compliance with § 949m of this title.
(3) To pass any examination required pursuant to § 950a of this title.
(4) To be appointed solicitor by a single authorized resident producer in relation to any kind or kinds of insurance for which said producer is authorized.
(5) Shall not be licensed as general agent, producer, consultant or adjuster.
(6) Shall not devote a substantial portion of his/her time to the adjustment of losses when he/she is a salaried employee of an insurer or general agent.
(7) Shall satisfactorily show to have met those continuing education requirements that, from time to time, adopts the Commissioner [sic] through rule or regulation.
History —Ins. Code, added as § 9.220 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/951e/
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PR
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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)›§ 951e - Solicitor—License; custody; cancellation
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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) › § 951e - Solicitor—License; custody; cancellation
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The license as solicitor shall be entrusted to the producer who appoints the solicitor. Upon the expiration of such an appointment the license shall also expire and the producer shall return the same to the Commissioner for its cancellation.
The license of a solicitor may be cancelled through a written petition filed with the Commissioner by the former or by the producer who appointed him/her. If it is the producer who files the petition, it shall set forth the grounds for said cancellation and must be accompanied by evidence attesting that the producer has mailed a notice of said petition to the solicitor. The cancellation of the appointment of a solicitor at the request of the producer shall be effective ten (10) days after the date on which the producer has provided the evidence to the Commissioner attesting that he/she sent the solicitor the notice of cancellation of his/her appointment.
History —Ins. Code, added as § 9.230 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/951f/
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PR
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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)›§ 951f - Solicitor—Authority; liability
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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) › § 951f - Solicitor—Authority; liability
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(1) The license of a solicitor appointed by a producer shall cover only that kind or kinds of insurance that said producer may transact pursuant to his/her license.
(2) A solicitor shall not have the power to bind an insurer regarding any risk or insurance contract, nor to countersign insurance contracts.
(3) Any business transacted by a solicitor under his/her license shall be in the name and on the account of the producer by whom he/she is appointed and the producer shall be liable for all acts or omissions of the solicitor within the scope of such an appointment.
History —Ins. Code, added as § 9.240 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/951g/
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PR
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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)›§ 951g - Insurance consultant—Requirements
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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) › § 951g - Insurance consultant—Requirements
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All applicants for a license as insurance consultant shall meet the following requirements:
(1) To reside de facto in Puerto Rico and to have been a bona fide resident of Puerto Rico for at least one (1) years immediately prior to the date on which the license is applied for.
(2) To be trustworthy, competent and be otherwise in compliance with all other provisions of § 949m of this title.
(3) To pass any examination required pursuant to § 950a of this title and file an application for license in the form supplied by the Commissioner.
(4) To have at least five (5) years of experience as producer or adjuster in relation to the kinds of insurance or annuities to be covered by the license. Must also have the special training and the additional experience necessary to fulfill the duties as consultant.
(5) To post the bond required as consultant by § 951j of this title.
(6) To satisfactorily show to have met the continuing education requirements established by the Commissioner through rule or regulation.
(7) Shall not be a stockholder, member, partner, director, official, officer, representative or employee of any insurer authorized or producer authorized to engage in or who is engaged in business in Puerto Rico; or who has economic or financial interest or a contractual relationship in the insurance field with an authorized insurer or producer, except as policy holder.
History —Ins. Code, added as § 9.241 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/951h/
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PR
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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)›§ 951h - Insurance consultant—Revocation, suspension or denial of license
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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) › § 951h - Insurance consultant—Revocation, suspension or denial of license
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(1) The Commissioner may revoke the license as insurance consultant for any violation of this chapter and for any of the reasons for which a license as producer may be revoked as provided in § 953f of this title.
(2) Any person who acts as insurance consultant, as defined in § 949g of this title, without holding a license for doing so or during the period in which the same was suspended or revoked shall be subject to a fine of not less than five hundred dollars ($500) nor of more than five thousand dollars ($5,000) or to a term of imprisonment of not more than six (6) months, or both penalties for each violation.
History —Ins. Code, added as § 9.242 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/951i/
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PR
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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)›§ 951i - Insurance consultant—Form and requirements of contract
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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) › § 951i - Insurance consultant—Form and requirements of contract
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For an insurance consultant contract to be binding it shall be executed in writing and submitted in duplicate by the contracting person or his/her legal representative and the consultant. The contract shall specify the services to be rendered and the fees to be paid.
Once his/her advice as insurance consultant is offered, the consultant shall submit to the person who received his/her services a written report specifying the advice, counsel, recommendations and information provided.
Violation of this provision shall entail an administrative fine of not less than five hundred dollars ($500) or of more than five thousand dollars ($5,000).
History —Ins. Code, added as § 9.243 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/951j/
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PR
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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)›§ 951j - Insurance consultant—Proof of financial liability
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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) › § 951j - Insurance consultant—Proof of financial liability
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No license as insurance consultant shall be issued or allowed to exist unless the applicant presents to the Commissioner and thereafter maintains in effect a bond in favor of the Commonwealth of Puerto Rico to answer for the damages that may be suffered by any party as a result of negligence in the fulfillment of his/her duties as consultant. The bond of the insurance consultant shall be effective at the date of effectiveness of the license. Said bond may be substituted by a professional liability policy for an amount equal to or greater than the bond required, subject to the approval of the Commissioner.
The bond shall be for an amount of not less than twenty-five thousand dollars ($25,000) and issued by a surety insurer authorized to conduct business in Puerto Rico. Said bond shall not be subject to cancellation except through a written notice to the Commissioner and to the licensee at least sixty (60) days prior to its cancellation date.
History —Ins. Code, added as § 9.244 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/951k/
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PR
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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)›§ 951k - Insurance vending machines
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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) › § 951k - Insurance vending machines
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(1) A producer contracted by an insurer to act as his/her authorized representative may negotiate applications and issue insurance policies by means of vending machines, inspected by him/her, provided the Commissioner determines that:
(a) The kind of insurance and the form of the policy that the producer intends to transact pursuant to his/her license are suitable for sale and issuance by means of vending machines;
(b) the type of vending machine is suitable and practical for such a purpose, and
(c) the use of said vending machines shall be convenient for the public.
(2) The Commissioner shall issue to the producer a special vending machine license for each machine inspected by him/her. The license shall specify the make and serial number of the machine, the name and address of the insurer and the producer, the kind of insurance and type of the policy provided and the place where said machine is to be in operation. The license shall expire, be renewed and be suspended or revoked when the license of the producer expires, is renewed and suspended or revoked or for any cause whereby the contract between the latter and the insurer is terminated, whichever occurs first. The license fees for each vending machine shall be one hundred dollars ($100) per year or part thereof. The license shall be displayed in each machine, or close thereto, as required by the Commissioner.
(3) The policies thus sold shall not have to be countersigned.
(4) The Commissioner may, at his/her discretion, fix a limit as to the number of vending machines to be operated by a single insurer, or by a single producer or from a single location.
(5) The Commissioner shall supply the applications, licenses and forms required under this section.
History —Ins. Code, added as § 9.250 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/951l/
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PR
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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)›§ 951l - Sale of insurance over the Internet
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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) › § 951l - Sale of insurance over the Internet
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The Commissioner may adopt, through rule or regulation, the standards that shall govern the sale, offer and solicitation of insurance over the Internet pursuant to the applicable provisions of this Code and of any other act approved by the Legislature to regulate said activity.
History —Ins. Code, added as § 9.25 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/951m/
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PR
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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)›§ 951m - Nonresident producers—License
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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) › § 951m - Nonresident producers—License
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(1) The Commissioner may grant a license as nonresident producer to any person who comes from a state or jurisdiction of the United States that has adopted the provisions of the Model Act for Licensing Producers approved by the National Association of Insurance Commissioners and that grants to a resident producer in Puerto Rico a similar privilege, provided the person:
(a) Holds a license as producer duly issued by the Insurance Commissioner of the state or jurisdiction from whence he/she comes, subject to having that state or jurisdiction issue a certificate of good standing which would also indicate that the applicant does not have any matter pending in that state or jurisdiction that could result in the suspension or revocation of the license; and
(b) submits or makes available to the Commissioner a copy of the license application he/she presented in the state or jurisdiction from whence he/she comes, and
(c) fills out and submits the application for the license as nonresident producer in the form prescribed by the Commissioner and pays the corresponding fees pursuant to what the Code provides.
(2) The Commissioner may grant a license as nonresident producer to a juridical person who meets the following requirements:
(a) To be organized under the laws of a state or jurisdiction of the United States and to hold a license as producer according to the provisions of subsection (1) of this section.
(b) To provide evidence about being duly registered and authorized according to the laws of Puerto Rico to engage in business in Puerto Rico.
(c) To designate the person residing in Puerto Rico to be in charge of those matters that involve insurance transactions in Puerto Rico.
(3) The nonresident producer shall be subject to the same obligations and limitations and to the supervision of the Commissioner as though residing or domiciled in Puerto Rico and to keeping the usual and customary books corresponding to insurance transactions in Puerto Rico.
(4) No license as nonresident producer shall be issued to any person who has a direct or indirect economic or financial interest in a general agent or resident producer or in the business of a solicitor authorized as resident in Puerto Rico.
(5) The Commissioner shall issue a license as nonresident producer to a person who comes from a jurisdiction other than the United States provided he/she complies with the provisions of this section and provides evidence to the satisfaction of the Commissioner that under the laws of said jurisdiction a similar privilege is granted to the residents of Puerto Rico.
(6) No license as nonresident producer shall be issued to any person unless he/she presents the proxy prescribed in § 951o of this title.
History —Ins. Code, added as § 9.260 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/951n/
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PR
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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)›§ 951n - Nonresident producers—Limitations
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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) › § 951n - Nonresident producers—Limitations
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(1) A nonresident producer shall directly or indirectly solicit insurance in Puerto Rico or be able to inspect risks in Puerto Rico and, pursuant to his/her license, shall place only insurance that has been directly procured from the insured outside of Puerto Rico upon a subject of insurance located or to be executed in Puerto Rico.
(2) The nonresident producer may only place insurance upon subjects located or to be executed in Puerto Rico through a resident producer, appointed by the insurer and with an insurer authorized to transact insurance in Puerto Rico. The insurance so transacted shall be deemed, for all purposes, as having been transacted in Puerto Rico.
(3) The nonresident producer shall not countersign any policy to cover an insurance object placed, residing or to be executed in Puerto Rico. The countersignature shall be made by a resident producer appointed by the insurer for such a purpose, who shall enter in a register all details of the insurance so transacted, including the name of the nonresident producer.
History —Ins. Code, added as § 9.270 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/951o/
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PR
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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)›§ 951o - Nonresident producer—Process against
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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) › § 951o - Nonresident producer—Process against
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(1) A nonresident producer, before his license is issued, shall irrevocably appoint the Commissioner as his/her proxy to receive service of legal process issued against the licensee upon causes of action arising in Puerto Rico out of transactions under the license. Service upon the Commissioner as proxy shall constitute effective legal service upon the licensee.
(2) Duplicate copies of said legal process shall be served to the Commissioner by persons competent to serve a summons. At the time of service the plaintiff shall pay to the Commissioner ten dollars ($10) to cover the costs for transacting the service. Upon receipt of the service the Commissioner shall forthwith remit one of the copies of the process by registered mail with return receipt requested to the defendant nonresident producer at his/her last address as it appears in the files of the office of the Commissioner. The Commissioner shall keep a register of the day and hour of service of all such processes.
(3) No other action shall be taken against the defendant nonresident producer nor shall he/she be required to appear or plead until forty-five (45) days have elapsed from the date of the service to the Commissioner.
History —Ins. Code, added as § 9.280 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/951p/
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PR
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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)›§ 951p - Adjuster—Requirements
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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) › § 951p - Adjuster—Requirements
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A license as adjuster shall not be issued or allowed to exist to any person who does not meet the following requirements:
(1) To be of legal age and have completed high school or its equivalent.
(2) To be and to have been a bona fide resident of Puerto Rico for at least one (1) year immediately prior to the date on which he/she applies for the license.
(3) To be trustworthy and competent.
(4) To pass any examination required under § 950a of this title.
(5) To have posted by bond required by § 952a of this title, if for a license as public adjuster.
(6) To satisfactorily demonstrate that he/she has met those reasonable continuing education requirements adopted by the Commissioner through rule or regulation.
(7) Shall not be a stockholder, member, partner, director, official, representative or employee of any producer authorized to conduct business or who is conducting business in Puerto Rico nor to have an economic or financial interest or a contractual relationship in the field of insurance with a producer authorized to conduct business or who is conducting business in Puerto Rico.
(8) Shall not be a stockholder, member, partner, director, official, representative or employee of any other adjuster authorized to conduct business or who is conducting business in Puerto Rico nor to have an economic or financial interest or a contractual relationship in the field of insurance with an adjuster authorized to conduct business or who is conducting business in Puerto Rico.
History —Ins. Code, added as § 9.290 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/952/
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PR
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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)›§ 952 - Adjuster—Special rights to adjust
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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) › § 952 - Adjuster—Special rights to adjust
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(1) A producer contracted by the insurer to act as his/her authorized representative may, on behalf of the insurer and by virtue of the authority which pursuant to the contract said insurer has conferred, act, from time to time, as adjuster and investigate, inform and liquidate claims without the need of having a license as adjuster; Provided, That he/she may not act as adjuster, nor investigate, inform or liquidate claims in relation to any policy, contract or insurance cover transacted or contracted because of his/her performance as producer.
(2) An authorized producer may assist persons insured through him/her with the transactions leading to the liquidation and adjustment of losses under said insurance without being authorized as an adjuster.
(3) No license from Puerto Rico shall be required of a nonresident independent adjuster for the adjustment in Puerto Rico of a single loss or of losses arising from a catastrophe common to all such losses.
(4) The Commissioner may grant a special emergency permit as adjuster to any person qualified for adjusting losses arising from a general catastrophe after the presentation of the application for the special permit in the form prescribed for doing so by the Commissioner. Such a permit shall be subject to compliance with the requirements and conditions established by the Commissioner and to the payment of the corresponding fees.
History —Ins. Code, added as § 9.310 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/952a/
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PR
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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)›§ 952a - Adjuster—Bond
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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) › § 952a - Adjuster—Bond
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(1) Prior to the granting of a license as public adjuster, the applicant shall post with the Commissioner and thereafter maintain in effect for the duration of the license, a bond in favor of the Commonwealth of Puerto Rico, issued by a surety insurer authorized by the Commissioner, for an amount of not less than ten thousand dollars ($10,000).
(2) The bond shall be continuous in its form and not be subject to cancellation unless a written notice is presented sixty (60) days prior to its cancellation. Every public adjuster bond shall be effective by the date of effectiveness of the license. If more than once person appears in the license as adjuster issued to any partnership or corporation, the bond must be increase in the sum required by the Commissioner, but the same shall not be less than ten thousand dollars ($10,000) multiplied by the number of persons designated in the license. The bond shall be subject to having the adjuster present to the claimant, whose claim he/she is transacting, due account of money or of any payment received in relation thereto. The bond shall also cover any claim arising from professional negligence.
(3) Any natural or juridical person authorized by the Commissioner as emergency public adjuster must post, together with the application for the special permit, and thereafter maintain while the permit is in effect, a bond in favor of the Commonwealth of Puerto Rico subscribed by an authorized surety insurer, for the amount determined by the Commissioner through rule, regulation or administrative order or determination.
(4) In lieu of the bond, the emergency public adjuster may present a professional liability policy issued by an authorized insurer, which shall be for an amount equal to or greater than the amount of the bond and the same shall be subject to the approval of the Commissioner.
History —Ins. Code, added as § 9.320 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/952b/
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PR
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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)›§ 952b - Adjuster—Report of losses
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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) › § 952b - Adjuster—Report of losses
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(1) Any authorized independent adjuster, at the time of taking charge of the adjustment of the losses caused by a fire, storm, hurricane or earthquake, shall render to the Commissioner a preliminary report of the estimated loss and within five (5) working days after the amount of the loss has been determined, a final report of the amount to be paid for the loss as agreed upon between the parties. The Commissioner may, at his/her discretion, suspend through rule or regulations the requirement of this subsection.
(2) The Commissioner may, from time to time, through rule, regulation or administrative order or determination, require similar reports as to other kinds or classifications of losses as to which he/she deems such reports to be necessary or convenient.
History —Ins. Code, added as § 9.330 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/952c/
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PR
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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)›§ 952c - Place of business
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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) › § 952c - Place of business
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(1) Every producer, other than a producer authorized only as to life or disability insurance, as well as every authorized adjuster or consultant shall have in Puerto Rico a place of business accessible to the public. The place of business shall be one wherein the licensee mainly conducts business pursuant to his/her license. The address of the place of business shall appear on the license and its holder shall promptly notify the Commissioner of any change.
(2) Nothing in this section shall be deemed to prohibit the licensee from maintaining his/her place of business in his/her place of residence in Puerto Rico, but such a place must be accessible to the public and comply with all other requirements contained in the above subsection (1).
History —Ins. Code, added as § 9.340 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/952d/
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PR
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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)›§ 952d - Display of license
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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) › § 952d - Display of license
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Any person who holds a license issued by the Commissioner in any capacity shall be bound to display the same as evidence of his/her authority to engage in the insurance business in Puerto Rico.
Should the Commissioner issue a certificate as evidence of the license granted, the person thus authorized shall be bound to exhibit said certificate in a visible place of his/her place of business. Likewise, should the Commissioner issue an identification card as evidence of the license granted, the person thus authorized shall carry the same on his/her person while conducting insurance business and show the same every time he/she is asked to do so.
Any person to whom the Commissioner issues a license shall be bound to protect and use the same exclusively for the purposes related to the business for which he/she is authorized. Should said license be lost, replacing the same shall entail the payment of the fees established by the Commissioner.
History —Ins. Code, added as § 9.350 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/952e/
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PR
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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)›§ 952e - Identification
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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) › § 952e - Identification
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Every holder of a license issued pursuant to this chapter shall identify him/herself exclusively according to the license he/she has been issued. Thus, when publishing any notice or printed material, or when advertising through any means of communication, he/she shall do so under the name which appears on the license. Provided, That no holder of an individual license may identify him/herself under a trade name. Only those juridical persons that after organizing themselves as such pursuant to the laws of Puerto Rico have complied with the provisions of § 950g of this title and hold a valid license issued by the Commissioner to engage in the insurance business in such a capacity may be able to identify themselves as a corporation or partnership.
History —Ins. Code, added as § 9.351 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/952f/
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PR
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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)›§ 952f - Required books and documents
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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) › § 952f - Required books and documents
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(1) Every insurance producer, general agent, proxy, adjuster or consultant shall keep, at the place of business indicated in his/her license, the usual and customary books corresponding to the transactions effected pursuant to his/her license, together with the additional books the Commissioner may require through rule, regulation or administrative order or determination, and shall also conserve the documents related thereto.
(2) All books and documents related to any particular transaction shall be available and accessible to the inspection of the Commissioner at any business time during the five (5) years immediately following the date of completion of such a transaction, unless a shorter period is granted, through rule, regulation or administrative order or determination of the Commissioner, for a certain case in particular.
(3) As regards life or disability insurance, any insurance producer, general agent, adjuster or consultant shall be bound to comply with the requirements related to the books and documents established by the Commissioner through rule or regulation.
History —Ins. Code, added as § 9.360 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/952g/
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PR
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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)›§ 952g - Reports to the Commissioner
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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) › § 952g - Reports to the Commissioner
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Every producer, general agent, solicitor, adjuster, consultant or proxy shall submit, at the request of the Commissioner, a report about his/her insurance business or about any matter or loss he/she has transacted, or in which he/she has participated or about which he/she has information.
Said report shall be submitted in the form provided by the Commissioner for doing so and shall contain in an exact and precise manner all the information pertinent to the period provided by the Commissioner. Noncompliance with what is herein provided shall entail the imposition of sanctions, including non-renewal, suspension or revocation of the license.
History —Ins. Code, added as § 9.370 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/952h/
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PR
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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)›§ 952h - Collection and accounting of premiums
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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) › § 952h - Collection and accounting of premiums
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(1) Any premium paid by an insured to his/her producer shall not be deemed paid to the insurer unless it is delivered to the insurer, to his/her general agent or to an authorized agent, except that:
(a) If the insurer, either directly or through his/her general agent or authorized representative expressly authorized the producer in writing to collect said premium, the insurer shall be responsible for the same to the insured, or
(b) if the amount of the premium on a policy issued through a producer is charged by the insurer, his/her general agent or authorized representative to the current account of the producer, the insurer shall be responsible therefor to the insured and the premium thus received is remitted to the insurer within the fifteen (15) days following the date on which it is received. This provision shall not affect the rights and obligations of the insurer, the general agent, the solicitor and the producer among themselves.
(2) All funds representing premiums or returned premiums received by a producer, general agent or solicitor shall be received in a fiduciary capacity, shall not be mixed with other funds of the licensee and shall be credited and paid in full to the person entitled thereto within fifteen (15) days from the date in which requested, except that in case a different term should exist in the contract subscribed by the insurer with his/her authorized representative or general agent, said term shall prevail, but in no case shall it exceed the term of ninety (90) days as of the date of effectiveness of the policy. When the person entitled to received returned premiums fails to solicit their return, they shall be remitted within ninety (90) days as of the date of effectiveness of the policy the endorsement or the cancellation thereof.
The producer, general agent, solicitor or authorized representative of the insurer who receives returned premiums and fails to remit them to the person entitled thereto within the terms herein provided, shall be bound to pay legal interest on the amount of the premiums withheld and be subject to the imposition of sanctions provided in this Code.
(3) Any producer, general agent or solicitor who, without being legally authorized to do so, unduly takes or appropriates such funds or part thereof for his/her own use, and the managing partner, director, official or executive employee, should any of them be a juridical person, who approves or collaborates with said undue taking or appropriation, in addition to the other penalties provided in this Code shall be guilty of a crime and be punished as provided in the Puerto Rico Penal Code.
(4) Any managing partner, director, official or executive employee of a producer, general agent or solicitor who without being legally authorized to do so, unduly takes or appropriates such funds or part thereof for his/her own use shall be jointly and severally responsible to the insurer or insurers of the funds unduly taken or appropriated.
History —Ins. Code, added as § 9.380 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/953/
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PR
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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)›§ 953 - Transfer of business; committees
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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) › § 953 - Transfer of business; committees
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(1) When an insurance policy originally subscribed through a particular producer whose premium has been billed and paid for in whole or in part is cancelled and substituted for one or more policies with the same coverage or with additional coverage for the same insured through another producer, whether or not subscribed with the same insurer and whether or not subscribed for the same term, the new producer shall be liable to the originating producer for the amount of any commission unearned by the latter for the term comprised between the date of cancellation and the date on which the next anniversary of the original policy begins, if the partial payment corresponding to the policy year on which the cancellation occurs has been paid.
To the effects of this section, the phrase “unearned commission” means the commission that has been advanced or paid or credited to the account of a producer on account of the premium that has been paid to and accepted by the insurer, but which the producer is bound to refund due to the cancellation of the insurance for which the premium was paid.
(2) It is essential that in the transfer of businesses the new producer acts in good faith. To those effects it shall be understood that the new producer acted in good faith if he/she immediately notifies the originating producer by certified mail with return receipt requested that the insured has appointed him/her as his/her producer. In the absence of such a notice it shall be understood that the appointment of the originating producer remains in effect.
(3) Both the originating producer and the new producer shall provide evidence available for the inspection of the Commissioner attending that he/she has complied with the requirements of this section.
(4) This section shall not apply to life and disability insurance.
History —Ins. Code, added as § 9.400 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/953a/
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PR
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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)›§ 953a - Assignment or sale of policies
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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) › § 953a - Assignment or sale of policies
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In the case of a transaction for the assignment or sale of an insurance policies portfolio, the new producer shall immediately notify each insured through a written communication to the last address appearing in the record about the transaction executed, granting the insured a term of not less than ten (10) days to choose to appoint him/her as his/her producer or appoint another producer.
On his/her part, the originating producer shall promptly notify the Commissioner about the transaction executed and submit a copy of the assignment or sales contract, including all its riders. The information herein required shall be kept confidential and not be available for public inspection.
History —Ins. Code, added as § 9.401 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/953b/
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PR
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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)›§ 953b - Expiration and renewal of licenses
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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) › § 953b - Expiration and renewal of licenses
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(1) Any general agent, producer, authorized representative, proxy, solicitor, consultant, and adjuster license issued by the Commissioner pursuant to the provisions of this chapter, with the exception of temporary licenses, shall continue in effect until their expiration, suspension, revocation, or cancellation. The foregoing shall be subject to the payment of the corresponding annual fees set forth in § 701 of this title to the Commissioner before midnight of the day on which the two (2)-year term, counted from the date of effectiveness of the license, expires. Said payment shall be submitted along with the written application provided by the Commissioner for renewing said license. If the Commissioner does not receive a duly filled out application for the renewal of a license, along with the payment of the corresponding fees, before the expiration date thereof, said license shall be deemed to have expired on that date.
(2) The application for the renewal of a license as solicitor shall be submitted by the producer by whom he/she was appointed.
(3) The Commissioner may consider as an application for a new license any petition for license renewal or the payment of a fee received after the date of expiration of a previously existing license.
(4) The person who possesses a license that has expired or who has control over the same shall immediately surrender the same to the Commissioner for its proper cancellation.
History —Ins. Code, added as § 9.420 on Jan. 19, 2006, No. 10, § 8; Dec. 28, 2010, No. 220, § 10.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/953c/
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PR
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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)›§ 953c - Cancellation of license as producer
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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) › § 953c - Cancellation of license as producer
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The license of a producer shall be cancelled through a written petition submitted to the Commissioner by the producer or in the case of a producer contracted as authorized representative, by the latter or by the insurer who subscribed such as contract. If the petition is submitted by the insurer, it shall set forth the reasons for said cancellation and must be accompanied by evidence attesting that the insurer has mailed a notice of said petition to the producer. Should the Commissioner consider that the reasons set forth by the insurer show that the producer does not meet the requirements of § 950i of this title, the Commissioner shall notify the producer about the cancellation of his/her license at least fifteen (15) days before the effective date of the cancellation, subject to the right of the producer to be heard.
History —Ins. Code, added as § 9.430 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/953d/
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PR
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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)›§ 953d - Temporary license—Issuance
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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) › § 953d - Temporary license—Issuance
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(1) The Commissioner may issue temporary licenses as producer in the following cases:
(a) To the surviving spouse or next of kin or the administrator or executor or to an employee of the administrator or executor of the deceased authorized producer.
(b) To the spouse, next of kin, employee or legal guardian of an authorized producer who has become disabled due to illness, injury or insanity or because of reasonably required temporary absence from Puerto Rico or for being in active full-time military service.
(c) To the surviving member or employee of a partnership or the surviving official or employee of a corporation authorized as producer, upon the death or disability of the person designated in the license to exercise the powers thereof.
(d) An applicant for the license as producer while waiting to complete the corresponding examination satisfactorily.
(e) In any other case whereby the Commissioner deems that the public interest shall be better served by the issue of such a license.
(2) In order to be eligible for a temporary license, a person shall qualify as if for a regular license, except as to the experience, education, and passing the examination. However, applicants shall show that they have a representation contract with an insurer authorized to do business in Puerto Rico, so that they may be exempted from submitting proof of financial liability as provided by § 922 of this title.
(3) Any fee paid to the Commissioner for issuing a temporary license shall be credited to the fees required for issuing a permanent license, should the same be issued to replace the temporary license before it expires.
History —Ins. Code, added as § 9.440 on Jan. 19, 2006, No. 10, § 8; Aug. 2, 2006, No. 143, § 1.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/953e/
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PR
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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)›§ 953e - Temporary license—Duration, limitations
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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) › § 953e - Temporary license—Duration, limitations
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(1) A temporary license shall expire within one hundred and eighty (180) days following its date of issue or upon receipt of notice of not having approved the examination after which such a license would have been issued, whichever occurs first, except that the license holder is unable, due to reasonable causes, to take the examination within said one hundred and eighty (180) day term, the temporary license shall continue in effect, upon written request of the license holder. Before the expiration date of the one hundred and eighty (180) day term and upon presentation of satisfactory proof of such causes before the Commissioner, until having reasonable opportunity for taking the examination and obtaining the results of the same. The Commissioner may, for just cause, extend for reasonable additional periods any license thus issued because of the death or disability of the agent or broker.
(2) Not more than one temporary license shall be issued to any person during the same twelve (12) month period, as of the date of issue of the temporary license, and the Commissioner may refuse to grant a new license to any person who had thus been previously authorized.
(3) As to those persons who were authorized as authorized representatives due to the death, disability, or absence of an agent, a temporary license shall be required for each insurer to be represented and the insurers shall be limited to those represented by the predecessor agent at the time of the death or disability, or at the beginning of the absence, and no license shall be issued to said holder of a temporary license as to any additional insurer during the existence of a temporary license.
(4) The holder of a temporary license shall have all the rights and privileges of a holder of a permanent license of the same class, provided, that the holder of a temporary license shall not be entitled to receive or be able to receive any commission or compensation whatsoever on account of a new controlled business subscribed by him/her unless he/she qualifies for receiving an equal permanent license before the expiration date of the temporary license.
History —Ins. Code, added as § 9.450 on Jan. 19, 2006, No. 10, § 8; Aug. 2, 2006, No. 143, § 2.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/953f/
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PR
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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)›§ 953f - License—Denial, suspension, revocation
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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) › § 953f - License—Denial, suspension, revocation
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(1) The Commissioner may deny, suspend, revoke or refuse to renew any license issued pursuant to this chapter, any license as surplus line broker or as general agent, for any cause specified in any provision of this Code or for any of the following causes:
(a) For any cause for which issuing the license could have been refused had it then existed and been known to the Commissioner.
(b) For willful violation of or noncompliance with or knowingly participating in the violation of any provision of this Code or of any rule, regulation or order of the Commissioner.
(c) If the licensee has obtained or attempted to obtain a license through misrepresentation or fraud, or failed to pass any examination required under this chapter.
(d) For embezzlement or misappropriation for personal use or unlawful withholding of monies belonging to insurers or other persons, received in the course of business under the license.
(e) If convicted of felony or crime involving fraud or moral turpitude by final judgment.
(f) If in the conduct of his/her business under the license, the licensee has shown to be and is so deemed by the Commissioner, incompetent, untrustworthy or a source of damages and loss to the public.
(g) If the licensee has dealt in or attempted to deal in insurance or to exercise his/her powers relative to insurance beyond the scope of his/her license.
(h) If the licensee has procured an insurance transaction in violation of the requirements for insurable interest as defined in §§ 1104 and 1105 of this title.
(i) For providing incorrect, deceitful, incomplete or false information on any report required by the Commissioner.
(j) For altering the license or any other authorizing document issued by the Commissioner.
(k) For distorting the terms of a contract or of an insurance application.
(l) For having been the object of a denial, suspension or revocation of a license or its equivalent in a state or territory of the United States or his country of origin.
(m) For providing or including incorrect, deceitful, incomplete or false information in an insurance application or in any other document related to an insurance transaction.
(n) For using notes or other reference material while taking an examination for an insurance license.
(o) For accepting an insurance transaction from an unlicensed individual.
(p) For noncompliance with an administrative or judicial order which imposes the obligation of paying child support.
(q) For noncompliance with his/her tax responsibility or with an administrative or judicial order which order compliance with said responsibility.
(2) The license of any partnership or corporation may also be suspended, revoked or denied for any cause related to any of the directors or persons designated in the license to exercise its powers. Likewise, the license of any partnership or corporation may be suspended, revoked or denied for noncompliance with its tax responsibility or for failing to submit any report required pursuant to the Code or to the law under which it was organized.
(3) The holder of a license which was revoked or suspended must surrender the same to the Commissioner. The mere retention of a revoked or suspended license by the holder thereof shall be sufficient grounds to declare said person as untrustworthy or incompetent to have an insurance license in any capacity, leaving said person exposed to the sanctions herein provided and to any other sanction provided under the Code.
History —Ins. Code, added as § 9.460 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/953g/
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PR
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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)›§ 953g - License—Procedure for suspending, revoking or denying
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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) › § 953g - License—Procedure for suspending, revoking or denying
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(1) The Commissioner shall revoke or refuse to renew a license immediately and without hearing upon conviction of the licensee under final judgment of a felony or a crime involving moral turpitude or of a violation of this Code.
(2) For causes other than those stated in subsection (1) above, including those set forth in § 953f of this title, the Commissioner shall only suspend, revoke or refuse to renew a license:
(a) Through an order given to the licensee at least fifteen (15) days prior to the effective date of said order, subject to the right of the licensee to be heard and while the hearing is held to those effects, the license shall be suspended, or
(b) through an order given to the licensee after the hearing has been held, effective as of not less than ten (10) days after the order has been given.
History —Ins. Code, added as § 9.470 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/953h/
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PR
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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)›§ 953h - License—Reinstatement
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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) › § 953h - License—Reinstatement
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The Commissioner may, at his/her discretion and after a petition to that effect, reinstate any license that has been revoked through a final and firm resolution or administrative order. Any person interested in petitioning for the reinstatement of a license that had been revoked must submit evidence showing that the reasons for which the same was revoked have been corrected or have ceased to exist, as well as evidence that attests to its reinstatement. If one of the reasons for revoking the license was that the person was declared to be untrustworthy for the insurance business, the latter, as part of his/her petition for reinstatement shall be bound to demonstrate his/her trustworthiness taking into account all the circumstances under which the declaration of untrustworthiness was issued.
The Commissioner, after evaluating the petition for reinstatement submitted, may, as a requirement for reinstating the revoked license, impose one or more of the following conditions:
(1) To have continuing education courses accredited, such as those previously approved by the Commissioner.
(2) To take and pass an examination for the kind or kinds of insurance the person is interested in transacting.
(3) That the scope of the license be limited.
(4) That the effective term of the license be limited.
(5) Any other condition that may be established by the Commissioner through an order.
The determination of the Commissioner regarding the petition for reinstatement shall be deemed as a final adjudication of the petition.
History —Ins. Code, added as § 9.471 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/953i/
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PR
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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)›§ 953i - Additional penalties for violations
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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) › § 953i - Additional penalties for violations
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(1) Beside[s] the denial, revocation or suspension of the license or in lieu of these, any of the following sanctions may be imposed on any licensee who violates any of the provisions of this Code:
(a) Denial of the license in any capacity authorized pursuant to this Code for a term not to exceed five (5) years.
(b) Administrative fine not to exceed five thousand dollars ($5,000) for each fault; Provided, That the total amount of the fines imposed for different faults shall not exceed fifty thousand dollars ($50,000).
(c) Upon conviction of said violation through final judgment of a court, with a fine of not less than one thousand dollars ($1,000) nor of more than fifty thousand dollars ($50,000).
(2) Any of said penalties may be imposed as substitute to or jointly with any other provided by law.
History —Ins. Code, added as § 9.480 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-10/1001/
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PR
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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 10 - Unauthorized Insurers (§§ 1001 — 1020)›§ 1001 - Representation of unauthorized insurers prohibited
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2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 10 - Unauthorized Insurers (§§ 1001 — 1020) › § 1001 - Representation of unauthorized insurers prohibited
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(1) No person shall in any manner:
(a) Represent or assist any insurer not then duly authorized to transact insurance in Puerto Rico, in the procuring, placing, or maintenance of any insurance coverage upon or with relation to any subject of insurance resident, located, or to be performed in Puerto Rico.
(b) Represent or assist any person in the procuring of insurance in any such unauthorized insurer upon or with relation to any such subject of insurance.
(c) Inspect or examine any risk or investigate or adjust any loss, other than an ocean marine or aviation risk or loss, or collect or receive any premium, on behalf of any such insurer or person.
(2) Any person transacting within Puerto Rico directly or indirectly any insurance in behalf of any such unauthorized insurer shall be personally liable to the insured for the performance of any contract between the insured and the insurer resulting from such transaction.
(3) Each violation of this section shall constitute a misdemeanor.
(4) The Commissioner shall assist and cooperate with the Secretary of the Treasury in the enforcement of laws relative to the nondeductibility for income tax purposes of sums paid for or on account of insurance placed in an unauthorized insurer.
(5) This section shall not apply as to insurance placed or procured in accordance with § 412 of this title, to surplus line insurance lawfully procured pursuant to this chapter, to transactions exempt under § 303(2) of this title, or to any transaction with respect to an insurance coverage on a subject of insurance not resident, located, or expressly to be performed in Puerto Rico at time of issuance and written and delivered in a state or country in which the insurer was then authorized to transact insurance.
History —Ins. Code § 10.010.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-10/1002/
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PR
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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 10 - Unauthorized Insurers (§§ 1001 — 1020)›§ 1002 - Access to courts denied
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2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 10 - Unauthorized Insurers (§§ 1001 — 1020) › § 1002 - Access to courts denied
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(1) An unauthorized insurer shall not maintain an action in Puerto Rico with respect to any insurance coverage which at time of issuance was to cover any subject resident, located, or to be performed in Puerto Rico, but such insurer may defend an action as provided in §§ 1005 and 1006 of this title.
(2) Subsection (5) of § 1001 of this title shall likewise apply to this section.
(3) This section shall not apply to action brought with respect to an insurer’s investments or other transactions not specified in subsection (1), or to surplus line coverages.
History —Ins. Code § 10.020.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-10/1003/
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PR
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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 10 - Unauthorized Insurers (§§ 1001 — 1020)›§ 1003 - Validity of contracts illegally effectuated
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2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 10 - Unauthorized Insurers (§§ 1001 — 1020) › § 1003 - Validity of contracts illegally effectuated
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An insurance contract effectuated by an unauthorized insurer in violation of this title shall be voidable except at the instance of the insurer.
History —Ins. Code § 10.030.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-10/1004/
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PR
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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 10 - Unauthorized Insurers (§§ 1001 — 1020)›§ 1004 - Advertising prohibited
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2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 10 - Unauthorized Insurers (§§ 1001 — 1020) › § 1004 - Advertising prohibited
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(1) No publication published in Puerto Rico, or radio or television broadcaster, or any other agency, device, or means for the dissemination of information operated or located in Puerto Rico, shall publish, broadcast, or otherwise disseminate within Puerto Rico advertisements for or on behalf of any insurer not then authorized to transact insurance in Puerto Rico.
(2) This section shall not apply as to publications published or advertising or information media prepared or manufactured in Puerto Rico for circulation or use exclusively in other states or countries.
History —Ins. Code § 10.040.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-10/1005/
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PR
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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 10 - Unauthorized Insurers (§§ 1001 — 1020)›§ 1005 - Service of process on unauthorized insurers
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2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 10 - Unauthorized Insurers (§§ 1001 — 1020) › § 1005 - Service of process on unauthorized insurers
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(1) Delivery, effectuation, or solicitation of any insurance contract, by mail or otherwise, within Puerto Rico by an unauthorized insurer, or the performance within Puerto Rico of any other service or transaction connected with such insurance by or on behalf of such insurer, shall be deemed to constitute an appointment by such insurer of the Commissioner as its attorney-in-fact upon whom may be served all lawful process issued within Puerto Rico in any action or proceeding against such insurer arising out of any such contract or transaction, or in any action or proceeding instituted to obtain the annulment of said contract.
(2) All such process shall be served as provided by, and otherwise be subject to the provisions of § 328 of this title. In addition to such service upon the Commissioner, notice of such service and a copy of such process within ten days thereafter shall be sent by plaintiff’s attorney to defendant insurer at its last known principal place of business by registered mail. Defendant insurer’s receipt, or registry receipt as to such mailing issued by the post office where mailed, and the affidavit of plaintiff’s attorney showing compliance with this subsection shall be filed in the court wherein such action is pending on or before the date the defendant insurer is required to appear, or within such further time as the court may allow. No judgment by default against such insurer may be taken under this section prior to expiration of thirty days after date of filing of such affidavit of compliance. Service of process upon such an insurer in accordance with this section shall be as valid and effective as if served upon a defendant personally present in Puerto Rico.
(3) Means provided in this section for service of process upon such an insurer shall not be deemed to prevent service of process upon such insurer by any other lawful means.
(4) An insurer which has been so served with process, subject to § 1006 of this title, shall have the right to appear in and defend such action and employ attorneys and other persons in Puerto Rico to assist in its defense thereto or settlement thereof.
(5) This section shall not apply as to surplus line insurance lawfully procured from unauthorized insurers as provided in this chapter.
History —Ins. Code § 10.050.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-10/1006/
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PR
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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 10 - Unauthorized Insurers (§§ 1001 — 1020)›§ 1006 - Defense of action by unauthorized insurer
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2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 10 - Unauthorized Insurers (§§ 1001 — 1020) › § 1006 - Defense of action by unauthorized insurer
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(1) Before an unauthorized insurer shall file or cause to be filed any pleading in any proceeding instituted against it under § 1005 of this title, the insurer shall either:
(a) Deposit with the court in which the proceeding is pending cash or securities or file with the court a bond with good and sufficient sureties, to be approved by the court, in an amount fixed by the court as sufficient to secure the payment of any final judgment which may be rendered in such proceedings, or
(b) procure a certificate of authority to transact insurance in Puerto Rico.
(2) The court in any proceeding in which service is made as provided in § 1005 of this title, in its discretion may order such postponement as may be necessary to afford the defendant reasonable opportunity to comply with subsection (1) of this section and to defend such proceeding.
(3) Nothing in this section shall be construed to prevent an insurer from filing a motion to quash a writ or to set aside service thereof on the ground that the insurer has not done any of the acts enumerated in subsection (1) of § 1005 of this title.
(4) In any such action against an unauthorized insurer, if the insurer has failed for thirty days after demand prior to the commencement of the action to make payment in accordance with the terms of the contract of insurance, and it appears to the court that such refusal was vexatious and without reasonable cause, the court may allow to the plaintiff a reasonable attorney fee and include such fee in any judgment that may be rendered in such action. Such fee shall not exceed fifty percent (50%) of the amount which the court finds the plaintiff is entitled to recover against the insurer, but in no event less than one hundred dollars. Failure of an insurer to defend any such action shall be deemed prima facie evidence that its failure to make payment was vexatious and without reasonable cause.
(5) This section shall not apply as to any insurance contract lawfully issued by an unauthorized insurer as a surplus line coverage pursuant to this chapter.
History —Ins. Code § 10.060.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-10/1007/
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PR
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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 10 - Unauthorized Insurers (§§ 1001 — 1020)›§ 1007 - Surplus line insurance
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2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 10 - Unauthorized Insurers (§§ 1001 — 1020) › § 1007 - Surplus line insurance
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Any portion or all of an insurance coverage which cannot be procured from authorized insurers, which coverage is hereinafter designated as “surplus line”, may be procured from unauthorized insurers if:
(1) The insurance cannot be procured from authorized insurers, or has been procured to the full extent such insurers are willing to insure; Provided, That in the case of residential condominiums of fifteen (15) meters or more, whether or not under the horizontal property regime, the insurance cannot be obtained from at least two (2) authorized insurers; and
(2) such insurance is procured through a licensed surplus line producer, hereinafter in this chapter referred to as the “producer”; and
(3) insurance in an unauthorized insurer is not sought or required in order to secure advantages either as to premium rate or terms of the insurance contract; Provided, That this subsection shall not apply to insurance for condominiums under the horizontal property regime[, and]
(4) the insurance is procured from unauthorized insurers eligible according to § 1007a of this title.
Subsection (1) of this section does not apply if the insurance coverage offered by an authorized insurer to cover the risk of medical-hospital professional malpractice does not constitute the minimum coverage needed to acquire a surplus line insurance in the surplus line market, in which case, the surplus line producer could reject the primary coverage offered by the authorized insurer and resort to the surplus line insurance market to obtain the coverage needed.
History —Ins. Code, § 10.070; Aug. 30, 1961, No. 7, p. 341, §§ 1, 2; Mar. 4, 2002, No. 47, § 1; Dec. 19, 2002, No. 284, § 2.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-10/1007a/
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PR
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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 10 - Unauthorized Insurers (§§ 1001 — 1020)›§ 1007a - Eligible surplus line insurers
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2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 10 - Unauthorized Insurers (§§ 1001 — 1020) › § 1007a - Eligible surplus line insurers
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(1) No surplus line insurance producer shall transact an insurance contract in an unauthorized insurer that is not an eligible surplus line insurer as provided in this section. No unauthorized insurer shall be or shall be considered an eligible surplus line insurer unless the Commissioner shall determine its eligibility according to the following conditions:
(a) The status of eligibility of the insurer shall be applied for in writing to the Commissioner by a surplus line producer licensed as such.
(b) The unauthorized insurer shall present to the Commissioner satisfactory evidence to the effect that it is at the time an authorized insurer in the state or country where it resides for the kind or kinds of insurance it seeks thus to transact, and shall have been such an insurer for not less than the five (5) years immediately preceding; or shall be a subsidiary wholly owned by an authorized insurer in Puerto Rico, or an eligible surplus line insurer that has been so eligible for not less than the five (5) years immediately preceding.
(c) Before granting eligibility, the surplus line insurance producer or the unauthorized insurer shall present to the Commissioner a duly authenticated copy of its most recent annual financial statement, in English or Spanish, with all monetary values expressed in legal tender of the United States and containing such other additional information concerning the insurer as the Commissioner may require.
(d) The unauthorized insurer shall have a surplus for policyholders of not less than the amount required by this title for an authorized insurer of the same kind, and, in the case of a foreign insurer not organized according to the laws of a state of the United States, it shall also deposit with the Secretary of the Treasury of the Commonwealth of Puerto Rico, or in a bank duly authorized to operate in Puerto Rico, a sum not less than fifty thousand dollars ($50,000), or, in the case of a group of insurers, then said deposits shall be for a sum not less than three hundred thousand dollars ($300,000). Such amounts would be for the protection of all policyholders and creditors of such foreign insurer in Puerto Rico. Any fund so established shall consist of public obligations of the Commonwealth of Puerto Rico, the United States, or any state, county, or municipality thereof, or of the Dominion of Canada, or of other investments of the same nature, kind, and quality as those considered eligible for similar funds by domestic insurers according to former §§ 601–632 of this title.
(e) The unauthorized insurer shall enjoy good reputation and shall render services with reasonable promptness to its policyholders concerning compensation for losses and just claims.
(f) No unauthorized insurer shall be eligible if its administration is incompetent or unreliable, or if it lacks experience in the management of insurance companies to the extent that the operations it may undertake to transact may be risky to the insured public, or if the Commissioner has good grounds to believe that it is directly or indirectly affiliated, through possession, control, reinsurance transactions, or insurance or business relations, with any person or persons whose commercial operations are or have been detrimental to the policyholders, stockholders, investors, creditors, or the general public.
(g) No unauthorized insurer shall be eligible if it is the property of, or is financially controlled, in whole or in part, by any government or government agency, or if administered by or for the benefit of such government or agency.
(2) The Commissioner shall from time to time publish a list of all eligible surplus line insurers and shall send by mail to each surplus line insurance producer a copy thereof to its latest address registered at the Commissioner’s Office.
(3) This section shall not be construed to impose upon the Commissioner the duty or responsibility of determining the present financial condition or the practices concerning the handling of claims of an unauthorized insurer; and the status of eligibility, should the Commissioner grant same, shall only indicate that the insurer apparently operates on a sound financial basis and that it follows satisfactory practices in the handling of claims and the Commissioner has no trustworthy evidence to the contrary.
(4) When a particular risk of surplus line insurance cannot be insured in whole or in part in the eligible surplus line insurers, the surplus line insurance producer may present to the Commissioner a supplementary affidavit stating the facts and informing that such part of the risk as cannot be insured as stated is being insured in an unauthorized insurer or insurers, whose name it shall give, in the amounts and percentages indicated in the affidavit. The said ineligible unauthorized insurer or insurers shall, however, before accepting the risk, deposit with the Secretary of the Treasury of the Commonwealth of Puerto Rico, through the Commissioner, the sum of twenty thousand dollars ($20,000) in cash or eligible securities as provided in subsection (1)(d) of this section, of equal market value, which shall be retained by the Secretary of the Treasury solely for the benefit of the insurer’s creditors and policyholders, and the surplus line insurance producer shall obtain from such unauthorized insurer, and present to the Commissioner, a certified copy of its most recent annual financial statement. If the deposit is made, and the financial statement discloses admitted net assets including capital and surplus, of at least five hundred thousand dollars ($500,000), of which at least three hundred thousand dollars ($300,000) are admitted liquid assets, the surplus line insurance producer may proceed to transact the insurance contract. When an insurance risk or part thereof is transacted in an ineligible unauthorized insurer, as herein provided, the policy, or provisional guarantee, if any, shall contain conspicuously on its face the following recital in red letters: “All or a number of the insurers participating in this insurance have not been authorized to transact business in Puerto Rico nor approved as surplus line insurers by the Commissioner of Insurance of this Commonwealth. The transaction of this insurance by a licensed surplus line insurance producer shall not be construed to mean that the Commissioner of Insurance of Puerto Rico approves of such insurer.”
All other provisions of this title shall be applicable to such insurance contract as if such risks were placed in an eligible surplus line insurer.
(5) No eligible surplus line insurer can issue this type of insurance on any person, property or any other material object of the insured, resident, located, or to be carried out in Puerto Rico unless it is done through a surplus line producer authorized according to the provisions of § 1011 of this title.
History —Ins. Code, added as § 10.071 on Aug. 30, 1961, No. 7, p. 341, § 3; Feb. 16, 1979, No. 15, p. 28, § 7.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-10/1007b/
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PR
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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 10 - Unauthorized Insurers (§§ 1001 — 1020)›§ 1007b - Withdrawal of eligibility of unauthorized insurer
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2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 10 - Unauthorized Insurers (§§ 1001 — 1020) › § 1007b - Withdrawal of eligibility of unauthorized insurer
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(1) The Commissioner may, after a hearing, notice whereof shall be served on all surplus line brokers, withdraw the eligibility of an unauthorized insurer appearing on the list of surplus line eligible insurers upon determining that the insurer is insolvent, or that his financial situation is poor, or that he is no longer eligible under the conditions established in § 1007a of this title.
(2) If the Commissioner shall determine, after a hearing, notice whereof shall be served on all licensed surplus line brokers, that an insurer who is eligible at the time as a surplus line insurer has deliberately violated any provision of this title or of any rule or legal regulation pursuant to this title, or a pertinent order of the Commissioner, or does not satisfy with reasonable promptness losses and just claims in Puerto Rico or elsewhere, he may withdraw the eligibility of the insurer to insure surplus line risks in Puerto Rico.
(3) The Commissioner shall promptly serve notice of such withdrawal of eligibility by mail on each such surplus line broker to its latest address registered at the Commissioner’s Office.
History —Ins. Code, added as § 10.172 on Aug. 30, 1961, No. 7, p. 341, § 3; Jan. 19, 2006, No. 10, § 9, eff. 120 days after Jan. 19, 2006.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-10/1008/
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PR
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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 10 - Unauthorized Insurers (§§ 1001 — 1020)›§ 1008 - Producer’s affidavit and report
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2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 10 - Unauthorized Insurers (§§ 1001 — 1020) › § 1008 - Producer’s affidavit and report
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At the time of procuring any surplus line insurance, the producer shall execute and file with the Commissioner his report thereof in duplicate and under oath, setting forth facts from which it may be determined whether the requirements of § 1007 of this title have been met, and in addition thereto the following:
(1) Name and address of the insurer, and name and address of the person named in the policy pursuant to § 1009(1) of this title to whom the Commissioner shall send copies of legal process and other legal documents.
(2) Number of the policy issued.
(3) Exact name and address of the insured.
(4) Nature and amount of liability assumed by the insurer.
(5) Premium rate charged.
(6) Amount of total premium.
(7) Other information required by the Commissioner.
The Commissioner shall prescribe and furnish the required report form.
History —Ins. Code § 10.080.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-10/1009/
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PR
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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 10 - Unauthorized Insurers (§§ 1001 — 1020)›§ 1009 - Special provisions in surplus line policies
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2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 10 - Unauthorized Insurers (§§ 1001 — 1020) › § 1009 - Special provisions in surplus line policies
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(1) Every insurance contract procured as a surplus line coverage pursuant to this chapter shall provide, by endorsement or otherwise, for service of legal process upon the insurer in the manner provided in § 1018 of this title, and shall designate by name and address the person to whom the Commissioner shall forward copy of process so served.
(2) Every such contract shall have stamped upon it and be initialed by or bear the name of the producer who procured it, the following:
“This contract is registered and delivered as a surplus line coverage under the Insurance Code of the Commonwealth of Puerto Rico.”
History —Ins. Code § 10.090.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-10/1010/
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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 10 - Unauthorized Insurers (§§ 1001 — 1020)›§ 1010 - Surplus line insurance valid
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2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 10 - Unauthorized Insurers (§§ 1001 — 1020) › § 1010 - Surplus line insurance valid
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Insurance contracts procured as surplus line coverage from unauthorized insurers in accordance with this chapter shall be fully valid and enforceable as to all parties, and shall be given recognition in all matters and respects and for all purposes to the same effect as like contracts issued by authorized insurers. As to any such contract the insurer shall be deemed to be an authorized insurer in Puerto Rico, but shall be subject to the provisions of this chapter only.
History —Ins. Code § 10.100.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-10/1011/
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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 10 - Unauthorized Insurers (§§ 1001 — 1020)›§ 1011 - Insurance broker surplus lines insurance license; bond
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2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 10 - Unauthorized Insurers (§§ 1001 — 1020) › § 1011 - Insurance broker surplus lines insurance license; bond
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Any insurance broker, while licensed as such and while maintaining an office at a designated location in Puerto Rico, and who is deemed by the Commissioner to be trustworthy and competent for the purpose, may be licensed by the Commissioner as a surplus line broker, as follows:
(1) Application to the Commissioner for the license shall be on forms furnished by the Commissioner.
(2) The insurance broker surplus lines insurance license issued by the Commissioner shall continue to be in effect until same is suspended, revoked, or cancelled, but subject to the payment of the annual fee set forth in § 701 of this title prior to midnight of the date of expiration.
(3) Before issuance of license the applicant shall file with the Commissioner and thereafter for so long as the license is in effect he shall keep in force a bond in favor of the Commonwealth in such penal sum not exceeding twenty-five thousand dollars ($25,000) as the Commissioner shall specify, with authorized corporate sureties, conditioned as follows:
(a) That the broker will conduct business under the license in accordance with this chapter, will promptly remit the taxes provided for by § 1013 of this title, and will properly account to the person entitled thereto for funds received by him through transactions under the license.
(b) That the bond shall not be subject to termination unless at least thirty days’ prior written notice thereof is filed with the Commissioner.
History —Ins. Code § 10.110; May 24, 1974, No. 46, Part 1, p. 200, § 3; Mar. 27, 2003, No. 96, § 5; Jan. 19, 2006, No. 10, § 9, eff. 120 days after Jan. 19, 2006.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-10/1012/
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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 10 - Unauthorized Insurers (§§ 1001 — 1020)›§ 1012 - Broker may accept business
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2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 10 - Unauthorized Insurers (§§ 1001 — 1020) › § 1012 - Broker may accept business
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(1) A surplus line broker may accept and place surplus line business for any insurance broker licensed in Puerto Rico for the kind or kinds of insurance involved, and may compensate such insurance broker therefor.
(2) The surplus line broker shall have the right to receive from the insurer the customary commission.
History —Ins. Code § 10.120; Jan. 19, 2006, No. 10, § 9, eff. 120 days after Jan. 19, 2006.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-10/1013/
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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 10 - Unauthorized Insurers (§§ 1001 — 1020)›§ 1013 - Tax on surplus lines; payment
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2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 10 - Unauthorized Insurers (§§ 1001 — 1020) › § 1013 - Tax on surplus lines; payment
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(1) There is hereby imposed upon each surplus line coverage granted in Puerto Rico, or which covers residents[’] risks, located or to be performed in Puerto Rico wherever it was negotiated, a tax equal to nine percent (9%) of the total premium collected on account thereof, excluding the tax, except for any insurance covering the risk of medical-hospital professional malpractice. The broker shall be responsible for the collection and payment of the tax.
(2) Within sixty (60) days after a surplus line coverage has been procured, the broker shall file with the Commissioner a report thereof for tax purposes, stating the names and addresses of the insurer and the insured, the policy number and date of issue, the amount of premium received, and the computation and amount of tax due. The report shall be accompanied by a certified check payable to the Secretary of the Treasury for the amount of tax payable on account of the coverage reported.
(3) The surplus line insurer and such premium shall not be subject to any tax under this title other than as provided in this section.
History —Ins. Code § 10.130; July 30, 1974, No. 274, Part 2, p. 322; Feb. 16, 1979, No. 15, p. 28, § 8; June 18, 1980, No. 151, p. 678, § 3; Dec. 19, 2002, No. 284, § 3.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-10/1013a/
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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 10 - Unauthorized Insurers (§§ 1001 — 1020)›§ 1013a - Failure to pay tax
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2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 10 - Unauthorized Insurers (§§ 1001 — 1020) › § 1013a - Failure to pay tax
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(1) Any surplus line broker who fails to file his report on the surplus line coverage and fails to pay the specified tax within the term established in § 1013 of this title shall be punished by an administrative fine of twenty-five dollars ($25) for each day in arrears, subject to the right of the Commissioner to grant a reasonable extension of time for such filing and payment.
History —Ins. Code, added as 10.131 on July 23, 1974, No. 151, Part 1, p. 695, § 13; June 18, 1980, No. 151, p. 678, § 4.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-10/1014/
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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 10 - Unauthorized Insurers (§§ 1001 — 1020)›§ 1014 - General duties of broker
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2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 10 - Unauthorized Insurers (§§ 1001 — 1020) › § 1014 - General duties of broker
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In connection with the transaction of surplus line insurance, the broker shall:
(1) Ascertain the insuring powers and financial condition of the insurer, and place such coverage only in an insurer empowered to issue the kind of insurance applied for and having a surplus as to policyholders in amount of at least three hundred thousand dollars ($300,000).
(2) Keep in his office a full record of the circumstances and details of each surplus line contract procured by him and of subsequent matters related thereto, which record shall be retained for at least five years from date of the contract, and shall be subject to the Commissioner’s inspection at any time.
(3) Report to the Commissioner, on forms such as are used with respect to authorized insurers, any loss occurring under a surplus line coverage procured by him.
History —Ins. Code § 10.140.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-10/1015/
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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 10 - Unauthorized Insurers (§§ 1001 — 1020)›§ 1015 - Broker’s liability to the insured
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2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 10 - Unauthorized Insurers (§§ 1001 — 1020) › § 1015 - Broker’s liability to the insured
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If the insured under any surplus line policy suffers loss or damage on account of the broker’s failure to comply with any requirement of this chapter, then the broker shall be liable to the insured for such loss or damage.
History —Ins. Code § 10.150.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-10/1016/
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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 10 - Unauthorized Insurers (§§ 1001 — 1020)›§ 1016 - Revocation of broker’s license
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2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 10 - Unauthorized Insurers (§§ 1001 — 1020) › § 1016 - Revocation of broker’s license
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(1) The Commissioner may revoke any surplus line broker’s license:
(a) If the broker fails to file report of coverage and to pay the tax as required by this chapter.
(b) If the broker fails to keep the records and allow inspection thereof by the Commissioner as required by this chapter.
(c) For any other violation of this chapter, and for any of the causes for which a broker’s license may be revoked as provided in § 946 of this title.
(2) The procedures provided by Chapter 9 of this Code for the suspension or revocation of broker’s licenses shall be applicable to suspension or revocation of a surplus line broker’s license.
History —Ins. Code § 10.160.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-10/1017/
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PR
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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 10 - Unauthorized Insurers (§§ 1001 — 1020)›§ 1017 - Records of insurers
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2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 10 - Unauthorized Insurers (§§ 1001 — 1020) › § 1017 - Records of insurers
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Upon the Commissioner’s order, any person in Puerto Rico who is the insured under any policy issued by an unauthorized insurer upon a subject of insurance resident, located, or to be performed in Puerto Rico at the time the policy was issued, shall produce for examination all policies and other documents evidencing and relating to the insurance, and shall disclose the amount of the gross premiums paid or agreed to be paid for the insurance, through whom the insurance was procured, and such other information relative to the placing of such insurance as may reasonably be required.
For each refusal to obey such order, such person shall, upon conviction, be subject to the penalty prescribed in § 117 of this title.
History —Ins. Code § 10.170.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-10/1018/
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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 10 - Unauthorized Insurers (§§ 1001 — 1020)›§ 1018 - Legal process against surplus line insurer
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2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 10 - Unauthorized Insurers (§§ 1001 — 1020) › § 1018 - Legal process against surplus line insurer
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(1) In any action brought in Puerto Rico under an insurance contract issued as a surplus line pursuant to this chapter, duplicate copies of legal process against the insurer shall be served upon the Commissioner. The Commissioner shall forthwith mail one copy of the process so served to the person designated by the insurer in the policy for the purpose as reported to the Commissioner pursuant to § 1008(1) of this title, by registered mail with return receipt requested. Upon service of process upon the Commissioner and such mailing of process, the court shall be deemed to have jurisdiction in personam of the insurer. The insurer shall have forty-five days after such date of mailing within which to plead, answer, or otherwise defend the action.
At time of such service of process the plaintiff shall pay to the Commissioner three dollars, taxable as costs in the action.
(2) An unauthorized insurer issuing such policy shall be deemed thereby to have authorized service of process against it in the manner and to the effect as provided in this chapter.
History —Ins. Code § 10.180.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-10/1020/
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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 10 - Unauthorized Insurers (§§ 1001 — 1020)›§ 1020 - Insurance transacted with unauthorized insurers
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2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 10 - Unauthorized Insurers (§§ 1001 — 1020) › § 1020 - Insurance transacted with unauthorized insurers
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(1) Any insured, residing in Puerto Rico, who transacts or causes to transact an insurance relative to a subject of insurance, residing, located or to be performed in Puerto Rico with an unauthorized insurer, except unauthorized insurers eligible pursuant to § 1007a of this title, must, within 30 days after having transacted such insurance, file with the Commissioner a report containing the following:
(a) Name and address of the insured.
(b) Name and address of the insurer.
(c) Subject of the insurance.
(d) Description of the coverage.
(e) Total amount of the premium charged.
(f) Aliquot part of the premium corresponding to a subject of insurance resident, located or to be performed in Puerto Rico, if it also covers subjects of insurance residing, located or to be performed outside Puerto Rico.
(g) Any additional information required by the Commissioner.
(2) Any insurance obtained from an unauthorized insurer through negotiations or an application made in Puerto Rico, or for which the premium, in whole or in part, is sent directly or indirectly from Puerto Rico, shall be understood to be an insurance transacted with an unauthorized insurer for the purposes of subsection (1) of this section.
(3) A tax equal to fifteen percent (15%) of the total premium charged by the unauthorized insurer is levied on account of the insurance transacted through an unauthorized insurer. However, this tax does not apply to insurance covering the risk of medical-hospital professional malpractice. The insured shall withhold the amount of the tax from the premium charged for such insurance and shall send it together with the report required in subsection (1) of this section. The tax shall be paid within the period of thirty (30) days after the effective date of said insurance, through certified check payable to the Secretary of the Treasury, through the Office of the Commissioner. In addition to the tax levied, the insured that does not pay the same within the established term shall be in default and will be obliged to pay an additional surcharge, starting on the expiration date of said term, of five percent (5%) of the unpaid total, for a delay in the payment of the tax in excess of thirty (30) days and no greater than sixty (60) days from the effective date of the policy; and of ten percent (10%) of the unpaid total plus legal interest on said tax in the case of a delay in payment in excess of sixty (60) days in case of default, to be computed in the following manner:
(a) A rate of interest equivalent to five percent (5%) over the maximum premium rate of interest established by the Board for Regulating Rates of Interest and Financing Charges created by §§ 998–998k of Title 10.
(b) Any amendment approved by said Board for Regulating Rates of Interest and Financing Charges, that modifies the maximum rate of interest, shall be effective for the purposes of this chapter, on the first day of the month following the date of approval of the new rate.
(4) If the insured fails to withhold the tax on the premium, he shall be responsible for its payment within the period specified in subsection (1) of this section.
(5) The provisions of this section are not applicable to disability or life insurance.
History —Ins. Code, added as § 10.200 on May 23, 1977, No. 29, p. 54; Sept. 25, 1983, No. 28, p. 429, § 2; Dec. 19, 2002, No. 284, § 4.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-11/1101/
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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 11 - The Insurance Contract (§§ 1101 — 1137)›§ 1101 - Scope of chapter
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2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 11 - The Insurance Contract (§§ 1101 — 1137) › § 1101 - Scope of chapter
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(1) The applicable provisions of this chapter shall apply to insurances other than ocean marine and foreign trade insurances as defined in subsection (2), and other than insurance contracts not covering subjects of insurance resident, located, or to be performed in Puerto Rico, issued for delivery and delivered outside of Puerto Rico, except as provided in § 1111(6) of this title (approval of forms for delivery in jurisdictions where local approval not provided for). This chapter does not apply to reinsurance.
(2) For the purposes of subsection (1) of this section and this title, “ocean marine and foreign trade insurances” shall include only:
(a) Insurances upon vessels, crafts, hulls, and of interests therein or with relation thereto.
(b) Insurance of marine builders’ risks, marine war risks, and contracts of marine protection and indemnity insurance.
(c) Insurance of freights and disbursements pertaining to a subject of insurance coming within this definition.
(d) Insurance of personal property and interests therein, in course of exportation from or importation into any country, or in course of transportation coastwise, including transportation by land, water, or air from point of origin to final destination, in respect to, appertaining to, or in connection with, any and all risks or perils of navigation, transit or transportation, and while being prepared for and while awaiting shipment, and during any delays, storage, trans-shipment or reshipment incident thereto.
—Ins. Code § 11.010.
History
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-11/1102/
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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 11 - The Insurance Contract (§§ 1101 — 1137)›§ 1102 - Insurable subjects
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2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 11 - The Insurance Contract (§§ 1101 — 1137) › § 1102 - Insurable subjects
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Subject to the provisions of this title, a contract of insurance may be made with respect to any subject and the hazards therein stated, as to which the possibility of damnification or an insurable interest exists, except that:
(1) No person shall be insured against the penal consequences of an offense; but this provision shall not be deemed to prohibit contracts providing for bail and expenses of defense as to penal offenses resulting from traffic accidents on land, sea, or in the air.
(2) No person shall insure or offer to insure, with or without consideration, any lottery or any result thereof or any contingency related thereto, whether in Puerto Rico or elsewhere.
(3) An insurance contract executed by way of gaming or wagering is void.
History —Ins. Code § 11.020.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-11/1103/
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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 11 - The Insurance Contract (§§ 1101 — 1137)›§ 1103 - Power to contract; minors
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2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 11 - The Insurance Contract (§§ 1101 — 1137) › § 1103 - Power to contract; minors
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(1) Any person of competent legal capacity may contract for insurance.
(2) A minor after reaching fifteen years of age shall have legal capacity to negotiate, contract, trade, receive, and exercise all contractual rights and privileges in relation to:
(a) Life or disability insurance on his own life or body.
(b) Life or disability insurance contracts on his own life or body made for him before he reached age fifteen.
(c) The interest he may have in a life or disability insurance contract on his life or body, made by another person either before or after he reached age fifteen.
(d) If married, life or disability insurance contracts with respect to the spouse and their children.
(e) If married or otherwise emancipated, insurance contracts with respect to his property and interests therein and his legal liabilities, subject to § 915 of Title 31.
Except, that such a minor, other than in the cases provided for in clauses (d) and (e) of this subsection, or unless otherwise emancipated, shall not be bound by any unperformed agreement to pay, by promissory note or otherwise, any premium on any such insurance contract.
History —Ins. Code § 11.030.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-11/1104/
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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 11 - The Insurance Contract (§§ 1101 — 1137)›§ 1104 - Insurable interest—Personal insurance
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2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 11 - The Insurance Contract (§§ 1101 — 1137) › § 1104 - Insurable interest—Personal insurance
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(1) An individual of competent legal capacity may procure or effect an insurance contract upon his own life or body for the benefit of another person. But no person shall procure or cause to be procured any insurance contract upon the life or body of another individual unless the benefits under such contract are payable to the individual insured or his personal representatives, or to a person having, at the time when such contract was made, an insurable interest in the individual insured.
(2) If a beneficiary, assignee or other individual claiming to have a right to collect the policy violates the provision of this section, the insured, or his executor or administrator or authorized representative may institute contractual action against the insurer. If the insurer has paid the policy to the beneficiary, assignee or to any other individual, the insured may maintain an action to recover such benefits from the person so receiving them.
A beneficiary, assignee or any other individual receiving payment from a policy in violation of this section, shall have no right on the contract nor the right to receive or to keep any part of the benefits of the policy as beneficiaries, assigned heir or representative of the insured, nor in any other capacity.
(3) Insurable interest.— As used in this section and in § 1107 of this title includes only interests as follows:
(a) In the case of individuals related closely by blood or by law, a substantial interest engendered by love and affection.
(b) Those of a person liable for the support of a minor.
(c) In the case of other persons, a lawful and substantial economic interest in having the life, health, or bodily safety of the individual insured continue, as distinguished from an interest which would arise only by, or would be enhanced in value by, the death, disablement, or injury of the individual insured.
(d) An individual heretofore or hereafter party to a contract or option for the purchase or sale of an interest in a business or professional partnership or firm, or of shares of stock of a close corporation or of an interest in such shares, has an insurable interest in the life of each individual party to such contract and for the purposes of such contract only, in addition to any insurable interest which may otherwise exist as to the life of such individual.
History —Ins. Code § 11.040.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-11/1105/
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PR
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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 11 - The Insurance Contract (§§ 1101 — 1137)›§ 1105 - Insurable interest—Property and interests
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2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 11 - The Insurance Contract (§§ 1101 — 1137) › § 1105 - Insurable interest—Property and interests
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(1) No insurance contract on property or of any interest therein or arising therefrom shall be legally enforceable as to the insurance except for the benefit of persons having an insurable interest in the things insured.
(2) Insurable interest.— As used in this section means any actual lawful, and substantial economic interest in the safety or preservation of the subject of the insurance free from loss, destruction, or pecuniary damage or impairment.
(3) The measure of an insurable interest in property is the extent to which the insured might be damnified by loss, injury, or impairment thereof.
History —Ins. Code § 11.050.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-11/1106/
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PR
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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 11 - The Insurance Contract (§§ 1101 — 1137)›§ 1106 - Interest of the insured
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2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 11 - The Insurance Contract (§§ 1101 — 1137) › § 1106 - Interest of the insured
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When the name of a person intended to be insured is specified in the policy, such insurance can be applied only to the extent of his own proper interest. This section shall not apply to life, disability, and title insurances.
History —Ins. Code § 11.060.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-11/1107/
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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 11 - The Insurance Contract (§§ 1101 — 1137)›§ 1107 - Application required for insurance
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2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 11 - The Insurance Contract (§§ 1101 — 1137) › § 1107 - Application required for insurance
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(1) No life or disability insurance contract upon any person, except a policy of group life insurance or of group or blanket disability insurance, as defined in this title, shall be made or effectuated unless at the time of making the contract the insured, being of competent legal capacity to contract, applies therefor in writing or gives his written consent therefor, except in the following cases:
(a) Either spouse may effectuate such insurance on the other.
(b) Any person having insurable interest in the life of a minor may effectuate an insurance upon the life of or with relation to the minor.
(2) The Commissioner may through regulation require a written application at the time of making the contract on any kind of insurance not included in subsection (1).
History —Ins. Code § 11.070; May 10, 1976, No. 32, p. 84, § 8.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-11/1108/
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PR
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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 11 - The Insurance Contract (§§ 1101 — 1137)›§ 1108 - Alteration of application
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2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 11 - The Insurance Contract (§§ 1101 — 1137) › § 1108 - Alteration of application
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(1) No person shall falsify or cause to be falsified, in any application for insurance, any answer to a question propounded to the applicant therein, or insert or cause to be inserted therein, except as provided in subsection (2) of this section, any statement to be made by such applicant other than the statement made by the applicant.
(2) An application for insurance in writing by the applicant shall be altered solely by the applicant or by his written consent, except that insertions or corrections may be made by the insurer in such manner as to indicate clearly that such insertions or corrections are not to be ascribed to the applicant.
(3) An insurer issuing a policy upon an application which has been unlawfully altered by its officer, employee, or agent shall not have available any defense based upon the fact of such alteration, or as to any item which was so altered, in any action arising out of such policy.
History —Ins. Code § 11.080.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-11/1109/
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PR
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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 11 - The Insurance Contract (§§ 1101 — 1137)›§ 1109 - Application as evidence
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2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 11 - The Insurance Contract (§§ 1101 — 1137) › § 1109 - Application as evidence
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(1) Any application for insurance shall be made a part of the policy. No insurance policy application shall be admissible as evidence in any suit or procedure related to said policy, unless a true and exact copy of the application is attached to the policy or otherwise made a part thereof at the time it is issued and delivered; if a true and exact copy of the application is furnished to the insured party after thirty (30) days of the policy being delivered, provided it is any type of insurance other than life insurance. A photostatic, or any other copy or photographic reduction or by any other procedure, of the application, or of the medical examination, if any, may be used to such effect, if it is clearly legible.
(2) If any life or disability insurance policy is reinstated or renewed, and the insured or beneficiary or assignee of the policy makes written request to the insurer for a copy of the application, if any, for such reinstatement or renewal, the insurer shall, within thirty days after receipt of such request at its home office, or branch office in Puerto Rico, or office of its general agent in Puerto Rico, deliver or mail to the person making such request, a copy of such application. If such copy is not so delivered or mailed to at least one of such parties, the insurer shall be precluded from introducing such application as evidence in any action or proceeding based upon or involving the policy or its reinstatement or renewal.
History —Ins. Code § 11.090; Jan. 8, 2004, No. 18, § 1, eff. 90 days after Jan. 8, 2004.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-11/1110/
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PR
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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 11 - The Insurance Contract (§§ 1101 — 1137)›§ 1110 - Representations in applications
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2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 11 - The Insurance Contract (§§ 1101 — 1137) › § 1110 - Representations in applications
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All statements and descriptions in any application for an insurance policy or in negotiations therefor, by or in behalf of the insured, shall be deemed to be representations and not warranties. Misrepresentations, omissions, concealment of acts, and incorrect statements shall not prevent a recovery under the policy unless:
(1) Fraudulent; or
(2) material either to the acceptance of the risk, or to the hazard assumed by the insurer, or
(3) the insurer in good faith would either not have issued the policy, or would not have issued a policy in as large an amount, or would not have provided coverage with respect to the hazard resulting in the loss, if the true facts had been made known to the insurer as required either by the application for the policy or otherwise.
When the applicant incurs in any of the actions enumerated in subsections (1), (2) and (3) of this section, the recovery shall only be prevented if such actions or omissions contributed to the loss that gave rise to the action.
History —Ins. Code § 11.100.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-11/1111/
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PR
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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 11 - The Insurance Contract (§§ 1101 — 1137)›§ 1111 - Approval of forms
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2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 11 - The Insurance Contract (§§ 1101 — 1137) › § 1111 - Approval of forms
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(1) No person shall issue, deliver or use any basic insurance policy form or application form where a written application is required or printed rider or endorsement form, unless previously filed before and approved by the Commissioner. In order to achieve the greatest uniformity possible in the approval of policy forms, the Commissioner shall take into consideration the recommendations of the National Association of Insurance Commissioners.
This requirement shall not apply to the following:
(a) Bond forms.— Notwithstanding the above, the Commissioner, through regulations adopted pursuant to this title, may require that a specific bond form be filed for his/her consideration and approval when the public interest so warrants.
(b) Policies, printed riders or endorsements that are exclusive by nature, designed and used in connection with insurance for a risk in particular, or which refer to the method whereby benefits are to be distributed or to the reserve of rights and benefits in conformance with life and disability insurance policies, and are used at the request of the holder of the particular policy, contract or certificate.
(c) Wireless communications equipment policies, which shall mean policies which provide insurance coverage for wireless communications equipment, issued to vendors of this equipment as master or group policies under which consumers may be designated as certificate holders or additional insured parties. As used in this clause, “wireless communications equipment” shall mean all wireless earpieces, beepers, personal digital assistants, wireless telephones or wireless telephone batteries, and other related wireless devices and accessories used to access wireless communications services, including wireless services.
These wireless communications equipment policies and related forms do not have to be submitted to the Insurance Commissioner for his/her approval, nor comply with the rate filing obligations imposed under § 1205 of this title, provided the rates are established pursuant to an adequate rates plan, appear in the insurer’s records and meet the following requirements:
(i) The insurer shall submit the policy form before the Commissioner for informational purposes only. This policy form shall be accompanied by certification by an authorized officer of the insurer attesting to the compliance with that which is provided herein concerning the wireless communications equipment policies.
(ii) An insurer shall neither terminate nor modify in any way the terms and conditions of a wireless communications equipment policy, except when previous notice is given to the policyholders, additional insured parties and certificate holders thus affected. This notice shall be made in writing and given at least sixty (60) days in advance of the termination or modification of the terms and conditions of the policy. If the insurer were to modify the terms and conditions, the insurer shall be under the obligation to provide the master or group policyholder with a revised policy or an endorsement, and to provide each additional insured party or certificate holder with a revised certificate or an endorsement, an updated brochure or facsimile thereof and an explanation of the modifications made.
(iii) Notwithstanding the provisions of paragaph (i) of this clause, an insurer may terminate coverage, provided notice is given to the policyholders, additional insured parties and certificate holders thus affected, at least fifteen (15) days in advance, on the following grounds:
(I) Default in the payment of the premium, or
(II) having incurred fraud or misrepresentation of material information when applying for and obtaining coverage or when presenting a claim thereunder.
(iv) Notwithstanding the provisions of paragraph (i) of this clause, an insurer may immediately and automatically terminate the coverage of a certificate holder or additional insured party who:
(I) Ceases or cancels the active communications service with the vendor of wireless communications equipment, or
(II) exhausts the aggregate liability limit, if any, and the insurer remits a termination notice to the policyholder, certificate holder or additional insured party thus affected within fifteen (15) work days following exhaustion of the limit.
However, if notice is not sent within the term hereby established, coverage shall continue despite the aggregate liability limit, until the insurer remits notice of termination to the policyholder, certificate holder or additional insured party thus affected.
(v) Notwithstanding the provisions of paragraph (iii)(II) of this clause, at the request of a policyholder, a certificate holder or an additional insured party thus affected, coverage under the policy shall be eligible for reinstatement for a term not greater than twelve (12) months following the date on which the coverage limit was exhausted under policy terms and subject to the registration criteria at the time and which are generally applicable to policyholders, certificate holders and additional insured parties.
(vi) If the policyholder were to terminate the policy, he/she shall remit or deliver a written notice to each additional insured party or coverage certificate holder, advising them as to the termination of the policy and providing the date on which the same shall become effective. The written notice shall be remitted or delivered to each additional insured party or certificate holder at least thirty (30) days in advance of the date of termination.
(vii) The certificate holder or additional insured party shall be entitled to terminate the policy within a term of thirty (30) days of having acquired the same and to a refund of the premium, provided he/she has made no claims during said period.
(2) Every such filing shall be made not less than sixty days in advance of any such issuance, delivery, or use. At the expiration of such sixty days the form so filed shall be deemed approved unless prior thereto it has been affirmatively approved or disapproved by order of the Commissioner. The Commissioner may extend by not more than an additional sixty days the period within which he may affirmatively approve or disapprove any such form, by giving notice of such extension before expiration of the initial sixty-day period. At the expiration of any such period as so extended, and in the absence of such prior affirmative approval or disapproval, any such form shall be deemed approved. Approval of a form by the Commissioner shall constitute a waiver of the unexpired portion of the waiting period. The Commissioner may for cause, after a hearing, withdraw a previous approval.
(3) The Commissioner’s order disapproving a form or withdrawing a previous approval shall state the grounds therefor.
(4) No person shall knowingly issue or deliver any such form as to which the Commissioner’s approval does not then exist.
(5) The Commissioner may exempt from the requirements of this section, for the time he/she deems convenient, any insurance document or form or type thereof, as specified in said order, to which, in his/her opinion, this section cannot be practicably applied, or the filing and approval of which are not, in his/her opinion, desirable or necessary to protect the public.
Likewise, the Commissioner may exempt from the requirements of this section, any policy form or document related to those referred to in the preceding subsection (1), if said form or document has been approved by the home state of the insurer that intends to use it, or by a federal regulatory agency, and if said form or document contains the uniform clauses required by this Code.
(6) This section shall apply also to any form used by domestic insurers for delivery in a jurisdiction outside Puerto Rico, if the insurance supervisory official of such jurisdiction informs the Commissioner that such form is not subject to approval or disapproval by such official, and upon the Commissioner’s order requiring the form to be submitted to him for the purpose. The applicable same standards shall apply to such forms as apply to forms for use in Puerto Rico.
History —Ins. Code § 11.110; July 23, 1974, No. 133, Part 1, p. 598, § 3; Sept. 6, 2000, No. 382, § 8; Aug. 9, 2008, No. 232, § 1.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-11/1112/
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PR
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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 11 - The Insurance Contract (§§ 1101 — 1137)›§ 1112 - Ground for disapproval of forms
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2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 11 - The Insurance Contract (§§ 1101 — 1137) › § 1112 - Ground for disapproval of forms
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The Commissioner shall disapprove a form of policy, application, rider or endorsement, or shall withdraw his approval thereof, only:
(1) If it is in any respect in violation of or does not comply with this title.
(2) If it is inconsistent with any applicable filing theretofore made and approved.
(3) If it contains or incorporates by reference any inconsistent, ambiguous, or misleading clauses, or exceptions and conditions which deceptively affect the risk purported to be assumed in the general coverage of the contract.
(4) If it has any title, heading, or other indication of its provisions which is misleading.
(5) If any material part of the policy or form is printed or otherwise reproduced in a manner substantially illegible.
(6) If purchase of insurance thereunder is being solicited by deceptive advertising.
(7) If it is one concerning disability insurance and the benefits provided therein are unfair in relation to the premium charged.
(8) If it is one concerning disability as it appears defined in § 403 of this title, and same does not provide benefits for when an insured, through reasons of emergency or accident not covered by §§ 1–42 of Title 11, known as the “Workmen’s Accident Compensation Act”, receives hospital care in commonwealth or municipal hospitals.
(9) If the conditions or exclusions of the policy limit the insurance coverage, the sale thereof resulting in an unjust enrichment on the part of the insurer.
(10) If the grounds for the cancellation of the contract are arbitrary and unreasonable.
History —Ins. Code § 11.120; June 15, 1961, No. 69, p. 141, § 1; June 27, 1964, No. 109, p. 329, § 1; July 23, 1974, No. 133, Part 1, p. 598, § 4; May 10, 1976, No. 32, p. 84, § 9.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-11/1113/
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PR
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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 11 - The Insurance Contract (§§ 1101 — 1137)›§ 1113 - Standard provisions in general
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2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 11 - The Insurance Contract (§§ 1101 — 1137) › § 1113 - Standard provisions in general
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(1) Policies shall contain such standard provisions as are required by the applicable provisions, if any, of this title pertaining to contracts of particular kinds of insurance. The Commissioner may waive the required use of a particular standard provision in a particular insurance policy form if:
(a) He finds such provision unnecessary for the protection of the insured or beneficiary, and inconsistent with the purposes of the policy, and
(b) the policy is otherwise approved by him.
(2) No policy shall contain any provision inconsistent with or contradictory to any such standard provision used or required to be used, but the Commissioner may approve less favorable to the which in his opinion is not in any particular less favorable to the insured or beneficiary than the standard provision otherwise required.
No endorsement, rider, or other documents attached to such policy shall in any respect conflict with any such standard provision, or such approved substitute provision, contained or required to be contained in the policy. Any waiver or attempted waiver by the insured of any such standard or substitute provisions shall be void.
(3) In lieu of the standard provisions required by this title for policies for particular kinds of insurance, substantially similar standard provisions required by the law of a foreign insurer’s domicile or port of entry state into the United States may be used when approved by the Commissioner.
History —Ins. Code § 11.130.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-11/1114/
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PR
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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 11 - The Insurance Contract (§§ 1101 — 1137)›§ 1114 - Content of policies in general
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2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 11 - The Insurance Contract (§§ 1101 — 1137) › § 1114 - Content of policies in general
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(1) The written instrument in which a contract of insurance is set forth is the policy.
(2) Every policy to be effective in Puerto Rico shall be offered in the Spanish language and shall be issued in the English language at the option of the proposed insured. In the interpretation of said policies, the text that is of most benefit to the insured shall prevail. The provisions of this subsection shall not apply to such insurance which the Commissioner, through regulations to that effect, may exclude because of its technical nature or volume.
(3) The policy shall specify:
(a) The names of the parties to the contract, and the status of any party where such status is material to the contract. The policy shall be headed by the insurer’s name.
(b) The subject of the insurance.
(c) The hazards insured against.
(d) The amount of the insurance and benefits.
(e) The time at which the insurance thereunder takes effect and the period during which the insurance is to continue.
(f) A statement of the premium, and the premium rate if other than life, disability, or title insurance. As to title insurance, a statement of the premium need not be contained in the policy if such statement is contained in the application for the policy.
(g) The conditions pertaining to the insurance.
(h) Except policies of the kinds of insurance defined in §§ 402 and 403 of this title, and subject to the provisions of § 1127, the grounds on which the policy is cancelled and the right of the insured to request them.
(i) Except policies of the kinds of insurance defined in § 402, a clause specifying the procedure for the renewal of the policy. The Commissioner shall determine through regulation the insurances to which this provision applies.
(4) If under the contract the exact amount of premium is determinable only at termination of the contract, or at periodic intervals of the contract, a statement of the basis and rates upon which the final premium is to be determined and paid shall be furnished any policy examining bureau having jurisdiction or to the insured upon request.
(5) This section shall not apply to surety insurance except as provided in § 1111(1) of this title, or to group and blanket insurance policies or contracts.
(6) [Repealed. Act June 16, 1978, No. 6, p. 379, § 1, eff. June 16, 1978.]
—Ins. Code § 11.140; June 5, 1973, No. 98, p. 419, § 14; July 23, 1974, No. 161, Part 1, p. 729; May 10, 1976, No. 32, p. 84, § 10, May 19, 1977, No. 24, p. 49, June 16, 1978, No. 6, p. 379, § 1.
History
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-11/1115/
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PR
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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 11 - The Insurance Contract (§§ 1101 — 1137)›§ 1115 - Additional contents
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2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 11 - The Insurance Contract (§§ 1101 — 1137) › § 1115 - Additional contents
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(1) A policy may contain additional provisions which are not inconsistent with this title and which are:
(a) Required by the laws of the insurer’s domicile, or
(b) appropriate, on account of the manner in which the insurer is constituted or operated, to state the rights and obligations of the parties to the contract.
(2) If the insurer is a mutual or reciprocal insurer, the policy shall contain a statement of the contingent liability, if any, of the policyholder or insured.
History —Ins. Code § 11.150.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-11/1116/
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PR
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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 11 - The Insurance Contract (§§ 1101 — 1137)›§ 1116 - Charter, bylaw provisions
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2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 11 - The Insurance Contract (§§ 1101 — 1137) › § 1116 - Charter, bylaw provisions
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No policy shall contain any provision purporting to make any portion of the charter, bylaws, or other constituent document or rules of the insurer a part of the contract unless such portion is set forth in full in the policy. Any policy provision in violation of this section shall be invalid.
History —Ins. Code § 11.160.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-11/1117/
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PR
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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 11 - The Insurance Contract (§§ 1101 — 1137)›§ 1117 - Stated premium to include all charges
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2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 11 - The Insurance Contract (§§ 1101 — 1137) › § 1117 - Stated premium to include all charges
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(1) The premium stated in the policy shall be inclusive of all fees, charges, premiums, or other consideration charged for the insurance and for the procurement thereof, except that, in any subsequent modification of the policy, the insurer may require that evidence of insurability be furnished at the insurer’s expense.
(2) No insurer or its officer, employee, agent, solicitor, or other representative shall charge or collect any fee, compensation, or other consideration for insurance except that included in the premium stated in the policy.
(3) This section does not apply to warranty, property title and group insurance nor to authorized premium surcharges pursuant to §§ 3801–3819 of this title, except as provided in said sections.
History —Ins. Code § 11.170; July 20, 1979, No. 139, p. 328, § 2.
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-11/1118/
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PR
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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 11 - The Insurance Contract (§§ 1101 — 1137)›§ 1118 - Policy must contain entire contract; exception
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2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 11 - The Insurance Contract (§§ 1101 — 1137) › § 1118 - Policy must contain entire contract; exception
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(1) No agreement in conflict with, or modifying or extending, any contract of insurance shall be valid unless in writing and made a part of the policy.
(2) No insurer or its representative shall make any insurance contract or agreement relative thereto other than as is expressed in the policy.
(3) The requirements of this section shall not apply to the granting of additional benefits to all policyholders of an insurer, or to a class or classes of them, which do not require increases in premium rates or reduction or restrictions of coverage.
—Ins. Code § 11.180.
History
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-11/1119/
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PR
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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 11 - The Insurance Contract (§§ 1101 — 1137)›§ 1119 - Limiting actions on policies; jurisdiction
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2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 11 - The Insurance Contract (§§ 1101 — 1137) › § 1119 - Limiting actions on policies; jurisdiction
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(1) No policy delivered or issued for delivery in Puerto Rico and covering a subject of insurance resident, located, or to be performed in Puerto Rico, shall contain any condition, stipulation, or agreement:
(a) Depriving the insured of right of access to the courts for determination of his rights under the policy in event of dispute.
(b) Depriving the courts of Puerto Rico of jurisdiction of action against the insurer.
(c) Limiting right to institute action against the insurer to a period of less than one year from date cause of action accrues in connection with all insurances other than property and marine and transportation insurances; in property and marine and transportation policies such right shall not be limited to a period of less than one year from the date of occurrence of the event resulting in the loss.
(d) Requiring that the policy be governed by the laws of any other jurisdiction except as necessary to meet the requirements of motor vehicle financial responsibility laws or compulsory disability benefit laws of such other jurisdiction.
(2) Any condition, stipulation, or agreement in violation of this section shall be void, but such voidance shall not affect the validity of the other provisions of the policy.
—Ins. Code § 11.190.
History
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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-11/1120/
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PR
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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 11 - The Insurance Contract (§§ 1101 — 1137)›§ 1120 - Execution of policies
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2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 11 - The Insurance Contract (§§ 1101 — 1137) › § 1120 - Execution of policies
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(1) Every policy shall be executed in the name and on behalf of the insurer by its officer, attorney-in-fact, employee, or representative duly authorized by the insurer.
(2) A facsimile signature of any such individual may be used in lieu of an original signature.
(3) No policy heretofore or hereafter issued and which is otherwise valid shall be rendered invalid by reason of the apparent execution thereof on behalf of the insurer by the imprinted facsimile signature of an individual not authorized so to execute as of the date of the policy, if the policy is countersigned by the original signature or initial of an individual then so authorized.
History —Ins. Code § 11.200.
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