url
stringlengths 42
388
| state
stringclasses 50
values | path
stringlengths 83
10.4k
| title
stringlengths 34
2.24k
| content
stringlengths 0
2.39M
|
|---|---|---|---|---|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-11/1121/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 11 - The Insurance Contract (§§ 1101 — 1137)›§ 1121 - Binders; duration; agent’s liability
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 11 - The Insurance Contract (§§ 1101 — 1137) › § 1121 - Binders; duration; agent’s liability
|
(1) A “binder” is used to bind insurance temporarily pending the issuance of the policy. It may be oral or in writing. No binder shall be valid after the agreed date on it beyond the issuance of the policy for which it was given, or beyond such reasonable period as shall be established by rules and regulations promulgated by the Commissioner.
(2) A binder shall include all the usual terms of the policy as to which the binder was given.
(3) The Commissioner may suspend or revoke the license of any producer issuing or purporting to issue any binder as to any insurer named in the binder as to which he is not then authorized so to bind.
History —Ins. Code § 11.210; July 23, 1974, No. 133, Part 1, p. 598, § 5; Jan. 19, 2006, No. 10, § 9, eff. 120 days after Jan. 19, 2006.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-11/1122/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 11 - The Insurance Contract (§§ 1101 — 1137)›§ 1122 - Underwriters’ and combination policies
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 11 - The Insurance Contract (§§ 1101 — 1137) › § 1122 - Underwriters’ and combination policies
|
(1) Two or more authorized insurers may jointly issue, and shall be jointly and severally liable on, an underwriters’ policy bearing their names. Any one insurer may issue policies in the name of an underwriter’s department and such policies shall plainly show the true name of the insurer.
(2) Two or more authorized insurers may, with the Commissioner’s approval, issue a combination policy which shall contain provisions substantially as follows:
(a) That the insurers executing the policy shall be jointly and severally liable for the full amount of any loss or damage, according to the terms of the policy, or for specified percentages or amounts thereof, aggregating the full amount of insurance under the policy.
(b) That service of process, or of any notice or proof of loss required by such policy, upon any of the insurers executing the policy, shall constitute service upon all such insurers.
(3) This section shall not apply to co-surety obligations.
History —Ins. Code § 11.220.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-11/1123/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 11 - The Insurance Contract (§§ 1101 — 1137)›§ 1123 - Delivery of policy
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 11 - The Insurance Contract (§§ 1101 — 1137) › § 1123 - Delivery of policy
|
(1) Subject to the insurer’s requirements as to payment of premium, every policy shall be mailed or delivered to the insured or to the person entitled thereto within a reasonable period of time from the date in which the insured applied for its issuance.
When the insurer fails to take action for a reasonable period of time after payment of the first premium, such omission shall be considered as an issuance and delivery of the policy of the kind and in the amount applied for.
(2) If the original policy is delivered or is so required to be delivered to or for deposit with any vendor, mortgagee or pledgee of any personal or real property, and in which policy any interest of the vendee, mortgagor, or pledgor in or with reference to such personal or real property is insured, a duplicate of such policy or memorandum thereof, [setting forth the name and address of the insurer,] type of coverage, limit of liability, premiums for the respective coverages, and duration of the policy, shall be delivered by the vendor, mortgagee, or pledgee to each such vendee, mortgagor, or pledgor named in the policy or coming within the group of persons designated in the policy to be so included.
If the policy does not provide coverage of legal liability for injury to persons or damage to the property of third parties on behalf of the vendee, mortgagor, or pledgor, a statement of such fact shall be printed, written or stamped conspicuously on the face of such duplicate policy or memorandum.
History —Ins. Code § 11.230; July 23, 1974, No. 133, Part 1, p. 598, § 6.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-11/1124/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 11 - The Insurance Contract (§§ 1101 — 1137)›§ 1124 - Validity of noncomplying forms
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 11 - The Insurance Contract (§§ 1101 — 1137) › § 1124 - Validity of noncomplying forms
|
(1) Any insurance policy, rider, or endorsement issued after the effective date of this Code and otherwise valid, which contains any condition or provision not in compliance with the requirements of this title, shall not be rendered invalid thereby, but shall be construed and applied in accordance with such conditions and provisions as would have applied had such policy, rider, or endorsement been in full compliance with this title.
(2) Failure to secure the Commissioner’s approval of a form before use as required by § 1111 of this title, shall subject the insurer to the penalties provided by this title, but shall not of itself render invalid any policy issued thereon.
History —Ins. Code § 11.240.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-11/1125/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 11 - The Insurance Contract (§§ 1101 — 1137)›§ 1125 - Construction of policies
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 11 - The Insurance Contract (§§ 1101 — 1137) › § 1125 - Construction of policies
|
Every insurance contract shall be construed according to the entirety of its terms and conditions as set forth in the policy, and as amplified, extended, or modified by any lawful rider, endorsement, or application attached to and made a part of the policy.
—Ins. Code § 11.250.
History
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-11/1126/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 11 - The Insurance Contract (§§ 1101 — 1137)›§ 1126 - Renewal of policy
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 11 - The Insurance Contract (§§ 1101 — 1137) › § 1126 - Renewal of policy
|
Any insurance policy terminating by its terms at a specified expiration date and not otherwise renewable, may be renewed or extended at the option of the insurer, upon a currently authorized policy form and at the premium rate then required therefor, for a specific additional period or periods by a certificate or by endorsement of the policy, and without requiring the issuance of a new policy.
History —Ins. Code § 11.260.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-11/1127/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 11 - The Insurance Contract (§§ 1101 — 1137)›§ 1127 - Limitation of cancellation by insurer
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 11 - The Insurance Contract (§§ 1101 — 1137) › § 1127 - Limitation of cancellation by insurer
|
(1) The insurer may not cancel an insurance contract after it has been in force for a period of sixty (60) days or more, except for default in premium payment and for the reasons specified in the policy. Provided, That the insured may request the cancellation of the insurance contract according to the terms specified in the policy.
Upon petition of the insured, the insurer shall specify to him the grounds for the cancellation. The Commissioner shall through regulation determine the insurances to which this subsection shall apply, and the procedure to be followed for their cancellation.
(2) In addition to such right and procedure for cancellation of an insurance contract by either the insurer or the insured as may be expressed in the policy, the Commissioner may order the immediate cancellation of any policy procured or effectuated through violation of this title, except if the policy is by its terms not cancellable by the insurer and the insured did not knowingly participate in any such violation.
History —Ins. Code § 11.270; May 10, 1976, No. 32, p. 84, § 11.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-11/1128/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 11 - The Insurance Contract (§§ 1101 — 1137)›§ 1128 - Assignment of policies
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 11 - The Insurance Contract (§§ 1101 — 1137) › § 1128 - Assignment of policies
|
(1) A policy may be assignable or not assignable, as provided by its terms.
(2) Subject to the terms of the policy relating to its assignability, whether such policies were heretofore or are hereafter assigned, any policy issued by a life or disability insurer under the terms of which the beneficiary may be changed upon the sole request of the insured, may be assigned either by pledge or transfer of title, by an assignment executed by the insured alone and delivered to the assignee, whether or not the pledgee or assignee is the insurer. Any such assignment shall entitle the insurer to deal with the assignee as the owner or pledgee of the policy in accordance with the terms of the assignment, until the insurer has received at its home office written notice of termination of the assignment or pledge.
History —Ins. Code § 11.280.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-11/1130/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 11 - The Insurance Contract (§§ 1101 — 1137)›§ 1130 - Payment discharges insurer
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 11 - The Insurance Contract (§§ 1101 — 1137) › § 1130 - Payment discharges insurer
|
(1) Whenever the proceeds of, or payments under, a policy or contract heretofore or hereafter issued by a life or disability insurer, become payable in accordance with the terms of such policy or contract, or through the exercise of any right or privilege thereunder, and the insurer makes payment thereof in accordance with the terms of the policy or contract or in accordance with written assignment thereof, to the person then designated in the policy or contract or in the insurer’s records or by such assignment as being entitled thereto, such payment shall fully discharge the insurer from all claims under the policy or contract, unless, before payment is made, the insurer has received at its home office, written notice by or on behalf of some other person that such other person claims to be entitled to such payment or some interest in the policy or contract.
History —Ins. Code § 11.300.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-11/1130a/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 11 - The Insurance Contract (§§ 1101 — 1137)›§ 1130a - Simultaneous deaths
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 11 - The Insurance Contract (§§ 1101 — 1137) › § 1130a - Simultaneous deaths
|
When the insured and the beneficiary or beneficiaries in a life insurance or disability policy die and there is no evidence as to who died before, the policy shall be paid according to its terms as if the beneficiary or beneficiaries had died before the insured. No rule of evidence regarding simultaneous deaths shall apply to cases under this section.
An agreement between the parties included in the policy by which the insured states that the benefits of the policy shall be paid to other beneficiaries instead of the heirs of the insured in cases of simultaneous deaths under this section, shall be valid.
History —Ins. Code § 11.301.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-11/1131/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 11 - The Insurance Contract (§§ 1101 — 1137)›§ 1131 - Minor may give acquittance
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 11 - The Insurance Contract (§§ 1101 — 1137) › § 1131 - Minor may give acquittance
|
Any minor domiciled in Puerto Rico who has attained age eighteen, shall be deemed competent to receive and to give full acquittance and discharge for a payment or payments in aggregate amount not exceeding two thousand dollars ($2,000) in any one year, made by a life insurer as benefits payable to such minor in compliance with the provisions of an insurance policy or annuity contract or settlement agreement. No such minor shall be deemed competent to alienate the right to, or to advance, such payments. This section shall not be deemed to restrict the rights of minors insured pursuant to § 1103 of this title.
History —Ins. Code § 11.310.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-11/1132/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 11 - The Insurance Contract (§§ 1101 — 1137)›§ 1132 - Exemption of proceeds—Disability policies
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 11 - The Insurance Contract (§§ 1101 — 1137) › § 1132 - Exemption of proceeds—Disability policies
|
(1) The proceeds and avails of disability insurance policies and of provisions providing benefits for disability which are supplemental to life insurance or annuity contracts, whether heretofore or hereafter effected, shall be exempt from all liability and legal process for any debt of the insured, and for any debt of the beneficiary existing at the time the proceeds are made available for his/her use, except as follows:
(a) The exemption shall not apply with respect to the excess of periodic benefits payable under all policies to the insured because of disability, over the sum of eight hundred dollars ($800) [per month].
(b) The exemption shall not apply to periodic payments payable to the insured, with respect to necessaries contracted for by the insured during the period of his disability, if the complaint contains a statement to that effect.
The exceptions stated in clauses (a) and (b) of this subsection shall not apply as to lump sum benefits for dismemberment, or to benefits payable, on account of the insured’s accidental death, to a beneficiary designated in the policy, other than the insured’s estate.
(2) This section shall not be deemed to prevent payment by the insurer of proceeds to a creditor of the insured pursuant to express provision in the policy or as authorized by a written assignment or consent of the insured as permitted by the terms of the policy and filed with the insurer.
History —Ins. Code § 11.320; June 20, 2007, No. 49, § 1.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-11/1133/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 11 - The Insurance Contract (§§ 1101 — 1137)›§ 1133 - Exemption of proceeds—Life policies
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 11 - The Insurance Contract (§§ 1101 — 1137) › § 1133 - Exemption of proceeds—Life policies
|
(1) The lawful beneficiary, assignee, or payee of a life insurance policy (other than an annuity contract), heretofore or hereafter effected by any person on his own life, or on the life of another, in favor of a person other than himself, shall be entitled to the proceeds and avails of the policy against the creditors and representatives of the insured and of the person effecting the insurance, and such proceeds and avails shall also be exempt from all liability for any debt of such beneficiary existing at the time the proceeds and avails are made available for his use.
(2) The provisions of subsection (1) shall apply:
(a) Whether or not the right to change the beneficiary is reserved or permitted in the policy, and
(b) whether or not the policy is made payable to the person whose life is insured, or to his estate, if the beneficiary, assignee, or payee shall predecease such person; except, that this clause shall not be construed so as to defeat any policy provision for other disposition of proceeds in event the beneficiary predeceases the insured.
(3) For the purposes of subsection (1) a policy shall also be deemed to be payable to a person other than the insured if and to the extent that a facility-of-payment clause or similar clause in the policy permits the insurer to discharge its obligation after the death of the individual insured by paying the death benefits to the person permitted by such clause.
(4) This section shall not apply as to a debt secured by a pledge of the policy, rights under the policy assigned, and to advance payments made on or against the policy.
(5) Benefits payable to the insured under any such policy in periodic installments, whether or not involving life contingencies, shall be governed by § 1135 of this title.
(6) No person shall be compelled to exercise any rights, powers, options, or privileges under any such policy.
History —Ins. Code § 11.330.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-11/1134/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 11 - The Insurance Contract (§§ 1101 — 1137)›§ 1134 - Exemption of proceeds—Group life
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 11 - The Insurance Contract (§§ 1101 — 1137) › § 1134 - Exemption of proceeds—Group life
|
(1) A policy of group life insurance or the proceeds thereof payable to the insured or to a named beneficiary other than the insured, or under a facility-of-payment clause, shall be free of claims from the creditors of the insured or of the beneficiary or of any other payee.
(2) This section shall not apply to group life insurance issued to debtor groups pursuant to this title, to the extent that such proceeds are applied to payment of the obligation for the purpose of which the insurance was so issued.
History —Ins. Code § 11.340.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-11/1135/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 11 - The Insurance Contract (§§ 1101 — 1137)›§ 1135 - Exemption of proceeds—Commutation; annuities
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 11 - The Insurance Contract (§§ 1101 — 1137) › § 1135 - Exemption of proceeds—Commutation; annuities
|
(1) The benefits, rights, privileges and options which the annuitant may have under any annuity contract shall be free of claims from his/her creditors, and the creditors shall not be allowed to interfere with or terminate the contract except:
(a) As to amounts paid for or as premium on any such annuity with intent to defraud creditors, with interest thereon, but with respect only to annuity payments payable after final judgment of a court establishing the fact of fraud, and after written notice of such judgment has been filed with the insurer at his home office.
(b) The total exemption of benefits due and payable to any annuitant periodically or at stated times under all annuity contracts under which he/she is an annuitant, shall not at any time exceed one thousand dollars ($1,000) per month for the length of time represented by such installments.
(c) If the total benefits due and payable to any annuitant under all annuity contracts under which he/she is an annuitant shall at any time exceed payment at the rate of one thousand dollars ($1,000) per month, then the court may order such annuitant to pay to a judgment creditor or apply on the judgment, in installments, such portion of such excess benefits as to the court may appear just and proper, after due regard for the reasonable requirements of the judgment debtor and his/her family, if dependent upon him, as well as any payments required to be made by the annuitant to other creditors under prior court orders.
(2) If the contract so provides, the benefits, rights, privileges or options accruing under such contract to a beneficiary or assignee shall not be transferable nor subject to commutation, and if the benefits are payable periodically or at stated times, the same exemptions and exceptions contained herein for the annuitant, shall apply with respect to such beneficiary or assignee.
(3) An annuity contract within the meaning of this section shall be any obligation to pay certain sums at stated times, during life or lives, or for a specified term or terms, issued for a valuable consideration, regardless of whether or not such sums are payable to one or more persons, jointly or otherwise, but does not include payments to beneficiaries on account of death of the insured under life insurance contracts at stated time during life or lives, or for a specified term or terms.
History —Ins. Code § 11.350; June 20, 2007, No. 49, § 2.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-11/1136/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 11 - The Insurance Contract (§§ 1101 — 1137)›§ 1136 - Forms for proof of loss to be furnished
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 11 - The Insurance Contract (§§ 1101 — 1137) › § 1136 - Forms for proof of loss to be furnished
|
An insurer shall furnish upon written request of any person claiming to have a loss under any insurance contract, forms of proof of loss for completion by such person, but such insurer shall not, by reason of this requirement or the furnishing of such forms, have any responsibility or liability for or with reference to the completion of such proof or the manner of any such completion or attempted completion.
History —Ins. Code § 11.360.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-11/1137/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 11 - The Insurance Contract (§§ 1101 — 1137)›§ 1137 - Claim administration not waiver
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 11 - The Insurance Contract (§§ 1101 — 1137) › § 1137 - Claim administration not waiver
|
Without limitation of any right or defense of an insurer otherwise, none of the following acts by or on behalf of an insurer shall be deemed to constitute a waiver of any provision of a policy or of any defense of the insurer thereunder:
(1) Acknowledgement of the receipt of notice of loss or claim under the policy.
(2) Furnishing forms for reporting a loss or claim, for giving information relative thereto, or for making proof of loss, or receiving or acknowledging receipt of any such forms or proofs completed or uncompleted.
(3) Investigating any loss or claim under any policy or engaging in negotiations looking toward a possible settlement of any such loss or claim.
History —Ins. Code § 11.370.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-12/1201/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240)›§ 1201 - Purpose
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240) › § 1201 - Purpose
|
The purpose of this chapter is to promote the public welfare by regulating insurance rates to the end that they shall not be excessive, inadequate, or unfairly discriminatory, and to authorize and regulate cooperative action among insurers in rate making and in other matters within the scope of this chapter. Nothing in this chapter is intended:
(1) To prohibit or discourage reasonable competition, or
(2) to prohibit or encourage, except to the extent necessary to accomplish the aforementioned purpose, uniformity in insurance rates, rating systems, rating plans or practices.
This chapter shall be liberally interpreted to carry into effect the provisions of this section.
History —Ins. Code § 12.010.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-12/1202/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240)›§ 1202 - Scope of chapter
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240) › § 1202 - Scope of chapter
|
(1) Except as is otherwise expressly provided, the provisions of this chapter apply to all insurances upon subjects located, resident, or to be performed in Puerto Rico, except:
(a) Life insurance and annuity contracts.
(b) Disability insurance.
(c) Reinsurance, except as to joint insurance as provided in § 1234 of this title.
(d) Insurance against loss of or damage to aircraft, their hulls, accessories, and equipment, or against liability, other than workmen’s compensation and employer’s liability, arising out of the ownership, maintenance, or use of aircraft.
(e) Insurance of vessels or craft, their cargoes, marine builders’ risks, marine protection and indemnity; and other risks commonly insured under marine, as distinguished from inland marine insurance contracts.
(f) Surplus line insurance written under §§ 1001–1019 of this title.
(2) The Commissioner may from time to time make investigations with respect to classes of risks of the kind of insurance herein exempted, and may require any authorized insurer and rating organizations rating such risks within Puerto Rico to furnish information relative thereto.
(3) Insurance covering the risks of the Commonwealth of Puerto Rico, its dependencies, entities, corporations, authorities and municipalities.— Regarding this insurance, the Commissioner shall issue rules and regulations establishing the conditions and obligations which will best protect the public interest and likewise guarantee fair and reasonable treatment to the insurer, among which a rule shall be included so that any insurer or general agent who covers the Commonwealth’s risks shall be obliged to submit, within the ninety (90) days following the end of the calendar year, a detailed list of the losses paid and claims pending against the insurance policy or policies contracted. By means of these rules and regulations, the Commissioner may authorize the quotation of premiums that differ from those fixed by the Rates Manual, whenever he/she deems it is necessary or convenient.
Except where otherwise provided by law, the Secretary of the Treasury shall procure and contract insurance for the Commonwealth and its municipalities. He/she shall also procure and contract insurance for the public corporations and authorities of the Commonwealth, but the Governor may allow all, or any of said public corporations or public authorities to procure and contract any insurance directly, in the cases in which special circumstances or reasons may require it, upon the recommendation to such effects by the Commissioner, after said official has examined all the grounds adduced to justify such request, in detail, and the criteria and formalities that have prevailed in similar situations in the past. The contracting of the insurance mentioned above shall be put up for public bidding, except in those cases in which it is determined that the public bidding method is not the most appropriate for the best protection of the public interest. The Commissioner is hereby empowered to use the available resources in the Fund for the Administration and Regulation of the Insurance Industry, established by means of Act No. 66 of March 27, 1976, to appropriate to the Department of the Treasury a sum that shall not exceed four percent (4%) of the Office’s annual operating budget, to defray nonrecurrent expenses related to the administration of the provisions of this subsection.
The head of the corporation or authority who has obtained an authorization from the Governor to procure and contract for its insurance directly shall be obliged to provide and inform the following data to the Commissioner and the Secretary of the Treasury, immediately, with regard to each insurance policy that is in effect, or that is contracted as of the effective date of this act:
(a) Name and address of the insurer and name and address of the person designated in the policy to accept judicial summons and legal documents.
(b) Number of the policy issued.
(c) Date of issue and effectiveness of the policy.
(d) Nature and amount of the liability assumed by the insurer.
(e) Rate of premium charged.
(f) Total amount of premium.
(g) Method used in the selection of the insurer.
(h) Date of the report.
(i) Any other information that might be required by the Commissioner.
The Commissioner shall prescribe and furnish the corresponding forms for this report.
The repeated and unjustified failure to comply with the obligation to render the report required herein from the corporations and authorities shall cause the Governor of Puerto Rico, by request of the Commissioner, or on his own initiative, to revoke the authorization granted by virtue of this paragraph.
In reinsurance cases, the Secretary or the head of those corporations and authorities authorized to procure their insurance directly, pursuant to this paragraph, shall be compelled to procure and obtain the information listed in § 413 of this title.
The Secretary of the Treasury shall pay the premiums on this insurance from the general fund of the Commonwealth of Puerto Rico. The corporations, authorities and municipalities shall reimburse the amounts corresponding to the premiums for their insurance to the general fund of the Commonwealth of Puerto Rico. In the case of the municipalities, the Secretary of the Treasury shall withhold the amount of their premiums from the property taxes collected for each municipality.
The personnel needed by the Secretary of the Treasury for the administration of this provision shall not be subject to the “Personnel Act”.
History —Ins. Code § 12.020; May 23, 1984, No. 20, p. 42; June 29, 1996, No. 62, § 12.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-12/1203/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240)›§ 1203 - Definitions
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240) › § 1203 - Definitions
|
As used in this chapter:
(1) Rate.— Includes as the context may require, either the consideration to be paid or charged for insurance contracts, including also fidelity and surety bonds, or the elements and factors forming the basis for the determination or application of the same, or both.
(2) Rate filings.— Means the filings made pursuant to § 1205 of this title.
(3) Rating organization.— Means every organization which now exists or which may hereafter be formed for the purpose of making rates to be used by more than one authorized insurer.
(4) Subscriber.— Means an insurer which is furnished rating services at its request by a rating organization of which it is not a member.
(5) Advisory or Service Organization.— Means a group, association, or other organization of insurers, whether located within or outside Puerto Rico, which assists insurers which make their own filings, or rating organizations in rate making, by the collection and furnishing of loss or expense statistics, or by the submission of recommendations, but which does not make filings under this chapter.
History —Ins. Code § 12.030.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-12/1204/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240)›§ 1204 - Rate making bases
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240) › § 1204 - Rate making bases
|
(1) Rates shall be made in accordance with the following provisions:
(a) Basic classification, manual, minimum, class rates, rating schedules or rating plans shall be made and adopted, except as to specific rates on inland marine risks individually rated, which risks are not reasonably susceptible to manual or schedule rating, and which risks, by general custom of the business, are not written according to manual rates or rating plans. Any departure from such rates shall be in accordance with schedules, rating plans, and rules filed with the Commissioner.
(b) Rates shall not be excessive, inadequate, or unfairly discriminatory.
(c) No rate shall discriminate unfairly between risks involving essentially the same hazards and expense elements or between risks in the application of like charges and credits.
(d) Consideration shall be given to the past and prospective loss experience, and when it exists, to premium and loss experience of all the insurers that use said rates in Puerto Rico, in insurance provided in individual policies, as well as in policies or multiple-line contracts, as defined by regulations, except the experience of sections or parts of said policies or multiple-line contracts with indivisible premiums and their corresponding losses, including conflagration and catastrophe hazards, if any; to all the factors that can reasonably be attributable to the class of risks; to paid commissions and to other expenses incurred in Puerto Rico in contracting the insurance; to a reasonable underwriting profit, and in the case of participating insurers, to policyholders’ dividends. The Commissioner, when he deems it convenient, may authorize that the premiums and loss experience outside of Puerto Rico be taken into consideration. In the case of fire insurance rates, consideration shall be given to the insurers’ premium and loss experience during a period of not less than the last five years for which said experience is available.
All rate filings must establish the maximum portions for commissions that the insurer must pay, as well as the portions that shall be designated to profits and other expenses incurred in the underwriting of the insurance.
The Commissioner may disapprove the filing of rates, if he considers the concession of commissions, profits or other expenses to be incurred during the underwriting of the insurance, is excessive. To these effects, the Commissioner, when he deems it proper, may fix the maximum portion of commissions to be paid for underwriting the insurance in a type or subdivision of a class of insurance.
(e) Risks may be grouped by classifications for the establishment of rates and minimum premiums. Classification rates may be modified to produce rates for individual risks in accordance with rating plans which establish standards for measuring variations in hazards or expense provisions, or both. Such standards may measure any differences among risks that can be demonstrated to have a probable effect upon losses or expenses.
(2) The systems of expense provisions included in the rates filed by any casualty insurance rating organization for use by any insurer or group of insurers may differ from those of other insurers or group of insurers to reflect the requirements of the operating methods of any such insurer or group with respect to any kind of insurance, or with respect to any subdivision or combination thereof for which subdivision or combination separate expense provisions are applicable.
(3) No fire insurance rating organization and no fire insurer which makes and files its own rates shall make or promulgate any rate or schedule of rates which is to be applied to any risk on the condition that the whole amount of insurance on any risk or any specified part thereof shall be placed with the members of or subscribers to such rating organization or with such insurer.
History —Ins. Code § 12.040; July 23, 1974, No. 133, Part 1, p. 598, § 7; June 4, 1983, No. 89, p. 211, § 1.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-12/1205/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240)›§ 1205 - Filing requirements
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240) › § 1205 - Filing requirements
|
(1) Except as provided in § 1209 of this title, every rating organization and every authorized insurer shall file with the Commissioner, before using them in Puerto Rico, every rate manual, schedule of rates, classification of risk, rating plan, multiple-line program as defined by regulations, and every other rating rule made or used by it, as well as any other information concerning the application and computation of rates made and used by it, and every modification of any of the foregoing which it contemplates using. No such filing is required as to inland marine risks which, in accordance with general customs of the business, is not insured with rate manuals or rating plans. The rates on specific types of risks for inland marine risks specifically classified by a rating organization shall be filed with the Commissioner.
An insurer may fulfill its obligation to make such filings for any kind or type of insurance by becoming a member of, or subscribing to a rating organization which makes such filings for such kind or type of insurance, and by authorizing the Commissioner to accept them from the rating organization on such insurer’s behalf. Provided, That in the case of property insurance, the insurer shall become a member or subscriber of a rating organization authorized to present such insurance rates before the Commissioner.
(2) Every such filing shall state its proposed effective date and shall state or clearly indicate the character and extent of the coverage contemplated.
(3) Except as provided in subsection (1) of this section on property insurance, nothing contained in this chapter shall be construed as requiring any insurer to become a member or subscriber of a rating organization. Uniformity in rates or filings for registration is neither required nor prohibited.
(4) When a filing is not accompanied by the information upon which the insurer supports such filing, and the Commissioner does not have sufficient information to determine whether such filing meets the requirements of this chapter, he shall require the insurer to furnish such information. The information furnished in support of a filing may include:
(a) The experience or judgment of the insurer or rating organization making the filing,
(b) its interpretation of any statistical data it relies upon,
(c) the experience of other insurers or rating organizations,
(d) any other relevant factors.
(5) A filing and any supporting information shall be open to public inspection after the filing becomes effective.
History —Ins. Code § 12.050; May 10, 1976, No. 32, p. 84, § 12; Feb. 16, 1979, No. 15, p. 28, § 9; June 4, 1983, No. 89, p. 211, § 2.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-12/1206/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240)›§ 1206 - Effective date of filing; review, disapproval
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240) › § 1206 - Effective date of filing; review, disapproval
|
(1) The Commissioner shall review a filing as soon as reasonably possible after made, to determine whether it meets the requirements of this chapter.
(2) Except as provided in § 1207 of this title:
(a) No such filing shall become effective within thirty days after date of filing with the Commissioner, which period may be extended by the Commissioner for an additional period of not to exceed sixty days, if he gives notice within such waiting period to the insurer or rating organization which made the filing, that he needs such additional time for the consideration of the filing. Provided, That in case that the Commissioner may determine that the information furnished in the filing is not sufficient and therefore he requests additional information, the period of time lapsed from the moment in which the Commissioner gives notice of his request for additional information until same is filed with him, shall not be counted in the computation of the above-mentioned terms. The Commissioner may, upon application and for cause shown, waive such waiting period or any part thereof as to a filing which he has not disapproved.
(3) A filing shall be deemed to meet the requirements of this chapter unless disapproved by the Commissioner within the waiting period or any extension thereof.
(4) A rate filing as to any insurance or surety bond in lieu thereof required by any act of the Legislature shall not become effective until approved by the Commissioner.
History —Ins. Code § 12.060; July 23, 1974, No. 133, Part 1, p. 598, § 8.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-12/1207/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240)›§ 1207 - Special filings
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240) › § 1207 - Special filings
|
The following special filings, when not covered by a previous filing, shall become effective when filed and shall be deemed to meet the requirements of this chapter until such time as the Commissioner reviews the filing and for so long thereafter as the filing remains in effect:
(1) Special filings with respect to fidelity or surety bonds required by law or by court or executive order or by order, rule, or regulation of a public body.
(2) Specific rates on inland marine risks individually rated by a rating organization.
History —Ins. Code § 12.070.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-12/1208/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240)›§ 1208 - Waiver of filing
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240) › § 1208 - Waiver of filing
|
The Commissioner may suspend or modify the filing requirement either according to the rules and regulations he/she adopts, or by order, with regard to any type of insurance, subdivision or combination thereof, or with regard to the types of risk for which the rates cannot be practicably filed before they are used, or regarding the types of insurance for which a federal statute does not require such filing. Said orders, rules or regulations shall be made known to the insurers and organizations affected. The Commissioner may carry out any investigations he/she deems convenient to determine whether the rates affected by said order meet the requirements of § 1204(1)(b) [and] (c) of this title.
History —Ins. Code § 12.080; Sept. 6, 2000, No. 382, § 9.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-12/1209/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240)›§ 1209 - Excess rates
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240) › § 1209 - Excess rates
|
Upon written application by the insurer, stating the reasons therefor, filed with and approved by the Commissioner, a rate in excess of that provided by a filing otherwise applicable may be used on any specific risk.
Every insurer who decides to use on any specific risk a rate in excess of that provided by a filing which is otherwise applicable must submit evidence showing that the procurement of such coverage was not obtainable at normal rates from insurers authorized to underwrite the risk, as determined by the Commissioner. An insurer may, without the prior approval of the Commissioner, temporarily use on any specific risk, a rate in excess of that provided by a filing which is otherwise applicable, provided that within thirty (30) days from the date on which said excess rate was used for the first time, a filing is submitted for the consideration and approval of the Commissioner, pursuant to the provisions of this chapter. If the Commissioner finds that said filing does not comply with the provisions of this title, the insurer shall be obliged to amend each and every one of the contracts thus issued from the date said rate was first used, and shall advise the Commissioner of such action. Any cancellation of the contract shall be done according to the rates in effect at the time of the presentation, except that if there were a loss while the temporary rate is being used, the cancellation shall be made according to the rates presented by the insurer.
This section shall not apply to rates to be used in master policies and certified ones.
History —Ins. Code § 12.090; July 23, 1974, No. 133, Part 1, p. 598, § 9; Feb. 16, 1979, No. 15, p. 28, § 10; June 18, 1980, No. 151, p. 678, § 5.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-12/1210/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240)›§ 1210 - Disapproval of filing
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240) › § 1210 - Disapproval of filing
|
If within the waiting period or any extension thereof, as provided in § 1206 of this title, the Commissioner finds that a filing does not meet the requirements of this chapter, he shall disapprove such filing, and shall give written notice of such disapproval, specifying the respects in which he finds the filing fails to meet such requirements, and stating that the filing shall not become effective, to the insurer or rating organization which made the filing.
History —Ins. Code § 12.100.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-12/1211/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240)›§ 1211 - Disapproval of special filing
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240) › § 1211 - Disapproval of special filing
|
(1) If within thirty days after a special filing subject to § 1207 of this title has become effective the Commissioner finds that the filing does not meet the requirements of this chapter, he shall disapprove the filing and shall give notice to the insurer or rating organization which made the filing, specifying in what respects he finds that the filing fails to meet such requirements and stating when, within a reasonable period thereafter, the filing shall be deemed no longer effective.
(2) Such disapproval shall not affect any contract made or issued prior to the expiration of the period set forth in the notice of disapproval.
History —Ins. Code § 12.110.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-12/1212/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240)›§ 1212 - Subsequent disapproval
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240) › § 1212 - Subsequent disapproval
|
(1) At any time subsequent to the applicable review period provided in § 1206 or 1207 of this title, the Commissioner may order a hearing to determine whether or not a filing meets the requirements of this chapter. At least ten days’ written notice of such hearing shall be given to every insurer and rating organization which has made such filing. If the Commissioner finds after such hearing that such filing fails to meet the requirements of this chapter, he shall issue his order specifying in what respects he finds that such filing fails to meet the requirements of this chapter and stating when, within a reasonable period thereafter, the filing shall be deemed no longer effective.
(2) Such order shall not affect any contract or policy made or issued prior to the expiration of the period set forth in the order.
(3) If after such notice and hearing the Commissioner finds that unfair discrimination exists in the making or application of any rate, he may order removal of such discrimination; but the discrimination shall not be removed by increasing the rate on any risk affected by the order unless the increase is approved by the Commissioner as reasonable.
(4) Any person aggrieved with respect to any filing then in effect, other than the insurer or rating organization which made the filing, may make written application to the Commissioner for a hearing thereon. The application shall specify the grounds to be relied upon by the applicant. If the Commissioner finds that the application is made in good faith, that the applicant would be so aggrieved if his grounds are established and that such grounds otherwise justify holding the hearing, he shall, within thirty days after receipt of the application, hold a hearing as required in subsection (1).
(5) No manual, minimum, class rate, rules, classification, rating plan, rating rule, or any modification of any of the foregoing, or any modification which establishes standards for measuring variations in hazards or expense provisions, or both, and which has been filed pursuant to § 1205 of this title shall be disapproved if the rates thereby produced meet the requirements of this chapter.
History —Ins. Code § 12.120.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-12/1213/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240)›§ 1213 - Compliance with filings required
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240) › § 1213 - Compliance with filings required
|
(1) No member of, or subscriber to any rating organization, and no insurer which makes and files its own rates, shall charge or receive any rate which deviates from the rates, rating plans, classifications, schedules, rules, standards and multiple-line programs, as defined by regulations, made and filed by such rating organization, or by such insurer, as the case may be, which are applicable to any kind or type of business done by such member or the subscriber, or by such insurer, except as provided in this chapter.
(2) No insurer, and no licensed insurance agent, solicitor, employee, or other representative of an insurer, nor any licensed insurance broker, shall charge or demand a rate or receive a premium which deviates from the rates, rating plans, classifications, schedules, rules, standards, and multiple-line programs, as defined by regulations, made and ultimately filed by, or on behalf of the insurer, nor issue or write any policy or contract involving a violation of such filing.
(3) No insurer, insurance agent, licensed insurance broker, solicitor, employee or other representative of an insurer shall charge, demand, receive or pay commissions on a policy, in excess of the maximum commissions fixed by the filing of approved rates or the maximum commissions fixed by the Commissioner. The Commissioner, from time to time, will notify the insurers and other insurance-related personnel of the maximum concessions for commissions then in effect.
History —Ins. Code § 12.130; June 4, 1983, No. 89, p. 211, § 3.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-12/1214/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240)›§ 1214 - Deviations
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240) › § 1214 - Deviations
|
Every subscribing member of a rating organization shall adhere to the filings made on his behalf by such organization, except that any such insurer may make written application to the Commissioner for permission to file a uniform percentage deviation to be applied to the premiums produced by the rating system filed by such rating organization for a kind of insurance or for a class of insurance which is found by the Commissioner to be a proper rating unit for the application of such deviation, or for a subdivision of a class of insurance:
(1) Comprised of a group of classifications by rate manual which is treated as a separate unit for rate-making purposes, or
(2) for which separate expense provisions have been included in the filings of the rating organization.
The application must specify the basis for the modification, and a copy of said application shall be sent simultaneously to the rating organization.
In considering the application for permission to file such deviation, the Commissioner shall give consideration to the available statistics and the rate-making principles as provided in § 1204 of this title. The Commissioner shall issue an order permitting the deviation for such insurer to be filed, unless he finds that the resulting premiums would be excessive, inadequate, or unfairly discriminatory.
Each deviation permitted to be filed shall be in effect until terminated, with the approval of the Commissioner.
History —Ins. Code § 12.140; June 4, 1983, No. 89, p. 211, § 4.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-12/1215/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240)›§ 1215 - Statistical reports required
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240) › § 1215 - Statistical reports required
|
(1) Every authorized insurer shall annually file with the rating organization of which it is a member or subscriber, or with such other agency as the Commissioner may approve, a statistical report showing a classification schedule of its premiums and losses on all kinds or types of insurance business to which this section is applicable and such other information as the Commissioner may deem necessary or expedient for the administration of the provisions of this chapter. The Commissioner may from time to time prescribe the form of such report including statistical data conforming to established classifications. Such statistical reports shall be consolidated in accordance with regulations prescribed by the Commissioner. No insurer shall be required to record or report its loss experience on a classification basis that is inconsistent with the rating system filed by it.
(2) Statistical plans and rules may be promulgated for the recording and reporting of expense experience as to items which are specially applicable to Puerto Rico and are not susceptible of determination by a prorating of expense experience elsewhere.
(3) In the promulgation of statistical plans and rules, the Commissioner shall give consideration to the rating systems on file with him and, in order that such rules and plans may be as uniform as is practicable with those of the several states of the United States, to the rules and to the form of the plans in such states.
History —Ins. Code § 12.150.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-12/1216/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240)›§ 1216 - Uniform classification of accounts
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240) › § 1216 - Uniform classification of accounts
|
The Commissioner may, in his discretion, prescribe by regulation, uniform classifications of accounts to be observed, and statistics to be reported by insurers and other organizations which are subject to the provisions of this chapter. He may also in his discretion prescribe by regulation, forms of reporting such data by such insurers and organizations. Such classifications of accounts, and statistics to be reported and form of reporting shall be reasonable and may vary with the kind or type of insurer or organization. Any regulation or amendment thereto shall be promulgated by the Commissioner only after a hearing preceded by due written notice to all insurers and organizations affected thereby. Any regulation or amendment thereto shall be promulgated by the Commissioner only after a hearing preceded by due written notice to all insurers and organizations affected thereby. Any regulation or amendment thereto shall be promulgated by the Commissioner at least six months before the beginning of the calendar year in which the same shall take effect.
History —Ins. Code § 12.160.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-12/1217/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240)›§ 1217 - Exchange of experience
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240) › § 1217 - Exchange of experience
|
To further uniform administration of rate regulatory laws, the Commissioner and every insurer and rating organization may exchange information and experience data with insurance supervisory officials, insurers, and rating organizations in the United States and may consult and cooperate with them with respect to rate making and the application of rating systems. The Commissioner may promulgate reasonable rules and plans for the interchange of data necessary for the application of rating plans.
History —Ins. Code § 12.170.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-12/1218/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240)›§ 1218 - Cooperation in rate making
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240) › § 1218 - Cooperation in rate making
|
(1) Cooperation among rating organizations or among rating organizations and insurers in rate making or in other matters within the scope of this chapter is hereby authorized, provided the filings resulting from such cooperation are subject to all the provisions of this chapter which are applicable to filings generally.
(2) The Commissioner may review such cooperative activities and practices and if appropriate, after a hearing, he may issue a written order specifying in what respects such activity or practice is unfair or unreasonable or otherwise inconsistent with the provisions of this chapter, and requiring the discontinuance of such activity or practice.
History —Ins. Code § 12.180.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-12/1219/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240)›§ 1219 - Withholding information; false information
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240) › § 1219 - Withholding information; false information
|
No person shall willfully withhold information from, or give false or misleading information to, any rating organization or any insurer or the Commissioner or any agency designated by the Commissioner, which will in any way affect the rate or premium chargeable to any insured or group of insureds.
History —Ins. Code § 12.190.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-12/1220/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240)›§ 1220 - Assigned risks
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240) › § 1220 - Assigned risks
|
Agreements may be made among vehicle or casualty insurers with respect to the equitable apportionment among them of insurance which may be afforded applicants who are in good faith entitled to but who are unable to procure such insurance through ordinary methods, and such insurers may agree among themselves on the use of reasonable rate modifications for such insurance, such agreements and the rate modifications to be subject to the approval of the Commissioner.
The Commissioner shall, by regulation for the purpose and when he deems it justified, distribute equitably among the principal insurers those insurances which by law are imposed on certain persons in order to transact certain businesses, whenever such persons are unable to obtain the coverage from the domestic insurers authorized to transact such insurances.
History —Ins. Code § 12.200.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-12/1221/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240)›§ 1221 - Fee setting organisms, licenses
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240) › § 1221 - Fee setting organisms, licenses
|
(1) No rating organization shall do business in Puerto Rico or make filings with the Commissioner unless it holds a license from the Commissioner as a rating organization.
(2) A corporation, or a board, bureau, or other unincorporated association, a partnership, or an individual, shall be eligible to qualify as a rating organization.
(3) To apply for a license as a rating organization the applicant shall file with the Commissioner a statement setting forth:
(a) Name, address, and type of organization, if any, of applicant.
(b) The kinds of insurance or subdivisions thereof, class of risks or a part or combination thereof, with respect to which it proposes to act as a rating organization.
(c) Copy of its articles of incorporation, or of association, or agreement, or other constituent document.
(d) Copy of its bylaws and rules and regulations proposed to be used to govern conduct of its business.
(e) List of its members and subscribers.
(f) Name and address of a resident of Puerto Rico designated by it upon whom notices or orders of the Commissioner or process affecting the rating organization may be served.
(g) A statement of its qualifications as a rating organization.
(h) Such other information as the Commissioner may require.
(4) If the Commissioner finds that the applicant has complied with the provisions of law, that it has a sufficient number of members or subscribers, and is competent, trustworthy and otherwise qualified to function as a rating organization, he may issue a license to such rating organization authorizing it to make rates for the kinds of insurance or subdivisions or classes thereof specified in such license.
The Commissioner shall grant or deny in whole or in part every such application for a license within sixty days after date of filing with him.
(5) The license of the fee setting organism shall expire at midnight on the date of expiration, subject to the payment to the Commissioner of the annual fee set forth in § 701 of this title.
History —Ins. Code § 12.210; Mar. 27, 2003, No. 96, § 6, retroactive to Jan. 1, 2003.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-12/1222/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240)›§ 1222 - Suspension, revocation of license
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240) › § 1222 - Suspension, revocation of license
|
(1) The Commissioner may suspend or revoke the license of a rating organization if he finds that the license[e] no longer meets the qualifications for the license, or that it has failed to comply with an order of the Commissioner within the time specified by such order or any extension of time which the Commissioner may grant.
(2) The Commissioner shall not suspend or revoke the license of any rating organization for failure to comply with an order until the time prescribed for an appeal therefrom has expired or, if an appeal has been taken, until such order has been affirmed.
(3) The Commissioner may determine when a suspension of license shall become effective and it shall remain in effect for the period fixed by him, unless he modifies or rescinds such suspension, or until the order upon which such suspension is based is modified, rescinded or reversed.
(4) No penalty shall be imposed and no license shall be suspended or revoked except upon a written order of the Commissioner, stating his findings, made after a hearing held upon not less than ten days’ written notice to such person or organization, specifying the alleged disqualification or violation.
History —Ins. Code § 12.220.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-12/1223/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240)›§ 1223 - Changes in rating organizations, notice
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240) › § 1223 - Changes in rating organizations, notice
|
Every rating organization shall notify the Commissioner promptly of every change in:
(1) Its constitution, articles of agreement or association, or certificate of incorporation, and its bylaws, rules and regulations governing the conduct of its business;
(2) its list of members and subscribers, and
(3) the name and address of the resident of Puerto Rico designated by it upon whom notice or orders of the Commissioner or process affecting the rating organization may be served.
History —Ins. Code § 12.230.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-12/1224/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240)›§ 1224 - Liability of officers of unincorporated rating organizations
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240) › § 1224 - Liability of officers of unincorporated rating organizations
|
The officers, members of the executive or other governing committee, and other persons in control of an unincorporated association, for the time being, and each partner of a partnership, shall be held individually liable for knowingly violating any provision of this chapter applicable to such association or partnership as a rating organization.
History —Ins. Code § 12.240.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-12/1225/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240)›§ 1225 - Discrimination; admission of subscribers; rules and regulations of rating organization
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240) › § 1225 - Discrimination; admission of subscribers; rules and regulations of rating organization
|
(1) Each rating organization shall furnish its rating services without discrimination to all of its members and subscribers, and shall, subject to reasonable rules and regulations, permit any authorized insurer, not admitted to membership, to become a subscriber to its rating services for any kind of insurance, subdivision, or class of risk or a part or combination thereof for which it is authorized to act as a rating organization.
(2) Notice of proposed changes in rules and regulations shall be given to subscribers. The reasonableness of any rule or regulation in its application to subscribers, or the refusal of any rating organization to admit an insurer as a subscriber, shall, at the request of any subscriber, or to [of] any such insurer, be reviewed by the Commissioner at a hearing held upon at least ten days’ written notice to such rating organization and to such subscriber or insurer.
History —Ins. Code § 12.250.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-12/1226/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240)›§ 1226 - May not prohibit or regulate dividends
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240) › § 1226 - May not prohibit or regulate dividends
|
No rating organization shall adopt any rule the effect of which would be to prohibit or regulate the payment of dividends, savings or unabsorbed premium deposits allowed or returned by insurers to their policyholders, members, or subscribers.
History —Ins. Code § 12.260.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-12/1227/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240)›§ 1227 - Technical services
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240) › § 1227 - Technical services
|
Any rating organization may subscribe for or purchase actuarial, technical or other services, and such services shall be available to all members and subscribers without discrimination.
History —Ins. Code § 12.270.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-12/1228/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240)›§ 1228 - Information to insureds
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240) › § 1228 - Information to insureds
|
Every rating organization and every insurer which makes and files its own rates shall furnish upon demand and upon payment of such reasonable charges as the rating organization or insurer may require, to any person upon whose property or risk a rate applicable thereto has been made by it, or to the authorized representative of such person, all pertinent information as to such rate, and a copy of the schedule, if any, as applied to such property or risk.
History —Ins. Code § 12.280.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-12/1229/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240)›§ 1229 - Protection of producers
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240) › § 1229 - Protection of producers
|
No rating organization shall directly or indirectly require the payment of any licensing, registration or membership fee by any producer, as such, who is licensed pursuant to this title; nor shall any such rating organization refuse to do business with, or prohibit or prevent the payment of reasonable commissions to any such licensee.
History —Ins. Code § 12.290; Jan. 19, 2006, No. 10, § 9, eff. 120 days after Jan. 19, 2006.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-12/1230/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240)›§ 1230 - Appeal from rating organization
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240) › § 1230 - Appeal from rating organization
|
(1) Any member of or subscriber to a rating organization may appeal to the Commissioner from any action or decision of the rating organization in approving or rejecting any proposed change in or addition to the filings of such rating organization. Upon receipt of an application for such an appeal, the Commissioner shall send written notice to the appellant and to the rating organization involved of a hearing to be held on the matter. At least ten days shall elapse between the date of the notice and that set for the hearing.
(2) After such hearing the Commissioner shall issue an order approving the action or decision of such rating organization or directing it to give further consideration to such proposal, or, if such appeal is from the action or decision of the rating organization in rejecting a proposed addition to its filings, he may, in the event he finds that such action or decision was unreasonable, issue an order directing the rating organization to make an addition to its filings, on behalf of its members and subscribers, in a manner consistent with his findings, within a reasonable time after the issuance of such order.
(3) If such appeal is based upon the failure of the rating organization to make, on behalf of such member or subscriber, a filing which is based on a system of expense provisions that differs, in accordance with the right granted in subsection (2) of § 1204 of this title, from the system of expense provisions included in a filing made by the rating organization, the Commissioner shall, if he grants the appeal, order the rating organization to make the requested filing for use by the appellant.
(4) In deciding such appeal, the Commissioner shall apply the standards set forth in subsection (1) of § 1204 of this title.
History —Ins. Code § 12.300.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-12/1231/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240)›§ 1231 - Complaints of insureds—Hearing
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240) › § 1231 - Complaints of insureds—Hearing
|
(1) Each rating organization and each insurer which makes and files its own rates shall provide such means as may be approved by the Commissioner whereby any person or persons affected by a rate made by it may be heard in person or by his authorized representative before the governing or rating committee or other proper executive of such rating organization or such insurer on an application for a change in such rate.
(2) Any person affected by the action of such rating organization or insurer taken upon such a hearing may, within thirty days after written notice of such action, appeal to the Commissioner, who, after a hearing held upon not less than ten days’ written notice to the appellant and to such rating organization or insurer, may affirm or reverse such action.
History —Ins. Code § 12.310.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-12/1233/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240)›§ 1233 - Examination of rating organizations
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240) › § 1233 - Examination of rating organizations
|
(1) The Commissioner shall, at least once in five years, make or cause to be made an examination of each rating organization licensed in Puerto Rico, and he may, as often as he deems it expedient, make or cause to be made an examination of each advisory organization referred to in § 1235 of this title, and of each group, association, or other organization referred to in § 1234 of this title.
(2) The reasonable costs of the examination shall be paid by the person or organization examined upon presentation of a detailed account of such costs.
(3) The directors, officers, agents, and employees of such person or organization may be examined under oath, and shall exhibit all books, records, accounts, documents, or agreements governing its affairs.
(4) The Commissioner shall furnish two copies of the examination report to the person or organization examined, together with notice that upon request made within twenty days thereafter, a hearing will be held upon such report before it is filed for public inspection. The report of examination, when filed for public inspection, shall be admissible in evidence in any action or proceeding brought by the Commissioner against the person or organization examined, or its officers or agents, and shall be prima facie evidence of the facts therein stated. The Commission may withhold the report from public inspection as long as he may deem proper.
(5) In lieu of any such examination, the Commissioner may accept the report of an examination made by the insurance supervisory official of another state or country, pursuant to the laws of such state or country.
History —Ins. Code § 12.330.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-12/1234/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240)›§ 1234 - Joint underwriting or joint reinsurance
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240) › § 1234 - Joint underwriting or joint reinsurance
|
(1) Every group, association or other organization of insurers which engages in joint underwriting or joint reinsurance, shall be subject to regulation with respect thereto as is provided in this section, subject however, with respect to joint underwriting, to all other provisions of this chapter, and, with respect to joint reinsurance, to §§ 1233 (examination), 117 (general penalties), and 1240 (penalty provision of this chapter) of this title.
(2) If, after a hearing, the Commissioner finds that any activity or practice of any such group, association, or other organization is unfair or unreasonable or otherwise inconsistent with the provisions of this chapter, he may issue a written order specifying in what respects such activity or practice is unfair, or unreasonable, or so inconsistent, and requiring the discontinuance of the activity or practice.
History —Ins. Code § 12.340.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-12/1235/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240)›§ 1235 - Advisory organisms—Authorization
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240) › § 1235 - Advisory organisms—Authorization
|
(1) Every advisory organization, before serving as such to any rating organization or independently filing insurer doing business in Puerto Rico, shall secure a certificate of authorization therefor from the Commissioner. Before issuance of such certificate, the advisory organization shall file with the Commissioner:
(a) Copies of its charter, articles of agreement or association, or of incorporation, and the bylaws, rules and regulations, and all amendments thereto, under which it operates or proposes to operate;
(b) a list of its members;
(c) the name and address of a resident of Puerto Rico upon whom notices or orders of the Commissioner or process issued at his direction may be served;
(d) an agreement that the Commissioner may examine such advisory organization in accordance with § 1233 of this title, and
(e) other information as required by the Commissioner.
(2) The license of the advisory organism shall expire at midnight on the date of expiration, subject to the payment to the Commissioner of the annual fees set forth in § 701 of this title.
History —Ins. Code § 12.350; Mar. 27, 2003, No. 96, § 7, retroactive to Jan. 1, 2003.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-12/1236/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240)›§ 1236 - Advisory organizations—Unfair activities
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240) › § 1236 - Advisory organizations—Unfair activities
|
If, after a hearing, the Commissioner finds that the furnishing of information or assistance by an advisory organization involves any act or practice which is unfair or unreasonable or otherwise inconsistent with the provisions of this chapter, he may issue a written order specifying in what respects such act or practice is unfair or unreasonable or otherwise inconsistent with the provisions of this chapter, and requiring the discontinuance of such act or practices.
History —Ins. Code § 12.360.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-12/1237/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240)›§ 1237 - Advisory organisms—Disqualification
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240) › § 1237 - Advisory organisms—Disqualification
|
No insurer which makes its own filings nor any rating organization shall support its filings by statistics or adopt rate making recommendations, furnished to it by an advisory or service organization which has not complied with §§ 1235 and 1236 of this title, or with an order of the Commissioner involving such statistics or recommendations issued under § 1236 of this title. If the Commissioner finds such insurer or rating organization to be in violation of this section, he may issue an order requiring the discontinuance of such violation.
History —Ins. Code § 12.370.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-12/1238/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240)›§ 1238 - Right to hearing before the Commissioner
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240) › § 1238 - Right to hearing before the Commissioner
|
Any insurer, rating organization, or advisory organization aggrieved by any order or decision of the Commissioner made without a hearing, may, within thirty days after notice of the order to the insurer or rating organization, make written request to the Commissioner for a hearing thereon. Pending the hearing and a decision affirming, reversing or modifying his previous action, the Commissioner may suspend or postpone the effective date of his previous action.
History —Ins. Code § 12.380.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-12/1239/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240)›§ 1239 - Appeal from Commissioner
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240) › § 1239 - Appeal from Commissioner
|
The findings, determination and orders of the Commissioner made after notice and hearing, pursuant to this chapter, shall be subject to review by the Court of First Instance. In the event of final determination against any insurer, the amount of any overcharge received by such insurer during the pendency of such proceedings, with interest thereon, shall upon demand be refunded by such insurer to the persons entitled thereto.
History —Ins. Code § 12.390.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-12/1240/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240)›§ 1240 - Penalty for violations
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 12 - Rates and Rating Organizations (§§ 1201 — 1240) › § 1240 - Penalty for violations
|
Any person, association, corporation or rating organization that violates any of the provisions of this chapter shall, upon conviction thereof, be punished by a fine of not less than fifty dollars ($50) nor more than five hundred dollars ($500) for each offense.
If it is determined after due notice and hearing, that any authorized insurer, licensed insurance producer has violated any of the provisions of this chapter, the Commissioner, in lieu of any other penalty prescribed by law, may order such insurer, producer, as the case may be, to pay to the Commonwealth of Puerto Rico as a penalty, a sum no greater than five thousand dollars ($5,000) for each offense, and the failure of any person to pay such penalty within thirty days after issuing such order, unless such order is suspended by an order of the Court of First Instance, shall constitute a violation of the provisions of this chapter.
Within the meaning of this section, the issuing, procurement or denial of each insurance policy by the insurer, producer, as the case may be, in violation of the provisions of this chapter, shall be deemed a separate offense.
The proceeds of any penalty imposed by virtue of this chapter shall be covered into the general funds of the Commonwealth of Puerto Rico.
History —Ins. Code § 12.400; May 24, 1974, No. 46, Part 1, p. 200, § 4; June 4, 1983, No. 89, p. 211, § 6; Jan. 19, 2006, No. 10, § 9, eff. 120 days after Jan. 19, 2006.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-13a/1336/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379)›§ 1336 - Scope of chapter
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379) › § 1336 - Scope of chapter
|
The provisions of this chapter apply to contracts of life insurance and annuities other than reinsurance, group or collective life insurances or annuities. Sections 1367–1379 of this title, however, shall apply to both group and individual contracts on variable annuities.
History —Ins. Code, added as § 13.010 on Nov. 9, 2007, No. 165, § 1, eff. 90 days after Nov. 9, 2007.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-13a/1337/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379)›§ 1337 - Standard provisions required
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379) › § 1337 - Standard provisions required
|
(1) No policy of life insurance other than group and pure endowments with or without return of premiums or of premiums and interest shall be delivered or issued for delivery in Puerto Rico unless it contains in substance all of the provisions required by §§ 1340–1349 of this title. This section shall not apply to annuity contracts.
(2) Any of such provisions or portions thereof not applicable to single premium or term policies shall to that extent not be incorporated therein.
History —Ins. Code, added as § 13.020 on Nov. 9, 2007, No. 165, § 1, eff. 90 days after Nov. 9, 2007.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-13a/1338/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379)›§ 1338 - Right to examine the policy
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379) › § 1338 - Right to examine the policy
|
A provision that establishes the right of the insured to examine the policy shall be included therein. The provision shall appear on the cover page of the policy, or in any area that is visible without opening the same.
History —Ins. Code, added as § 13.030 on Nov. 9, 2007, No. 165, § 1, eff. 90 days after Nov. 9, 2007.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-13a/1339/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379)›§ 1339 - Beneficiary
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379) › § 1339 - Beneficiary
|
The policy shall include a beneficiary provision which shall describe the terms and conditions for designating or changing beneficiaries, or for selecting default beneficiaries, as needed, and indicating when such designation is effective. The policy shall state those changes in beneficiary, unless otherwise specified by the owner, subject to any payment made or action taken by the company prior to the receipt of this notice. If any reference to irrevocable beneficiaries is made in the policy, the same shall explain that such a beneficiary cannot be changed without the consent of the irrevocable beneficiary.
History —Ins. Code, added as § 13.040 on Nov. 9, 2007, No. 165, § 1, eff. 90 days after Nov. 9, 2007.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-13a/1340/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379)›§ 1340 - Grace period
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379) › § 1340 - Grace period
|
There shall be a provision that the insured is entitled to a grace period of one (1) month, but not less than thirty (30) days, within which the payment of any premium after the first may be made, subject, at the option of the insurer, to an interest charge not in excess of six percent (6%) per annum for the number of days of grace elapsing before the payment of the premium, during which period of grace the policy shall continue in force, but in case the policy becomes a claim during the grace period before the overdue premium is paid, or the deferred premiums of the current policy year, if any, are paid, the amount of such premium or premiums with interest thereon may be deducted in any settlement under the policy.
History —Ins. Code, added as § 13.050 on Nov. 9, 2007, No. 165, § 1, eff. 90 days after Nov. 9, 2007.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-13a/1341/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379)›§ 1341 - Entire contract
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379) › § 1341 - Entire contract
|
In all such policies other than those containing a clause making the policy incontestable from date of issue, there shall be a provision that the policy and the application therefor, if a copy thereof has been endorsed upon or attached to the policy, at issue and made a part thereof, shall constitute the entire contract between the parties. Moreover, all statements made by the applicant or by the insured shall, in the absence of fraud, be deemed representations and not warranties.
History —Ins. Code, added as § 13.060 on Nov. 9, 2007, No. 165, § 1, eff. 90 days after Nov. 9, 2007.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-13a/1342/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379)›§ 1342 - Incontestability
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379) › § 1342 - Incontestability
|
There shall be a provision that the policy shall be incontestable after it has been in force during the lifetime of the insured, for a period not exceeding two (2) years from its issuance date, except for nonpayment of premiums and, at the option of the insurer, for violation of any of the limitations permitted under § 1360 of this title, if contained in the policy. No statement made by any insured person, in accordance with § 1110 of this title, shall be used in any litigation, unless a copy of the document that contains said statement is or has been delivered to said person or his/her beneficiary.
The policy shall allow a separate contestable period not to exceed two (2) years after the date of any change requiring underwriting. The contest shall be limited to the change and the statements provided therefor.
History —Ins. Code, added as § 13.070 on Nov. 9, 2007, No. 165, § 1, eff. 90 days after Nov. 9, 2007.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-13a/1343/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379)›§ 1343 - Misstatement of smoking status
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379) › § 1343 - Misstatement of smoking status
|
The policy shall have a clause to the effect that if it is found that the insured has misstated or stated his/her smoking status contrary to fact at the time of making the statement, the policy may provide for an adjustment due to a false smoking status statement to be made during the first two (2) years thereof; provided, that the amount to be paid at the time of death shall be the benefit amount that the premium would have purchased taking into consideration the smoking status.
History —Ins. Code, added as § 13.080 on Nov. 9, 2007, No. 165, § 1, eff. 90 days after Nov. 9, 2007.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-13a/1344/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379)›§ 1344 - Misstatement of age or sex
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379) › § 1344 - Misstatement of age or sex
|
There shall be a provision that if it is found that the age or the sex of the insured (or the age or sex of any other individual considered in determining the premium) was misstated or stated contrary to fact at the time the statement was made. The amount payable or benefit accruing under the policy shall be such as the premium would have purchased at the correct age, ages, sex or sexes according to the insurer’s rate at date of issue.
Misstatement of age or sex, as provided in the paragraph above shall not be cause for the termination or refund of the premium. At the option of the insured, the company shall extrapolate the premium and the term of coverage to the true age or sex of the insured.
History —Ins. Code, added as § 13.090 on Nov. 9, 2007, No. 165, § 1, eff. 90 days after Nov. 9, 2007.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-13a/1345/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379)›§ 1345 - Participation in surplus
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379) › § 1345 - Participation in surplus
|
(1) In all policies which provide for participation in the insurer’s surplus, there shall be a provision that the policy shall so participate annually in the insurer’s divisible surplus as apportioned by the insurer, except that, at the option of the insurer, such apportionment, if any, may be deferred to the end of the third policy year. Any policy containing provision for annual participation beginning at the end of the first policy year, may also provide that payment of the first dividend shall be subject to the payment of the premium for the next ensuing year. The person entitled thereto under any annual dividend policy shall have the right each year to have the current dividend arising from such participation either paid in cash, or applied in accordance with such other dividend option specified in the policy and elected by such person. The policy shall further provide which of the options shall be effective if such person shall not have elected an option prior to expiration of the period of grace allowed for the payment of premiums. This section shall not prohibit the payment of additional dividends on default of payment of premiums or termination of the policy.
(2) This section shall not apply to paid-up nonforfeiture benefits nor to paid-up policies issued on default in payment of premiums.
(3) If the policy includes participation, the specifications sheet shall indicate that the dividends are not guaranteed.
History —Ins. Code, added as § 13.110 on Nov. 9, 2007, No. 165, § 1, eff. 90 days after Nov. 9, 2007.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-13a/1346/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379)›§ 1346 - Policy loan
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379) › § 1346 - Policy loan
|
(1) Excepting term insurance, the policy shall have a clause to the effect that after three (3) full years’ premiums have been paid thereon, the insurer, at any time while the policy is in force other than as extended term insurance, will advance, on proper assignment or pledge of the policy and on the sole security thereof, at a specified rate of interest not exceeding eight percent (8%) per annum for policies issued prior to the effective date of this act, a sum which, together with any interest to the end of the current policy year, shall be equal to the loan value of the policy or, at the option of the person entitled thereto, less than that value.
The policy shall provide for a loan value at least equal to the cash surrender value of the policy at the end of the current policy year, less any indebtedness not already deducted in determining such cash surrender value, less any unpaid balance of the premium for the current policy year; and that if the loan is made or paid up on a date other than the anniversary of the policy, the insurer shall be entitled to interest for the portion of the current policy year, at the rate of interest specified in the policy.
The policy may further provide that if the interest on the loan is not paid when due, it shall be added to and made a part of the existing indebtedness and shall bear interest at the same rate; and that if, and when the total indebtedness on the policy, including interest due or accruing, is equal to or exceeds the amount of the loan value thereof which would otherwise exist at such time, the policy shall terminate in full settlement of such indebtedness and become void; except that it shall be stipulated in the policy that no such termination shall be effective until at least thirty (30) days have passed after notice of the pendency of the termination was mailed by the insurer to the insured and the assignee, if any, at their last respective address on record with the insurer.
(a) The policy shall describe the effect of loans in effect on the death benefit, cash value and maturity value.
(b) If the policy allows an automatic loan for the payment of premiums, the same shall indicate whether said loan is subject to the election of the owner of the policy. The policy shall clearly describe how the automatic loan for the payment of premiums shall be activated and shall establish what shall occur if the available loan value is insufficient for the payment of the premiums owed.
(c) The policy shall include a clause to the effect of providing that if the total indebtedness, including interest due, is equal or exceeds the surrender value of the policy, plus any other additional value accrued by the application of dividends, a notice of termination shall be sent by mail to the insured, to the last known address, (30) days prior to the termination of the policy.
(2) With respect to policies remitted on and after the effective date of this act, the following precepts shall govern:
(a) For the purposes of this subsection, the phrase “published monthly average” shall have the following meaning:
(i) Moody’s Corporate Bond Yield Average Monthly Average Corporates, as published by Moody’s Investors Service, Inc., or any succeeding corporation, or
(ii) in the event Moody’s Corporate Bond Yield Average-Monthly Average Corporates fails to be published, a substantially similar average established in the regulations issued by the Insurance Commissioner.
(b) The policies issued on or after the effective date of this act shall provide the following with respect to the interest rates of said policies:
(i) A provision allowing a maximum interest rate not greater than [eight percent] (8%) per annum, or
(ii) a provision allowing an adjustable maximum interest rate established from time to time by the insurer, in accordance with what is allowed in our system of laws.
(c) The interest rate regarding a policy loan granted under clause (b) (ii) of this subsection shall not exceed the highest of the following:
(i) The published monthly average for the calendar month which concluded two (2) months prior to the date on which the rate is determined.
(ii) The rate used to compute the cash surrender value under the policy during the pertinent period, plus [one percent] (1%) per annum.
(iii) Nevertheless, the maximum rate of interest shall never exceed [eighteen percent] (18%) per annum.
(d) If the maximum rate of interest is determined according to the provisions of clause (b)(ii) of this subsection, the policy shall include a clause establishing the frequency with which the rate for said policy is to be determined.
(e) The maximum rate for each policy shall be determined at regular intervals at least once every (12) months, but not more than once every three (3) months. At the intervals specified in the policy:
(i) The rate may be increased as long as said increment, as determined under clause (c) of this subsection, raises the rate by not less than one-half percent (½ %) per annum.
(ii) The rate may be reduced provided that said decrease, as determined under clause (c) of this subsection, reduces the rate by not less than one-half percent (½ %) per annum.
(f) The insurer shall:
(i) Notify the policyholder, when a loan is granted based on the cash value, of the initial rate of interest on said loan;
(ii) notify the policyholder, with respect to premium loans, of the initial interest rate on the loan as soon as it is reasonably practical to do so after the initial loan has been underwritten. It will not be necessary to notify the policyholder when another premium loan is added, except as provided in paragraph (iii) of this clause;
(iii) send to the policyholders who have obtained loans, an adequate notice in advance of any rate increase, and
(iv) include in the above-mentioned notices the essence of the pertinent provisions in clauses (b) and (d) of this subsection.
(g) The policy loan value shall be determined according to the provisions of § 1366 of this title. No policy shall mature in a policy year as the sole result of a change in the interest rate during said policy year. The insurer shall maintain the coverage during said policy year up to the moment in which it would otherwise have been terminated if there had been no change during said policy year.
(h) The essence of the pertinent provisions of clauses (b) and (d) of this subsection shall be included in the policies to which they are applicable.
(i) For the purposes of this subsection:
(i) The interest rate in the case of policy loans allowed under this subsection includes the interest rate charged for the reinstatement of policy loans for the period during, and after, any maturity of a policy.
(ii) The term policy loan includes any premium loan granted under a policy to pay one or more premiums which, on maturity, had not been paid to the insurer.
(iii) The term “policyholder” includes the owner of the policy or the person designated to pay the premiums, as it arises from the insurer’s files.
(iv) The term “policy” includes certificates issued by a fraternal benevolent society and annuity contracts that provide for policy loans.
(j) No other statutory provision shall apply to the interest rates on policy loans, unless it is expressly and specifically applicable to said rates.
(k) The provisions of this subsection shall not apply to an insurance contract that has been underwritten before said subsection becomes effective.
(3) The policy shall provide that the granting of a loan that is not destined to pay premiums may be deferred for a term not greater than six (6) months after the application for the loan has been received by the insurer, and shall provide for the automatic premium loan.
History —Ins. Code, added as § 13.120 on Nov. 9, 2007, No. 165, § 1, eff. 90 days after Nov. 9, 2007.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-13a/1347/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379)›§ 1347 - Table of installments
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379) › § 1347 - Table of installments
|
If the policy provides for payment of its proceeds in installments, a table showing the amount and period of such installments shall be included in the policy; except, with respect to any provision for payment of the proceeds as a life annuity based on or related to the insurer’s annuity rates in current use at the time the proceeds become payable; and except, further, that, if in the judgment of the Commissioner, it is not practical to include certain tables in the policy, the requirements of this section may be met as to such policy by the insurer’s filing such tables with the Commissioner.
History —Ins. Code, added as § 13.130 on Nov. 9, 2007, No. 165, § 1, eff. 90 days after Nov. 9, 2007.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-13a/1348/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379)›§ 1348 - Reinstatement
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379) › § 1348 - Reinstatement
|
There shall be a provision that the policy may be reinstated at any time within three (3) years after the date of default in the payment of any premium, unless the policy has been surrendered for its cash value, or the period of any extended insurance provided by the policy has expired, upon evidence of insurability, including good health, satisfactory to the insurer, and the payment of all overdue premiums, and payment (or, within the limits permitted by the then cash surrender value of the policy upon reinstatement) of any other indebtedness to the insurer upon the policy, with interest as to both premiums and indebtedness at a rate not exceeding six percent (6%) per annum compounded annually.
(1) With respect to statements made in an application for reinstatement, the policy shall be incontestable after having been in force during the lifetime of the insured for a period not exceeding two (2) years from its issuance date, beginning on the date of reinstatement. The contestable period shall be based only on statements in the reinstatement application, unless the original contestable period has not yet expired.
(2) The suicide exclusion shall not exceed two (2) years from the date of reinstatement.
History —Ins. Code, added as § 13.140 on Nov. 9, 2007, No. 165, § 1, eff. 90 days after Nov. 9, 2007.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-13a/1349/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379)›§ 1349 - Settlement on proof of death
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379) › § 1349 - Settlement on proof of death
|
There shall be a provision that when a policy becomes a claim by the death of the insured, settlement shall be made upon receipt of due proof of death and surrender of the policy.
History —Ins. Code, added as § 13.150 on Nov. 9, 2007, No. 165, § 1, eff. 90 days after Nov. 9, 2007.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-13a/1350/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379)›§ 1350 - Annuities and pure endowment contracts; standard provisions required
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379) › § 1350 - Annuities and pure endowment contracts; standard provisions required
|
(1) No annuity or pure endowment contract other than a reversionary annuity, a survivorship annuity, or a group annuity, shall be delivered or issued for delivery in Puerto Rico unless it contains in substance each of the provisions specified in §§ 1351–1356 of this title. Any of such provisions not applicable to single premium annuities or single premium pure endowment contracts shall not, to that extent, be incorporated therein.
(2) This section shall not apply to contracts for annuities included in, or upon the lives of beneficiaries under, life insurance policies.
History —Ins. Code, added as § 13.160 on Nov. 9, 2007, No. 165, § 1, eff. 90 days after Nov. 9, 2007.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-13a/1351/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379)›§ 1351 - Grace period
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379) › § 1351 - Grace period
|
In an annuity or pure endowment contract, other than a reversionary, survivorship or group annuity there shall be a provision that there shall be a period of grace of one (1) month, but not less than thirty (30) days, within which any stipulated payment to the insurer falling due after the first may be made, subject, at the option of the insurer, to an interest charge thereon at a rate to be specified in the contract but not exceeding six percent (6%) per annum for the number of days of grace elapsing before such payment, during which grace period the contract shall continue in full force and effect; but in case a claim arises under the contract during the grace period before the overdue premium is paid, or the deferred premiums or considerations of the current contract year, if any, are paid, the amount of such premium or considerations, with interest thereon, may be deducted in any settlement under the contract.
History —Ins. Code, added as § 13.170 on Nov. 9, 2007, No. 165, § 1, eff. 90 days after Nov. 9, 2007.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-13a/1352/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379)›§ 1352 - Incontestability
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379) › § 1352 - Incontestability
|
If any statements, other than those related to age, sex or identity, are required as a condition to issuing an annuity or pure endowment contract, other than a reversionary, survivorship or group annuity, subject to § 1354 of this title, there shall be a provision that the contract shall be incontestable after it has been in force during the lifetime of the person or of each of the persons [regarding] whom such statements are required, for a period not exceeding two (2) years from its date of issue, except for nonpayment of stipulated payments to the insurer and, at the option of the insurer, violation of any of the limitations permitted under § 1360 of this title, if included in the policy.
History —Ins. Code, added as § 13.180 on Nov. 9, 2007, No. 165, § 1, eff. 90 days after Nov. 9, 2007.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-13a/1353/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379)›§ 1353 - Entire contract
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379) › § 1353 - Entire contract
|
In an annuity or pure endowment contract, other than a reversionary, survivorship or group annuity, there shall be a provision that the contract shall constitute the entire contract between the parties, or, if a copy of the application is endorsed upon or attached to the contract when issued, a provision that the contract and the application therefor shall constitute the entire contract between the parties.
History —Ins. Code, added as § 13.190 on Nov. 9, 2007, No. 165, § 1, eff. 90 days after Nov. 9, 2007.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-13a/1354/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379)›§ 1354 - Misstatements of age or sex
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379) › § 1354 - Misstatements of age or sex
|
If an annuity or pure endowment contract, other than a reversionary, survivorship or group annuity, there shall be a provision that if the age or the sex of the person or persons upon whose life or lives the contract is executed, or of any of them, has been misstated or stated contrary to fact at the time the statement was made, the amount payable or benefit accruing under the contract shall be such as the stipulated payment or payments to the insurer would have purchased according to the correct age or sex; and that if the insurer shall make or has made any overpayment or overpayments on account of any such misstatement, the amount thereof, with interest at the rate to be specified in the contract but not exceeding six percent (6%) per annum, may be charged against the current or next succeeding payment or payments to be made by the insurer under the contract.
History —Ins. Code, added as § 13.200 on Nov. 9, 2007, No. 165, § 1, eff. 90 days after Nov. 9, 2007.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-13a/1355/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379)›§ 1355 - Dividends
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379) › § 1355 - Dividends
|
If an annuity or pure endowment contract, other than a reversionary, survivorship or group annuity, is a participating contract, there shall be a provision that the insurer shall ascertain and apportion any divisible surplus accruing on the contract beginning not later than the end of the third policy year and annually thereafter.
History —Ins. Code, added as § 13.210 on Nov. 9, 2007, No. 165, § 1, eff. 90 days after Nov. 9, 2007.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-13a/1356/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379)›§ 1356 - Reinstatement
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379) › § 1356 - Reinstatement
|
In an annuity or pure endowment contract, other than a reversionary, survivorship or group annuity, there shall be a provision that the contract may be reinstated at any time within one (1) year from the date of default in making stipulated payments to the insurer, unless the cash surrender value of the policy has been paid upon delivery, but all overdue stipulated payments and any indebtedness to the insurer on the contract shall be paid or reinstated, with interest thereon at a rate to be specified in the contract but not exceeding six percent (6%) per annum compounded annually, and in cases where applicable, the insurer may also include a requirement of evidence of insurability, including good health, satisfactory to the insurer.
History —Ins. Code, added as § 13.220 on Nov. 9, 2007, No. 165, § 1, eff. 90 days after Nov. 9, 2007.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-13a/1357/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379)›§ 1357 - Reversionary annuities, standard provisions required
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379) › § 1357 - Reversionary annuities, standard provisions required
|
(1) No contract for a reversionary annuities shall be underwritten or issued for delivery in Puerto Rico, unless it contains in substance each of the provisions specified in §§ 1358 and 1359 of this title. Any of such provisions not applicable to single premium annuities shall not, to that extent, be incorporated therein.
(2) This section shall not apply to annuities included in life insurance policies.
History —Ins. Code, added as § 13.230 on Nov. 9, 2007, No. 165, § 1, eff. 90 days after Nov. 9, 2007.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-13a/1358/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379)›§ 1358 - Provisions for reversionary annuities same as for other annuities
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379) › § 1358 - Provisions for reversionary annuities same as for other annuities
|
Any reversionary annuity contract shall contain the provisions specified in §§ 1351–1355 of this title, except that under § 1351 of this title, the insurer may at its option provide for an equitable reduction of the amount of the annuity payments in settlement of an overdue or deferred payment in lieu of providing for a deduction of such payments from an amount payable upon a settlement under the contract.
History —Ins. Code, added as § 13.240 on Nov. 9, 2007, No. 165, § 1, eff. 90 days after Nov. 9, 2007.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-13a/1359/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379)›§ 1359 - Reinstatement of reversionary annuities
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379) › § 1359 - Reinstatement of reversionary annuities
|
In reversionary annuity contracts there shall be a provision that the contract may be reinstated at any time within three (3) years from the date of default in making stipulated payments to the insurer, upon production of evidence of insurability, including good health, satisfactory to the insurer, and upon condition that all overdue payments and any indebtedness to the insurer on account of the contract be paid or reinstated, within the limits permitted by the cash surrender value of the contract with interest as to both premiums and indebtedness at a rate to be specified in the contract but not exceeding six percent (6%) per annum compounded annually.
History —Ins. Code, added as § 13.250 on Nov. 9, 2007, No. 165, § 1, eff. 90 days after Nov. 9, 2007.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-13a/1360/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379)›§ 1360 - Limits of liability
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379) › § 1360 - Limits of liability
|
(1) In any life insurance policy or annuity or pure endowment contract, the insurer may limit its liability [only in the event] of death occurring:
(a) As a result of war, or act of war, if the cause of death occurs while the insured is serving in the military, naval or air forces of any country, combination of countries, or international organization, provided that said death occurs while a member of any such forces or within six (6) months after termination of service in said forces, if the death occurs as a result of any syndrome related to said act of war:
(i) As a result of the special hazards incident to service in the military, naval or air forces of any country, combination of countries, or international organization if the cause of death occurs while the insured is serving in such forces and is outside of the United States, its territories, the District of Columbia or Canada, provided that said death occurs outside of the United States, its territories, the District of Columbia or Canada or within six (6) months after the insured’s return to the United States, its territories, the District of Columbia or Canada or an area within said forces, or within six (6) months after termination of service, if the death occurs as a result of any syndrome related to said act of war, whichever is earlier.
(ii) As a result of war or an act of war while the insured is serving in any civilian noncombatant unit with said forces, provided that said death occurs while serving in said units or within six (6) months after termination of service in said units, whichever is earlier.
(iii) As a result of the special hazards incident to service in any civilian noncombatant unit with said forces, if the cause of death occurs while the insured is serving in said units and is outside of the United States, its territories, the District of Columbia or Canada, provided that said death occurs outside of the United States, its territories, the District of Columbia or Canada, or within six (6) months after the return of the insured to the United States, its territories, the District of Columbia or Canada, while serving in said units or within six (6) months after termination of service in said units, whichever is earlier.
The word “war” includes, without being limited to, declared war and armed aggression by one or more countries resisted on orders of any other country, combination of countries or international organization. “Acts of war” means any act peculiar to military, naval, or air operations in times of war.
(b) As a result of suicide of the insured, whether sane or insane, within two (2) years from date of issue of the policy. The policy shall provide, at least, refund of all premiums paid, less dividends paid and any indebtedness, during the suicide exclusion period.
(c) As a result of aviation, except as passenger in an airplane with a regular schedule, according to the conditions specified in the policy.
(d) Within two (2) years from the date of issue of the policy, as a result of a specified hazardous occupation or occupations or while the insured is resident in a specified foreign country or countries.
(2) An insurer may specify conditions pertaining to the items of subsection (1) of this section, which in the Commissioner’s opinion are more favorable to the policyholder.
(3) If the liability of the insurer is limited, as provided in subsections (1) or (2) of this section, the amount payable in the event of death under circumstances to which any such limitation is applicable, shall be a determinable sum not less than the reserve for the life insurance and any endowment benefits of the policy, determined by the method prescribed in the minimum standard required by law, and computed according to the mortality table and interest rate specified in the policy for the calculation of nonforfeiture benefits (or if the policy provides no such benefits, computed according to a table and interest rate determined by the insurer and specified in the policy) with adjustment for indebtedness or dividend credits.
(4) The right of the insurer to limit its liability with respect to any sums payable or any benefits provided in event the insured is disabled or suffers dismemberment, or with respect to any additional sums payable or additional benefits provided in the event that the death of the insured is caused by accident or accidental means, shall not be subject to nor be limited or affected by this section, nor by §§ 1342 and 1352 of this title.
History —Ins. Code, added as § 13.260 on Nov. 9, 2007, No. 165, § 1, eff. 90 days after Nov. 9, 2007.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-13a/1361/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379)›§ 1361 - Incontestability after reinstatement
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379) › § 1361 - Incontestability after reinstatement
|
The reinstatement of any policy of life insurance or contract of annuity underwritten or issued for delivery in Puerto Rico, after the effective date of this Code, may be contestable or on account of fraud or misrepresentation of facts material to the reinstatement, only for the same period following reinstatement as the policy provides with respect to contestability after original issuance.
History —Ins. Code, added as § 13.270 on Nov. 9, 2007, No. 165, § 1, eff. 90 days after Nov. 9, 2007.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-13a/1362/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379)›§ 1362 - Policy settlements
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379) › § 1362 - Policy settlements
|
A life insurer shall have the power to retain under agreement the proceeds of any policy issued by it, upon such terms and restrictions as to revocation by the policyholder and control by beneficiaries, and with such exemptions from the claims of creditors of beneficiaries, other than the policyholder, as set forth in the policy or as agreed to in writing by the insurer and the policyholder. Upon maturity of a policy, in the event the policyholder has made no such agreement, the insurer shall have the power to retain the proceeds of the policy under an agreement with the beneficiaries. The insurer may retain such proceeds as part of its general assets.
History —Ins. Code, added as § 13.280 on Nov. 9, 2007, No. 165, § 1, eff. 90 days after Nov. 9, 2007.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-13a/1363/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379)›§ 1363 - Disposition of miscellaneous proceeds
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379) › § 1363 - Disposition of miscellaneous proceeds
|
Upon the death of the insured, and except as otherwise expressly provided by the policy, a life insurer may pay to the surviving spouse, children, beneficiaries, or other person other than the insured’s estate, appearing to the insurer to be equitably entitled thereto, sums then held by it and comprising:
(1) Premiums paid in advance but not due prior to such death, or funds withheld on deposit for the payment of future premiums.
(2) Dividends theretofore declared on the policy and withheld by the insurer under the insured’s option.
(3) Dividends becoming payable on or after the death of the insured.
History —Ins. Code, added as § 13.290 on Nov. 9, 2007, No. 165, § 1, eff. 90 days after Nov. 9, 2007.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-13a/1364/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379)›§ 1364 - Life insurance under a franchise plan
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379) › § 1364 - Life insurance under a franchise plan
|
(1) Life insurance under a franchise plan is that which is issued to three or more employees of a common employer, or three or more members of a bona fide association or labor union organized and existing for purposes other than the obtaining of insurance, and according to which individual policies are issued to such employees or members. The premiums of these policies shall be paid to the insurer periodically through deductions in the payroll, or without deduction, by the employer or by the association, or by any employee or director of the association designated to act on behalf of the employer or of the association’s members.
(2) The term employer also includes the directors of the employer and the employer or the partners, if the employer is a person or a partnership.
(3) No life insurance policy under a franchise plan may be issued to the employees of an employer or the members of an association which provides a life insurance that, together with any other life insurance under a franchise plan issued to said employees or members, exceeds $150,000, unless [two hundred percent] (200%) of the annual compensation of such an employee or member exceeds $150,000, in which event the life insurance under the franchise plan shall not exceed $300,000, or [two hundred percent] (200%) of said annual compensation, whichever is the lesser.
(4) The life insurance under a franchise plan may be extended to cover the lives of the spouse and dependent children of the insured employee or member. The amount of insurance on the life of the spouse shall not exceed [fifty percent] (50%) of the amount of insurance on the life of the insured employee or member, or $75,000, whichever is the lesser, and the amount of insurance on the life of the dependent children shall not exceed $6,000.
(5) As of the second year after the effective date of this act, the sums of the life insurance and the percentages authorized by this chapter may be increased in accordance with the increases in cost of living as published by the Federal Department of Commerce.
(6) An insurer may charge different rates, provide different benefits or employ different procedures to underwrite insurances for insureds under a franchise plan, if such rates, benefits or procedures, as used, do not establish an unfair differentiation between franchise plans and insureds under those plans that essentially have the same factors of insurance, risks, exposition or expense elements.
(7) Life insurance policies under a franchise plan shall contain the standard provisions required by § 1337 of this title.
History —Ins. Code, added as § 13.300 on Nov. 9, 2007, No. 165, § 1, eff. 90 days after Nov. 9, 2007.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-13a/1365/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379)›§ 1365 - Prohibited policy plans
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379) › § 1365 - Prohibited policy plans
|
No life insurer shall hereafter issue for delivery, or deliver in Puerto Rico, any life insurance policy:
(1) Issued under any plan other than a legal reserve plan based on a mortality table approved by the Commissioner.
(2) Issued under any plan for the segregation of policyholders into mathematical groups and providing benefits for a surviving policyholder of a group arising out of the death of another policyholder of such group, or under any other similar plan.
(3) Providing benefits or values for surviving or continuing policyholders contingent upon the lapse or termination of the policies of other policyholders, whether by death or otherwise.
History —Ins. Code, added as § 13.310 on Nov. 9, 2007, No. 165, § 1, eff. 90 days after Nov. 9, 2007.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-13a/1366/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379)›§ 1366 - Nonforfeiture law
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379) › § 1366 - Nonforfeiture law
|
(1) No policy of life insurance, except as stated in subsection (6) of this section, shall be underwritten or delivered in Puerto Rico unless it contains in substance the following clauses, or corresponding provisions which in the opinion of the Commissioner are at least as favorable to the defaulting or surrendering policyholder:
(a) That, in the event of default in any premium after premiums have been paid for at least three (3) full years in the case of ordinary insurance, the insurer shall grant, upon proper request not later than sixty (60) days after the due date of the premium in default, a paid-up nonforfeiture benefit on a plan stipulated in the policy, effective as of such due date, of such value as may be hereinafter specified in this Code.
(b) That, upon surrender of the policy within sixty (60) days, after the due date of any premium payment in default after premiums have been paid for at least three (3) full years in the case of ordinary insurance, the insurer shall pay, in lieu of any paid-up nonforfeiture benefit, a cash surrender value of such amount as may be hereinafter provided in this Code.
(c) That a specified paid-up nonforfeiture benefit shall become effective as specified in the policy unless the person entitled to make such election elects another available option not later than sixty (60) days after the due date of the premium in default.
(d) That, if the policy shall have become paid-up by completion of all premium payments or if it is continued under any paid-up nonforfeiture benefit which became effective on or after the third policy anniversary in the case of ordinary insurance, the company will pay, upon surrender of the policy within thirty (30) days after any policy anniversary, a cash surrender value of such amount as may be hereinafter specified in this Code.
(e) A table showing the cash surrender value, if any, and paid-up nonforfeiture benefit, if any, available under the policy on each policy anniversary either during the first twenty (20) policy years or during the term of the policy, whichever is shorter, such values and benefits to be calculated upon the assumption that there are no dividends or paid-up additions credited to the policy and that there is no indebtedness to the insurer on the policy.
(2) Any of the clauses, or portions thereof, of subsection (1) of this section applicable by reason of the plan of insurance may, up to the extent they are rendered inapplicable, be omitted from the policy. The insurer shall reserve the right to defer the payment of any cash surrender value for a period of six (6) months after demand therefor with surrender of the policy.
(3) Cash surrender values and paid-up or extended non-forfeiture benefits shall be computed on the basis as may be approved by the Commissioner, or as may be required as a minimum basis pursuant to rules and regulations promulgated by the Commissioner, consistent with recognized applicable actuarial principles and with the minimum non-forfeiture requirements formulated or approved by the National Association of Insurance Commissioners.
Notwithstanding the provisions of the previous paragraph of this subsection, in ascertaining the surrender values and the non-forfeiture benefits required in this section, the additional benefits and premiums paid for them shall be disregarded, nor shall it be required that said additional benefits be included in the paid-up non-forfeiture insurance benefits in any of the following events:
(a) In the event of death or dismemberment by accident or accidental means;
(b) in the event of total or permanent disability;
(c) as reversionary annuity or deferred reversionary annuity benefits;
(d) as fixed term insurance benefits provided by a rider or supplemental policy provision to which, if issued as a separate policy, this section would not apply;
(e) as other policy benefits additional to life insurance and endowment benefits, and
(f) any other additional benefit specified in the rules and regulations promulgated by the Commissioner.
(4) Any paid-up nonforfeiture benefit available under the policy in the event of default in a premium payment due on any policy anniversary shall be such that its present value as of such anniversary shall be at least equal to the cash surrender value then provided for by the policy.
(5) Any cash surrender value and any paid-up nonforfeiture benefit, available under the policy in the event of default in a premium payment due at any time other than on the policy anniversary, shall be calculated with allowance for the lapse of the time and payment of fractional premiums beyond the last preceding policy anniversary.
(6) This section shall not apply to any reinsurance, group insurance, pure endowment, annuity or reversionary annuity contract, nor to any term policy, nor to any policy which shall be delivered outside Puerto Rico through an agent or other representative of the insurer issuing the policy.
(7) In construing the provisions of this section, “ordinary insurance” or “insurance upon the ordinary plan” shall be considered to be insurance that may be paid for by a single premium, by annual premiums or by semi-annual or quarterly or other installments thereon at the option of the insurer.
(8) Any condition or stipulation in the insurance policy or elsewhere contrary to the provisions of this section, and any waiver of such provisions by the insured, shall be void.
(9) The policy shall contain a clause stating that the owner may surrender the policy for its cash surrender value at any time; Provided, That if the surrender application is made within thirty (30) days after a policy anniversary, the available value shall not be less than the value as of the date of the anniversary.
(10) In construing the provisions of this section, “ordinary insurance” or “insurance upon the ordinary plan” shall be considered to be insurance that may be paid for by a single premium, by annual premiums or by semi-annual or quarterly or other installments thereon at the option of the insurer.
History —Ins. Code, added as § 13.320 on Nov. 9, 2007, No. 165, § 1, eff. 90 days after Nov. 9, 2007.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-13a/1367/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379)›§ 1367 - Local insurance companies
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379) › § 1367 - Local insurance companies
|
A local insurer can establish one or more separate accounts, and may place assets in them (including, without being limited to the products applied in agreement with the settlement options method or in agreement with dividend options) to be used for life insurances or annuities (and incidental benefits), payable in fixed or variable amounts or both, subject to the following:
(1) The income, earnings or losses, realized or unrealized, on assets placed in a separate account shall be credited to, or charged against the account, and shall neither affect nor be affected by other income, earnings, or loss of the insurance company.
(2) Except as provided with regards to guaranteed benefits reserves and funds referred to in § 1375 of this title:
(a) Assets placed in a separate account and accruals thereon may be invested and reinvested, notwithstanding the requirements or limitations prescribed by this title regulating investments of life insurers.
(b) Investments of a separate account or accounts shall not be taken into account in the application of the investment limitations otherwise applicable to the insurer’s investments.
(3) No insurer may sell, exchange or otherwise transfer assets between any of his/her separate accounts or between any other investments account and one or more of his/her separate accounts, unless, in case of a transfer to a separate account, said transfer is only made to establish the account or support the operation of the contracts with respect to the separate account to which the transfer is made, and unless such transfer, either to or from a separate account, is made: (a) through the transfer of assets, or (b) through the transfer of securities that have a market value easy to determine, as long as said transfer of securities is approved by the Commissioner. The Commissioner may authorize other transfers between said accounts, if, in his/her opinion, said transfers are equitable.
History —Ins. Code, added as § 13.330 on Nov. 9, 2007, No. 165, § 1, eff. 90 days after Nov. 9, 2007.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-13a/1368/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379)›§ 1368 - Statement in contract requirement
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379) › § 1368 - Statement in contract requirement
|
A variable contract delivered or issued for delivery in Puerto Rico shall include a statement of the essential characteristics of the procedure to be followed by the insurer when determining the sum of the variable benefit provided under the contract. Any contract of this kind under which the benefits vary to show the investment experience, including a group contract and certificates evidencing the variable benefits issued under a group contract shall specify that said sum shall vary in accordance with the investment experience and shall include in its first page a statement to the effect that the benefits of the same are variable.
History —Ins. Code, added as § 13.340 on Nov. 9, 2007, No. 165, § 1, eff. 90 days after Nov. 9, 2007.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-13a/1369/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379)›§ 1369 - Authorization certificate requirement
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379) › § 1369 - Authorization certificate requirement
|
(1) No insurer may render or issue variable contracts for delivery in Puerto Rico, unless he/she is authorized to contract life insurance and annuities in Puerto Rico, and the Commissioner is satisfied that his/her operating state or method with regard to the issuance of said contracts and the maintenance of the separate account do not constitute a danger for the public or policy holders in Puerto Rico. With regard to the foregoing, the Commissioner shall take into consideration, among others, the following factors:
(a) History and financial state of the insurer;
(b) character, responsibility and competence of the officers and directors of the insurer as well as of his/her agents in Puerto Rico, and
(c) laws and regulations under which the insurer has been authorized in his/her state of residence to issue variable contracts.
(2) If the insurer is a subsidiary of an authorized life insurer in Puerto Rico, or if he/she is affiliated to such insurer authorized by shareholders or common administration, the Commissioner may deem that the provisions on the state or operating method of this section has been complied with if any of the two (2) insurers has complied with said provisions.
History —Ins. Code, added as § 13.350 on Nov. 9, 2007, No. 165, § 1, eff. 90 days after Nov. 9, 2007.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-13a/1370/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379)›§ 1370 - Independent investments
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379) › § 1370 - Independent investments
|
The amounts placed in any such separate account and the accruals thereon may be invested and reinvested regardless of the requirements or limitations prescribed by this Code regulating investments of life insurance companies. The investments of said separate account or accounts shall not be taken into consideration in the application of the investment limitations otherwise applicable to the company’s investments.
History —Ins. Code, added as § 13.360 on Nov. 9, 2007, No. 165, § 1, eff. 90 days after Nov. 9, 2007.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-13a/1371/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379)›§ 1371 - Income, earnings and losses
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379) › § 1371 - Income, earnings and losses
|
The income, earnings and losses realized or unrealized, on assets placed in a separate account shall be credited to, or charged against, the account, and shall neither affect nor be affected by other income, earning or loss of the insurance company.
History —Ins. Code, added as § 13.370 on Nov. 9, 2007, No. 165, § 1, eff. 90 days after Nov. 9, 2007.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-13a/1372/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379)›§ 1372 - Insurance company not a fiduciary
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379) › § 1372 - Insurance company not a fiduciary
|
The amounts placed in a separate account in the exercise of the power conferred by this chapter, shall not convert the insurance company into a fiduciary of such amounts.
History —Ins. Code, added as § 13.380 on Nov. 9, 2007, No. 165, § 1, eff. 90 days after Nov. 9, 2007.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-13a/1373/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379)›§ 1373 - Insurance code application; exceptions; liability reserve
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379) › § 1373 - Insurance code application; exceptions; liability reserve
|
All pertinent provisions of this Code shall apply to the separate accounts and to the related contracts, except for §§ 1351, 1355, 1356 and 1359 of this title in the case of a variable annuity contract, and §§ 1340, 1346–1348 and 1366 of this title in the case of a variable life insurance policy. The Commissioner may, by regulations, require that an individual variable annuity contract underwritten or issued for delivery in Puerto Rico shall include appropriate provisions with regard to grace periods and reinstatement. Any individual variable life insurance contract underwritten or issued for delivery in Puerto Rico shall include appropriate provisions with regard to grace periods, reinstatement, and appropriate provisions in such contract regarding nonforfeiture. The liability reserve for variable contracts shall be established in accordance with actuarial procedures that recognize the variable nature of the benefits provided and any mortality warranty.
History —Ins. Code, added as § 13.390 on Nov. 9, 2007, No. 165, § 1, eff. 90 days after Nov. 9, 2007.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-13a/1374/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379)›§ 1374 - Authority of Commissioner
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379) › § 1374 - Authority of Commissioner
|
The Commissioner shall have the authority to prescribe appropriate rules and regulations to achieve the purposes and enforce the provisions of §§ 1336, 1367 and 1373 of this title.
History —Ins. Code, added as § 13.400 on Nov. 9, 2007, No. 165, § 1, eff. 90 days after Nov. 9, 2007.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-13a/1375/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379)›§ 1375 - Guaranteed benefits
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379) › § 1375 - Guaranteed benefits
|
The assets that support the guaranteed benefits reserve, in the amount as well as in the duration of the benefit, and guaranteed funds, in the principal as well as in the established interest rate, shall not be kept in a separate account.
History —Ins. Code, added as § 13.410 on Nov. 9, 2007, No. 165, § 1, eff. 90 days after Nov. 9, 2007.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-13a/1376/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379)›§ 1376 - Assessment of assets in separate accounts
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379) › § 1376 - Assessment of assets in separate accounts
|
Except as otherwise provided by the Commissioner through regulations:
(1) Assets placed in a separate account shall be assessed in the basis of market value at the time of the assessment or, in the event there is not an immediately available market at the time, the assessment shall be made in agreement with the terms of the contract, rules or other written agreement applicable to such separate account;
(2) Provided, That the portion, if any, of the assets of said separate account equal to the reserve of the insurer with respect to the benefits, and the funds referred to in § 1375 of this title, are assessed in agreement to the standards otherwise applicable to the assets of the insurer.
History —Ins. Code, added as § 13.420 on Nov. 9, 2007, No. 165, § 1, eff. 90 days after Nov. 9, 2007.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-13a/1377/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379)›§ 1377 - Special rights to persons who invest in separate accounts
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379) › § 1377 - Special rights to persons who invest in separate accounts
|
As an insurer may deem it necessary to meet the applicable federal or state laws, said insurer, with respect to a separate account, including without being limited to any separate account that is a stocks management company or an investment trust, may grant the right to vote and other special rights and procedures to conduct the account business, to persons who are interested in the same, including without being limited to special rights and procedures related to the investment policy, investment consulting services, selection of independent public accountants, and the selection of a committee, whose members are not otherwise bound to be affiliated with the insurer, for managing the account business.
History —Ins. Code, added as § 13.430 on Nov. 9, 2007, No. 165, § 1, eff. 90 days after Nov. 9, 2007.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-13a/1378/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379)›§ 1378 - Applicability of the Investment Companies Act
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379) › § 1378 - Applicability of the Investment Companies Act
|
The separate account created by a local insurer to be used for life insurance or annuities (and incidental benefits), payable in fixed or variable amounts or both, shall be considered an investment company under §§ 661 et seq. of Title 10, known as the “Investment Companies of Puerto Rico Act”; Provided, however, That subsections (b) and (c) of § 662 of Title 10, the last paragraph of § 663 of Title 10, and subsections (e) and (f) of § 666 of Title 10 shall not apply to the separate account under said sections.
History —Ins. Code, added as § 13.440 on Nov. 9, 2007, No. 165, § 1, eff. 90 days after Nov. 9, 2007.
|
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-13a/1379/
|
PR
|
Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379)›§ 1379 - Uniform Securities Act
|
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 13A - Life Insurance and Annuities (§§ 1336 — 1379) › § 1379 - Uniform Securities Act
|
The powers granted to the Commissioner of Financial Institutions, pursuant to §§ 851–895 of Title 10, known as the “Uniform Securities Act”, with regards to the regulation and supervision of all aspects of the variable annuities as long as these are securities, shall not be affected in any manner by the enforcement of this section and §§ 1366–1374 of this title. These securities, variable annuities, shall remain covered by the “Uniform Securities Act” and the regulations approved thereunder.
History —Ins. Code, added as § 13.450 on Nov. 9, 2007, No. 165, § 1, eff. 90 days after Nov. 9, 2007.
|
Subsets and Splits
Unemployment Word Count by State
Calculates the total word count of documents related to unemployment in each state, revealing insights into the volume of unemployment-related content by location.
CO Title 8 Word Count
Calculates the total number of words in the content of entries related to 'Title 8' in Colorado, providing insight into the volume of text data available for that specific category and state.