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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-33/3309/ | 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 33 - Reciprocal Insurers (§§ 3301 — 3328)›§ 3309 - Certificate of authority | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 33 - Reciprocal Insurers (§§ 3301 — 3328) › § 3309 - Certificate of authority | (1) The certificate of authority of a reciprocal insurer shall be issued to its attorney in the name of the insurer.
(2) The Commissioner may refuse, discontinue or revoke the certificate of authority, in addition to other grounds therefor, for failure of its attorney to comply with any provision of this title.
History... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-33/3310/ | 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 33 - Reciprocal Insurers (§§ 3301 — 3328)›§ 3310 - Power of attorney | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 33 - Reciprocal Insurers (§§ 3301 — 3328) › § 3310 - Power of attorney | (1) The rights and powers of the attorney of a reciprocal insurer shall be as provided in the power of attorney given it by the subscribers.
(2) The power of attorney must set forth:
(a) The powers, duties and compensation of the attorney.
(b) That the attorney is empowered to obligate subscribers severally, within lim... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-33/3311/ | 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 33 - Reciprocal Insurers (§§ 3301 — 3328)›§ 3311 - Modification of subscribers’ agreement or of power of attorney | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 33 - Reciprocal Insurers (§§ 3301 — 3328) › § 3311 - Modification of subscribers’ agreement or of power of attorney | Modification of the terms of the subscribers’ agreement or of the power of attorney of a domestic reciprocal insurer shall be made jointly by the attorney and the subscribers’ advisory committee. No such modification shall be effective retroactively, or as to any insurance contract issued prior thereto.
History —Ins. C... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-33/3312/ | 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 33 - Reciprocal Insurers (§§ 3301 — 3328)›§ 3312 - Bond of attorney-in-fact | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 33 - Reciprocal Insurers (§§ 3301 — 3328) › § 3312 - Bond of attorney-in-fact | (1) Concurrently with the filing of the declaration provided for in § 3307 of this title, the attorney of a domestic reciprocal insurer shall file with the Commissioner a bond running to the Commonwealth of Puerto Rico. The bond shall be executed by the attorney and by an authorized corporate surety, and shall be subje... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-33/3313/ | 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 33 - Reciprocal Insurers (§§ 3301 — 3328)›§ 3313 - Deposit in lieu of bond | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 33 - Reciprocal Insurers (§§ 3301 — 3328) › § 3313 - Deposit in lieu of bond | In lieu of such bond, the attorney may maintain on deposit with the Commissioner a like amount in cash or in value of securities qualified under this title as insurers’ investments, and subject to the same conditions as the bond.
History —Ins. Code § 33.130. |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-33/3314/ | 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 33 - Reciprocal Insurers (§§ 3301 — 3328)›§ 3314 - Legal process, service; judgment | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 33 - Reciprocal Insurers (§§ 3301 — 3328) › § 3314 - Legal process, service; judgment | (1) Legal process shall be served upon a domestic reciprocal insurer by serving the insurer’s attorney at his principal offices or by serving the Commissioner as the insurer’s attorney-in-fact.
(2) Any judgment against the insurer based upon legal process so served shall be binding upon each of the insurer’s subscriber... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-33/3315/ | 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 33 - Reciprocal Insurers (§§ 3301 — 3328)›§ 3315 - Contributions to insurer | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 33 - Reciprocal Insurers (§§ 3301 — 3328) › § 3315 - Contributions to insurer | The provisions of §§ 2930 and 2931 of this title shall be applicable with respect to funds borrowed by or advanced to a domestic reciprocal insurer.
History —Ins. Code § 33.150. |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-33/3316/ | 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 33 - Reciprocal Insurers (§§ 3301 — 3328)›§ 3316 - Determining financial condition | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 33 - Reciprocal Insurers (§§ 3301 — 3328) › § 3316 - Determining financial condition | In determining the financial condition of a reciprocal insurer the Commissioner shall apply the following rules:
(1) He shall charge as liabilities the same reserves as are required of incorporated insurers issuing nonassessable policies on a reserve basis.
(2) The surplus deposits of subscribers shall be allowed as as... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-33/3317/ | 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 33 - Reciprocal Insurers (§§ 3301 — 3328)›§ 3317 - Subscribers | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 33 - Reciprocal Insurers (§§ 3301 — 3328) › § 3317 - Subscribers | Any person, public or private corporation, firm, board, association, estate, trustee or fiduciary, in Puerto Rico or elsewhere, may make application, enter into agreement for and hold policies or contracts in or with and be a subscriber of any domestic or foreign reciprocal insurer. Any officer, representative, or trus... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-33/3318/ | 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 33 - Reciprocal Insurers (§§ 3301 — 3328)›§ 3318 - Subscribers’ advisory committee | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 33 - Reciprocal Insurers (§§ 3301 — 3328) › § 3318 - Subscribers’ advisory committee | (1) The advisory committee exercising the subscribers’ rights of supervision in a domestic reciprocal insurer shall be selected under such rules as the subscribers adopt.
(2) Not less than three-fourths (¾) of such committee shall be composed of subscribers other than the attorney, or any person employed by, representi... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-33/3319/ | 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 33 - Reciprocal Insurers (§§ 3301 — 3328)›§ 3319 - Subscriber’s liability | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 33 - Reciprocal Insurers (§§ 3301 — 3328) › § 3319 - Subscriber’s liability | (1) The liability of each subscriber subject to assessment for the obligation of the reciprocal insurer shall not be joint, but shall be individual and separate.
(2) Each subscriber who is subject to assessment shall have a contingent assessment liability, in the amount provided for in the power of attorney or in the s... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-33/3320/ | 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 33 - Reciprocal Insurers (§§ 3301 — 3328)›§ 3320 - Subscriber’s liability on judgments | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 33 - Reciprocal Insurers (§§ 3301 — 3328) › § 3320 - Subscriber’s liability on judgments | (1) No action shall lie against any subscriber upon any obligation claimed against the insurer until a final judgment has been obtained against the insurer and remains unsatisfied for thirty days.
(2) Any such judgment shall be binding upon each subscriber only in such proportion as his interest may appear and in amoun... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-33/3321/ | 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 33 - Reciprocal Insurers (§§ 3301 — 3328)›§ 3321 - Assessments | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 33 - Reciprocal Insurers (§§ 3301 — 3328) › § 3321 - Assessments | (1) Assessments may be levied from time to time upon the subscribers of a domestic reciprocal insurer, other than as to nonassessable policies, by the attorney upon approval in advance by the subscribers’ advisory committee and the Commissioner; or by the Commissioner in liquidation of the insurer.
(2) Each such subscr... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-33/3322/ | 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 33 - Reciprocal Insurers (§§ 3301 — 3328)›§ 3322 - Time limit for assessment | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 33 - Reciprocal Insurers (§§ 3301 — 3328) › § 3322 - Time limit for assessment | Every subscriber of a domestic reciprocal insurer having contingent liability shall be liable for, and shall pay his share of any assessment, as computed and limited in accordance with this chapter, if:
(1) While his policy is in force or within one year after its termination, he is notified by either the attorney or t... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-33/3323/ | 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 33 - Reciprocal Insurers (§§ 3301 — 3328)›§ 3323 - Aggregate liability | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 33 - Reciprocal Insurers (§§ 3301 — 3328) › § 3323 - Aggregate liability | No one policy or subscriber as to such policy, shall be assessed or be charged with an aggregate of contingent liability as to obligations incurred by a domestic reciprocal insurer in any one calendar year, in excess of the number of times the premium as stated in the policy as computed solely upon premium earned on su... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-33/3324/ | 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 33 - Reciprocal Insurers (§§ 3301 — 3328)›§ 3324 - Extinguishment of contingent liabilities | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 33 - Reciprocal Insurers (§§ 3301 — 3328) › § 3324 - Extinguishment of contingent liabilities | (1) If a reciprocal insurer has a surplus of assets over all liabilities at least equal to the minimum paid-in capital stock required of a domestic stock insurer authorized to transact like kinds of insurance, upon application of the attorney and as approved by the subscribers’ advisory committee the Commissioner may a... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-33/3325/ | 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 33 - Reciprocal Insurers (§§ 3301 — 3328)›§ 3325 - Share in savings | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 33 - Reciprocal Insurers (§§ 3301 — 3328) › § 3325 - Share in savings | A reciprocal insurer may from time to time return to its subscribers any savings or credits accruing to their accounts. Any such distribution shall not unfairly discriminate between classes of risks, or policies, or between subscribers, but such distribution may vary as to classes of subscribers, based upon the experie... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-33/3326/ | 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 33 - Reciprocal Insurers (§§ 3301 — 3328)›§ 3326 - Subscriber’s share of assets | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 33 - Reciprocal Insurers (§§ 3301 — 3328) › § 3326 - Subscriber’s share of assets | Upon the liquidation of a domestic reciprocal insurer, its assets remaining after discharge of its indebtedness and policy obligations, the return of any contributions to its surplus, and the return of any unused deposits, savings, or credits, shall be distributed to its subscribers who were such within the three full ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-33/3327/ | 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 33 - Reciprocal Insurers (§§ 3301 — 3328)›§ 3327 - Merger or conversion | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 33 - Reciprocal Insurers (§§ 3301 — 3328) › § 3327 - Merger or conversion | (1) A domestic reciprocal insurer, upon affirmative vote of not less than two-thirds of the subscribers who vote upon such merger pursuant to such notice as may be approved by the Commissioner and with the approval of the Commissioner of the terms therefor, may merge with another reciprocal insurer to be converted to a... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-33/3328/ | 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 33 - Reciprocal Insurers (§§ 3301 — 3328)›§ 3328 - Impaired reciprocals, procedure thereon | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 33 - Reciprocal Insurers (§§ 3301 — 3328) › § 3328 - Impaired reciprocals, procedure thereon | (1) If the assets of a domestic reciprocal insurer are at any time insufficient to discharge its liabilities, other than any liability on account of funds contributed by the attorney or other parties, and to maintain the surplus required for the kinds of insurance it is authorized to transact, and if the deficiency is ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-34/3401/ | 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 34 - Insurance Cooperatives (§§ 3401 — 3423)›§ 3401 - Scope, objectives and purposes, special provisions | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 34 - Insurance Cooperatives (§§ 3401 — 3423) › § 3401 - Scope, objectives and purposes, special provisions | This chapter applies only to domestic insurance cooperatives.
The purpose of insurance cooperatives is to promote the general wellbeing of the community through the development of insurance contracts that satisfy the need for protection against risks of its members, sponsors and the general public, in harmony with the ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-34/3401a/ | 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 34 - Insurance Cooperatives (§§ 3401 — 3423)›§ 3401a - General definitions | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 34 - Insurance Cooperatives (§§ 3401 — 3423) › § 3401a - General definitions | For the purposes of this chapter, unless otherwise expressly provided, the following definitions shall prevail:
(1) Cooperative Bank.— Refers to the Cooperative Bank of Puerto Rico.
(2) Cooperative affiliate.— Refers to a cooperative that has been admitted as a partner by the Board of Directors of the insurance coopera... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-34/3402/ | 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 34 - Insurance Cooperatives (§§ 3401 — 3423)›§ 3402 - Insurance cooperatives—General requirements | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 34 - Insurance Cooperatives (§§ 3401 — 3423) › § 3402 - Insurance cooperatives—General requirements | The general requirements that the insurance cooperatives shall meet are the following:
(1) To operate in the interest of their members and policyholders.
(2) To operate on the basis of the principle of equality of rights and obligations with respect to their members.
(3) To have available a minimum surplus fund accumul... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-34/3403/ | 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 34 - Insurance Cooperatives (§§ 3401 — 3423)›§ 3403 - Insurance cooperatives—Powers | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 34 - Insurance Cooperatives (§§ 3401 — 3423) › § 3403 - Insurance cooperatives—Powers | The insurance cooperative shall have the same general powers as set forth in this Code for other insurers.
History —Ins. Code, added as § 34.030 on June 26, 1959, No. 84, p. 220, § 1; Nov. 12, 2007, No. 174, § 4, eff. 30 days after Nov. 12, 2007. |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-34/3404/ | 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 34 - Insurance Cooperatives (§§ 3401 — 3423)›§ 3404 - Insurance cooperatives—Incorporation | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 34 - Insurance Cooperatives (§§ 3401 — 3423) › § 3404 - Insurance cooperatives—Incorporation | An insurance cooperative may organize under this chapter to underwrite insurance with its members and other sponsors:
(1) Eleven or more persons of legal age who are residents of Puerto Rico and who join in their capacity as consumers may incorporate an insurance cooperative. It being understood by “consumers” those pe... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-34/3405/ | 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 34 - Insurance Cooperatives (§§ 3401 — 3423)›§ 3405 - Articles of incorporation, contents | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 34 - Insurance Cooperatives (§§ 3401 — 3423) › § 3405 - Articles of incorporation, contents | The articles of incorporation of an insurance cooperative shall state:
(1) The name of the insurance cooperative, which shall contain as a distinctive part thereof, the word “Cooperative”. Provided, That no insurance cooperative may select a name already adopted by another insurer or which is so similar thereto as to b... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-34/3406/ | 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 34 - Insurance Cooperatives (§§ 3401 — 3423)›§ 3406 - Amendments to articles of incorporation | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 34 - Insurance Cooperatives (§§ 3401 — 3423) › § 3406 - Amendments to articles of incorporation | (1) The articles of incorporation of an insurance cooperative may be amended by resolution adopted by ⅔ of the members present at a vote taken in a regular or a special assembly called for such purpose.
(2) If the amendment is to change the insurance cooperative’s name after the transaction of insurance in Puerto Rico ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-34/3407/ | 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 34 - Insurance Cooperatives (§§ 3401 — 3423)›§ 3407 - Bylaws, contents | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 34 - Insurance Cooperatives (§§ 3401 — 3423) › § 3407 - Bylaws, contents | (1) The members shall have the power, by a majority vote of the assembly legally constituted for that purpose, to approve and amend the bylaws to regulate the procedures of the insurance cooperative and govern the administration of its affairs. Such bylaws, if consistent with the law and the articles of incorporation, ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-34/3408/ | 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 34 - Insurance Cooperatives (§§ 3401 — 3423)›§ 3408 - Members, admission, resignation and involuntary separation, contribution certifica... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 34 - Insurance Cooperatives (§§ 3401 — 3423) › § 3408 - Members, admission, resignation and involuntary separation, contribution certificates, liability, voting right, duties, obligation... | (a) Admission.—
(1) The Board of an insurance cooperative shall have the power to admit members according to the admission rules established by the articles of incorporation or the bylaws, or by resolution of the board, which rules shall be in harmony with the ends and purposes of the insurance cooperative, its faculti... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-34/3409/ | 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 34 - Insurance Cooperatives (§§ 3401 — 3423)›§ 3409 - First assembly of members | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 34 - Insurance Cooperatives (§§ 3401 — 3423) › § 3409 - First assembly of members | (a) As soon as contribution certificates in the amount of three fourths of the minimum surplus funds required have been paid, and as soon as three fourths of the total number of applications of members required to qualify for the original certificate of authority have been accepted, the directors of the cooperative ins... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-34/3410/ | 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 34 - Insurance Cooperatives (§§ 3401 — 3423)›§ 3410 - Regular and special member assemblies | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 34 - Insurance Cooperatives (§§ 3401 — 3423) › § 3410 - Regular and special member assemblies | The general assembly of members of insurance cooperatives shall be held in any city or town of the Island of Puerto Rico in which there are members.
Notice of said assembly shall be given not less than twenty (20) days in advance. The annual regular assembly shall fill the existing vacancies or those that occur on the ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-34/3411/ | 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 34 - Insurance Cooperatives (§§ 3401 — 3423)›§ 3411 - Requirements and impediments for becoming a director | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 34 - Insurance Cooperatives (§§ 3401 — 3423) › § 3411 - Requirements and impediments for becoming a director | When the members of the insurance cooperative are cooperatives, these shall have the right to nominate one of their members as candidate for director, provided that the affiliate cooperative complies with the duties and obligations of the members established in this chapter.
(1) Every director or candidate for director... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-34/3412/ | 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 34 - Insurance Cooperatives (§§ 3401 — 3423)›§ 3412 - Election of directors | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 34 - Insurance Cooperatives (§§ 3401 — 3423) › § 3412 - Election of directors | (1) The affairs of an insurance cooperative shall be administered by a Board of not less than five (5) nor more than thirteen (13) directors elected by the members from among them.
(2) Each director shall be elected for a minimum term of one (1) year and a maximum of three (3) years, and until his/her successor is elec... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-34/3412a/ | 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 34 - Insurance Cooperatives (§§ 3401 — 3423)›§ 3412a - Duties of the directors in the performance of their functions | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 34 - Insurance Cooperatives (§§ 3401 — 3423) › § 3412a - Duties of the directors in the performance of their functions | The directors of the insurance cooperative shall discharge their duties with the degree of care appropriate to the fiduciary relations they have toward the insurance cooperative. This fiduciary duty includes the duty of diligence and loyalty toward the insurance cooperative, as well as the duty to supervise and to give... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-34/3413/ | 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 34 - Insurance Cooperatives (§§ 3401 — 3423)›§ 3413 - Board and administration officers | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 34 - Insurance Cooperatives (§§ 3401 — 3423) › § 3413 - Board and administration officers | (1) The Board shall elect its officers. Provided, That any director who is elected for the first time and who has no experience or studies in the field of insurance shall not be an officer of the Board.
(2) The chief executive officer of the administration of the insurance cooperative does not have to be a member of an... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-34/3414/ | 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 34 - Insurance Cooperatives (§§ 3401 — 3423)›§ 3414 - Education | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 34 - Insurance Cooperatives (§§ 3401 — 3423) › § 3414 - Education | All the insurance cooperatives organized under this Code, shall be under obligation to set aside annually not less than one tenth (1/10) of one percent (1%) of the total volume of premiums paid for purposes of cooperative education. Provided, That the insurance cooperatives may contribute voluntarily to the League of C... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-34/3415/ | 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 34 - Insurance Cooperatives (§§ 3401 — 3423)›§ 3415 - Social reserve | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 34 - Insurance Cooperatives (§§ 3401 — 3423) › § 3415 - Social reserve | The insurance cooperatives shall devote part of their net surplus available in an equitable manner to social programs such as hospitals, shelters or assistance programs for abused women and children, the terminally ill, elderly homes or centers, educational institutions and cooperative development programs that are dir... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-34/3416/ | 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 34 - Insurance Cooperatives (§§ 3401 — 3423)›§ 3416 - Use of the term “cooperative” | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 34 - Insurance Cooperatives (§§ 3401 — 3423) › § 3416 - Use of the term “cooperative” | No person, firm, corporation, or association in Puerto Rico other than a cooperative association organized under the laws in force shall have the right to use the terms “cooperative”, “cooperation”, “cooperators” or words of similar meaning as a part of its name.
History —Ins. Code, added as § 34.160 on June 26, 1959, ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-34/3417/ | 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 34 - Insurance Cooperatives (§§ 3401 — 3423)›§ 3417 - Insurance cooperatives are not in restraint of trade | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 34 - Insurance Cooperatives (§§ 3401 — 3423) › § 3417 - Insurance cooperatives are not in restraint of trade | No insurance cooperative organized this Code shall, for the sole reason of being and acting in accordance with its cooperative nature, be deemed to be a conspiracy or a combination in restraint of trade or an illegal monopoly; neither shall it be considered organized for the purpose of lessening competition or fixing p... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-34/3418/ | 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 34 - Insurance Cooperatives (§§ 3401 — 3423)›§ 3418 - Tax exemption | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 34 - Insurance Cooperatives (§§ 3401 — 3423) › § 3418 - Tax exemption | (1) Every cooperative insurer duly organized under this Code shall be exempted from all real and personal property taxes belonging to said cooperative insurer; Provided, That said exemption shall in no case exceed the appraised value of one million dollars ($100,000.000); Provided, further, That for fiscal years 2009-1... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-34/3419a/ | 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 34 - Insurance Cooperatives (§§ 3401 — 3423)›§ 3419a - Acquisition of stock | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 34 - Insurance Cooperatives (§§ 3401 — 3423) › § 3419a - Acquisition of stock | Insurance cooperatives may organize and acquire other insurers and any other type of business, as provided in §§ 648–662 of this title or any other provision of this Code, by themselves or jointly with other cooperative institutions, for which they shall have the same powers and the same duties as the other insurers.
H... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-34/3419b/ | 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 34 - Insurance Cooperatives (§§ 3401 — 3423)›§ 3419b - Impaired assets | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 34 - Insurance Cooperatives (§§ 3401 — 3423) › § 3419b - Impaired assets | (1) If the assets of an insurance cooperative suffer impairment, the Commissioner shall immediately determine the amount of the deficiency and so notify the insurance cooperative to cover it, whether by requiring its members to make an additional contribution or in any other way, within ninety (90) days after being not... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-34/3419c/ | 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 34 - Insurance Cooperatives (§§ 3401 — 3423)›§ 3419c - Assigning quotas to members to cover impairment of assets | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 34 - Insurance Cooperatives (§§ 3401 — 3423) › § 3419c - Assigning quotas to members to cover impairment of assets | (1) If authorized by the vote of not less than two-thirds of the members of an insurance cooperative present at a special assembly called to said effect, the Board of Directors may impose a special prorated assessment on all contribution certificates issued by the insurance cooperative, to guarantee totally or partiall... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-34/3420/ | 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 34 - Insurance Cooperatives (§§ 3401 — 3423)›§ 3420 - Persons related with other insurers | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 34 - Insurance Cooperatives (§§ 3401 — 3423) › § 3420 - Persons related with other insurers | No agent, solicitor, broker, adjuster, consultant or insurer related to insurers not organized under the provisions of this chapter may belong as a member, nor acquire fund contribution certificates, nor organize an insurance cooperative as it is defined in this chapter.
History —Ins. Code, added as § 34.200 on June 26... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-34/3421/ | 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 34 - Insurance Cooperatives (§§ 3401 — 3423)›§ 3421 - Persons barred from membership | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 34 - Insurance Cooperatives (§§ 3401 — 3423) › § 3421 - Persons barred from membership | No natural or juridical person may be a member of an insurance cooperative under the provisions of this chapter, if said person has had his/her license cancelled in accordance with the provisions of §§ 949–953i of this title, or is under investigation toward that end by the Insurance Commissioner of the Commonwealth of... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-34/3422/ | 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 34 - Insurance Cooperatives (§§ 3401 — 3423)›§ 3422 - Applicability of other provisions | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 34 - Insurance Cooperatives (§§ 3401 — 3423) › § 3422 - Applicability of other provisions | The provisions in §§ 2801–2820 of this title, which regulate the organization of insurers, shall not apply to insurance cooperatives, with the exception of the section that establishes a prohibition on constituting an insurer that depends on the payment of assessments, premiums for assessments or contributions made amo... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-34/3423/ | 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 34 - Insurance Cooperatives (§§ 3401 — 3423)›§ 3423 - Applicability of provisions not excepted | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 34 - Insurance Cooperatives (§§ 3401 — 3423) › § 3423 - Applicability of provisions not excepted | All the provisions of this Code not expressly excepted shall apply to insurance cooperatives to the extent they are applicable. In aspects of a cooperative nature not covered by this chapter, the first resort shall be the General Cooperative Associations Act, then the Savings and Credit Cooperatives Partnership Act, Co... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-35/3501/ | 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 35 - Lloyd’s Insurers (Domestic)›§ 3501 - Scope | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 35 - Lloyd’s Insurers (Domestic) › § 3501 - Scope | This chapter applies only to domestic Lloyd’s plan insurers.
History —Ins. Code § 35.010. |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-35/3502/ | 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 35 - Lloyd’s Insurers (Domestic)›§ 3502 - Definition | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 35 - Lloyd’s Insurers (Domestic) › § 3502 - Definition | For the purpose of this title, a domestic Lloyd’s plan insurer is a partnership of unincorporated individual insurers, having joint and several unlimited liability, acting through an attorney-in-fact, and transacting as insurer such kinds of insurance (or classes thereof) as may be authorized by the compact between suc... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-35/3503/ | 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 35 - Lloyd’s Insurers (Domestic)›§ 3503 - General requirements as to Lloyd’s insurers | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 35 - Lloyd’s Insurers (Domestic) › § 3503 - General requirements as to Lloyd’s insurers | (1) Except as otherwise expressly provided, Lloyd’s insurers are subject to the same requirements and have the same privileges as apply under this title to insurers in general.
(2) Section 2932 of this title (as to operations in foreign countries) shall be applicable to Lloyd’s insurers.
History —Ins. Code § 35.030. |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-35/3504/ | 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 35 - Lloyd’s Insurers (Domestic)›§ 3504 - Attorney-in-fact | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 35 - Lloyd’s Insurers (Domestic) › § 3504 - Attorney-in-fact | (1) The respective underwriters or insurers in a Lloyd’s (by power of attorney) shall vest in an attorney-in-fact full power to represent and bind them with respect to compliance by the insurer with the requirements of this title, and with respect to all insurance transactions under the certificate of authority.
(2) Th... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-35/3505/ | 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 35 - Lloyd’s Insurers (Domestic)›§ 3505 - Qualification of Lloyd’s insurer | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 35 - Lloyd’s Insurers (Domestic) › § 3505 - Qualification of Lloyd’s insurer | (1) A domestic Lloyd’s may be authorized to transact insurance while it maintains on deposit in trust for the benefit of its policyholders and creditors, with the Secretary of the Treasury through the office of the Commissioner, surplus funds in amount equal to the paid-in capital required of a domestic stock insurer t... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-35/3506/ | 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 35 - Lloyd’s Insurers (Domestic)›§ 3506 - Emergency authorization | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 35 - Lloyd’s Insurers (Domestic) › § 3506 - Emergency authorization | (1) Notwithstanding the provisions of § 3505 of this title, when for any reason hurricane insurance on crops and plantations in Puerto Rico cannot be secured through other authorized insurers, or as surplus line coverage under §§ 1001–1020 of this title, or cannot be so secured at reasonable rates or on reasonable term... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-35/3507/ | 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 35 - Lloyd’s Insurers (Domestic)›§ 3507 - Substituted or additional underwriters | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 35 - Lloyd’s Insurers (Domestic) › § 3507 - Substituted or additional underwriters | All underwriters substituted or added to a Lloyd’s insurer subsequent to issuance of its certificate of authority, shall be subject to the same obligations and liabilities as the organizing or original underwriters, as if they had signed the original power of attorney and other original documents of the insurer on file... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-35/3508/ | 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 35 - Lloyd’s Insurers (Domestic)›§ 3508 - Other changes | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 35 - Lloyd’s Insurers (Domestic) › § 3508 - Other changes | (1) After issuance of a certificate of authority to a domestic Lloyd’s insurer, the compact among the individual insurers or underwriters, the power of attorney, and the name of the insurer shall not be changed except with the approval of the Commissioner.
(2) The insurer shall promptly notify the Commissioner in writi... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-35/3509/ | 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 35 - Lloyd’s Insurers (Domestic)›§ 3509 - Actions against Lloyd’s insurer | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 35 - Lloyd’s Insurers (Domestic) › § 3509 - Actions against Lloyd’s insurer | (1) Any cause of action against a Lloyd’s insurer may be instituted against any one or more of: The attorney-in-fact; the individual insurers or underwriters jointly or any number of them; any individual insurer or underwriter.
(2) Any judgment rendered against any one or more of the parties defendant as specified in s... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-35/3510/ | 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 35 - Lloyd’s Insurers (Domestic)›§ 3510 - Impairment of surplus | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 35 - Lloyd’s Insurers (Domestic) › § 3510 - Impairment of surplus | (1) The surplus of a Lloyd’s insurer shall be deemed to be impaired when the amount of its assets is less than the amount of its liabilities, including as a liability, for the purposes of this provision, the amount of its surplus required under this title for authority to transact the kinds of insurance it is authorize... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-36/3601/ | 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 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642)›§ 3601 - Definitions—Fraternal benefit societies | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642) › § 3601 - Definitions—Fraternal benefit societies | Any incorporated society, order or supreme lodge, without capital stock, conducted solely for the benefit of its members and their beneficiaries and not for profit, operated on a lodge system with ritualistic form of work, having a representative form of government, and which makes provision for the payment of benefits... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-36/3602/ | 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 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642)›§ 3602 - Definitions—Lodge system | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642) › § 3602 - Definitions—Lodge system | A society having a supreme legislative or governing body and subordinate lodges or branches by whatever name known, into which members are elected, initiated or admitted in accordance with its constitution, laws, ritual and rules, which subordinate lodges or branches shall be required by the laws of the society to hold... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-36/3603/ | 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 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642)›§ 3603 - Definitions—Representative form of government | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642) › § 3603 - Definitions—Representative form of government | A society shall be deemed to have a representative form of government when:
(a) It provides in its constitution or laws for a supreme legislative or governing body, composed of representatives elected either by the members or by delegates elected directly or indirectly by the members, together with such other members o... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-36/3604/ | 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 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642)›§ 3604 - Organization | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642) › § 3604 - Organization | (a) The organization of a society shall be governed as follows:
(1) Seven or more persons, the majority of which shall be citizens of the United States and residents of Puerto Rico, who desire to form a fraternal benefit society, may make, sign and acknowledge before some officer competent to take acknowledgments.
(2) ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-36/3605/ | 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 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642)›§ 3605 - Corporate powers retained | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642) › § 3605 - Corporate powers retained | Any incorporated society authorized to transact business in Puerto Rico at the time this act becomes effective may thereafter exercise all the rights, powers and privileges prescribed in this chapter and in its charter or articles of incorporation so far as consistent with this chapter. A domestic society shall not be ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-36/3606/ | 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 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642)›§ 3606 - Existing voluntary associations—Incorporation | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642) › § 3606 - Existing voluntary associations—Incorporation | After one year from the effective date of this act, no unincorporated association shall be permitted to transact business in Puerto Rico as a fraternal benefit society.
Any domestic voluntary association now authorized to transact business in Puerto Rico may incorporate and shall receive from the Commissioner of Insura... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-36/3607/ | 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 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642)›§ 3607 - Principal office—Place of meeting | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642) › § 3607 - Principal office—Place of meeting | The principal office of any domestic society shall be located in Puerto Rico. The meetings of its supreme legislative or governing body may be held in any state, district, province or territory wherein such society has at least five subordinate branches and all business transacted at such meetings shall be as valid in ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-36/3608/ | 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 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642)›§ 3608 - Consolidations and mergers | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642) › § 3608 - Consolidations and mergers | A domestic society may consolidate or merge with any other society by complying with the provisions of this section. It shall file with the Commissioner of Insurance:
(1) a certified copy of the written contract containing in full the terms and conditions of the consolidation or merger;
(2) a sworn statement by the pre... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-36/3609/ | 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 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642)›§ 3609 - Conversion of fraternal benefit society into mutual life insurance ... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642) › § 3609 - Conversion of fraternal benefit society into mutual life insurance company | Any domestic fraternal benefit society may be converted and licensed as a mutual life insurance company by compliance with all the requirements of Section 28.160 of this Code, if such plan of conversion has been approved by the Commissioner of Insurance. Such plan shall be prepared in writing setting forth in full the ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-36/3610/ | 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 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642)›§ 3610 - Qualifications for membership | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642) › § 3610 - Qualifications for membership | A society may admit to benefit membership any person not less than fifteen years of age, nearest birthday, who has furnished evidence of insurability acceptable to the society. Any such member who shall apply for additional benefits more than six months after becoming a benefit member shall furnish additional evidence ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-36/3611/ | 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 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642)›§ 3611 - Articles of incorporation, constitution and laws—Amendments | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642) › § 3611 - Articles of incorporation, constitution and laws—Amendments | A domestic society may amend its articles of incorporation, constitution or laws in accordance with the provisions thereof by action of its supreme legislative or governing body at any regular or special meeting thereof or, if its articles of incorporation, constitution or laws so provide, by referendum. Such referendu... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-36/3612/ | 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 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642)›§ 3612 - Institutions | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642) › § 3612 - Institutions | It shall be lawful for a society to create, maintain and operate charitable, benevolent or educational institutions for the benefit of its members and their families and dependents and for the benefit of children insured by the society. For such purpose it may acquire, own, hold or lease, and dispose of personal proper... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-36/3613/ | 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 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642)›§ 3613 - Personal liability | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642) › § 3613 - Personal liability | The officers and members of the supreme, grand or any subordinate body of a society shall not be personally liable for payment of any benefits provided by a society.
History —Ins. Code, added as § 36.130 on June 13, 1964, No. 55, p. 122. |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-36/3614/ | 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 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642)›§ 3614 - Benefits | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642) › § 3614 - Benefits | (1) A society authorized to do business in Puerto Rico may provide for the payment of:
(a) Death benefits in any form;
(b) endowment benefits;
(c) annuity benefits;
(d) temporary or permanent disability benefits as a result of a disease or accident;
(e) hospital, medical or nursing benefits due to sickness or bodily in... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-36/3615/ | 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 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642)›§ 3615 - Benefits on lives of children | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642) › § 3615 - Benefits on lives of children | A society may provide for benefits on the lives of children under the minimum age for adult membership but not greater than twenty-one years of age at time of application therefor, upon the application of some adult person, as its laws or rules may provide, which benefits shall be in accordance with the provisions of §... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-36/3616/ | 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 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642)›§ 3616 - Nonforfeiture benefits, cash surrender values, certificate loans an... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642) › § 3616 - Nonforfeiture benefits, cash surrender values, certificate loans and other options | A society may grant paid-up nonforfeiture benefits, cash surrender values, certificate loans and such other options as its laws may permit. As to certificates issued on and after the effective date of this act, a society shall grant at least one paid-up nonforfeiture benefit, except in the case of pure endowment, annui... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-36/3617/ | 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 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642)›§ 3617 - Beneficiaries | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642) › § 3617 - Beneficiaries | The member shall have the right at all times to change the beneficiary or beneficiaries in accordance with the constitution, laws or rules of the society. Every society by its constitution, laws or rules may limit the scope of beneficiaries and shall provide that no beneficiary shall have or obtain any vested interest ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-36/3618/ | 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 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642)›§ 3618 - Benefits not attachable | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642) › § 3618 - Benefits not attachable | No money or other benefit, charity, relief or aid to be paid, provided or rendered by any society, shall be liable to attachment, garnishment or other process, or to be seized, taken, appropriated or applied by any legal or equitable process or operation of law to pay any debt or liability of a member or beneficiary, o... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-36/3619/ | 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 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642)›§ 3619 - The contract | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642) › § 3619 - The contract | Every society authorized to do business in Puerto Rico shall issue to each benefit member a certificate specifying the amount of benefits provided thereby. The certificate, together with any endorsements attached thereto, the charter or articles of incorporation, the constitution and laws of the society, the applicatio... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-36/3620/ | 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 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642)›§ 3620 - Life benefit certificate provisions, standard and prohibited | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642) › § 3620 - Life benefit certificate provisions, standard and prohibited | After one year from the effective date of this act, no life benefit certificate shall be delivered or issued for delivery in Puerto Rico unless a copy of the form shall have been filed with the Commissioner of Insurance and approved by him as conforming to the requirements of this section and not inconsistent with any ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-36/3621/ | 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 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642)›§ 3621 - Accident and health insurance and total and permanent disability in... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642) › § 3621 - Accident and health insurance and total and permanent disability insurance certificates | No domestic, foreign or alien society authorized to do business in Puerto Rico shall issue or deliver in Puerto Rico any certificate or other evidence of any contract of accident insurance or health insurance or of any total and permanent disability insurance contract unless and until the form thereof, together with th... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-36/3622/ | 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 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642)›§ 3622 - Waiver | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642) › § 3622 - Waiver | The constitution and laws of the society may provide that no subordinate body, nor any of its subordinate officers or members shall have the power or authority to waive any of the provisions of the laws and constitution of the society. Such provision shall be binding on the society and every member and beneficiary of a... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-36/3623/ | 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 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642)›§ 3623 - Reinsurance | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642) › § 3623 - Reinsurance | A domestic society may, by a reinsurance agreement, cede any individual risk or risks in whole or in part to an insurer, other than another fraternal benefit society, having the power to make such reinsurance and authorized to do business in Puerto Rico, or if not so authorized, as established under § 412(c) of this ti... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-36/3624/ | 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 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642)›§ 3624 - Annual license | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642) › § 3624 - Annual license | Societies which are now authorized to transact business in Puerto Rico may continue such business with no license required within the period of twelve months next succeeding the effective date of this act. The certificates of authority of such societies and all societies hereafter licensed, may thereafter be renewed an... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-36/3625/ | 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 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642)›§ 3625 - Foreign or alien society—Admission | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642) › § 3625 - Foreign or alien society—Admission | No foreign or alien society shall transact business in Puerto Rico without a license issued by the Commissioner of Insurance. Any such society may be licensed to transact business in Puerto Rico upon filing with the Commissioner of Insurance:
(a) a duly certified copy of its charter or articles of incorporation;
(b) a ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-36/3626/ | 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 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642)›§ 3626 - Liquidation—Receivership of domestic society | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642) › § 3626 - Liquidation—Receivership of domestic society | (a) When the Commissioner of Insurance upon investigation finds that a domestic society:
(1) Has exceeded its powers.
(2) Has failed to comply with any provision of this chapter.
(3) Is not fulfilling its contracts in good faith.
(4) Has a membership of less than four hundred after an existence of one year or more.
(5)... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-36/3627/ | 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 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642)›§ 3627 - Suspension, revocation or refusal of license to foreign or alien so... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642) › § 3627 - Suspension, revocation or refusal of license to foreign or alien society | When the Commissioner of Insurance upon investigation finds that a foreign or alien society transacting or applying to transact business in Puerto Rico:
(a) Has exceeded its powers;
(b) has failed to comply with any of the provisions of this chapter;
(c) is not fulfilling its contracts in good faith, or
(d) is conducti... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-36/3628/ | 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 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642)›§ 3628 - Producer’s license | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642) › § 3628 - Producer’s license | A license shall be issued to the producers of societies pursuant to the provisions of this section:
(a) Insurance producer.— As used in this section means any authorized or acknowledged agent of a society who acts as such in the solicitation, negotiation or procurement or making of a life insurance, accident and health... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-36/3629/ | 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 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642)›§ 3629 - Service of process | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642) › § 3629 - Service of process | Every society authorized to do business in Puerto Rico shall appoint in writing the Commissioner of Insurance and any successor in office to be its proxy, to whom all lawful process in any action or proceeding against it shall be served, and shall agree in such writing that any lawful process against it which is served... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-36/3630/ | 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 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642)›§ 3630 - Review | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642) › § 3630 - Review | All decisions and findings of the Commissioner of Insurance made under the provisions of this chapter shall be reviewable by the pertinent part of the Court of First Instance of Puerto Rico.
History —Ins. Code, added as § 36.300 on June 13, 1964, No. 55, p. 122. |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-36/3631/ | 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 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642)›§ 3631 - Funds | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642) › § 3631 - Funds | All assets shall be held, invested and disbursed for the use and benefit of the society and no member or beneficiary shall have or acquire individual rights therein or become entitled to any apportionment or the surrender of any part thereof, except as provided in the contract.
A society may create, maintain, invest, d... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-36/3632/ | 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 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642)›§ 3632 - Investments | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642) › § 3632 - Investments | A society shall invest its funds only in such investments as are authorized by the laws of Puerto Rico for the investment of assets of life insurance companies and subject to the limitations thereon. Any foreign or alien society permitted or seeking to do business in Puerto Rico which invests its funds in accordance wi... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-36/3633/ | 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 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642)›§ 3633 - Reports and valuations | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642) › § 3633 - Reports and valuations | Reports shall be filed and synopses of annual statements shall be published in accordance with the provisions of this section.
(1) Every society transacting business in Puerto Rico shall annually, on or before the 31st day of March, unless such time has been extended by the Commissioner, file with the Commissioner of I... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-36/3634/ | 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 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642)›§ 3634 - Examination of domestic societies | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642) › § 3634 - Examination of domestic societies | The Commissioner of Insurance, or any person he may appoint, shall have the power of visitation and examination into the affairs of any domestic society and he shall make such examination at least once in every three years. He may employ assistants for the purpose of such examination, and he, or any person he may appoi... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-36/3635/ | 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 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642)›§ 3635 - Examination of foreign and alien societies | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642) › § 3635 - Examination of foreign and alien societies | The Commissioner of Insurance, or any person whom he may appoint, may examine any foreign or alien society transacting or applying for authorization to transact business in Puerto Rico. He may employ assistants and he, or any person he may appoint, shall have free access to all books, papers and documents that relate t... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-36/3636/ | 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 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642)›§ 3636 - Adverse publications | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642) › § 3636 - Adverse publications | Pending, during or after an examination or investigation of a society, either domestic, foreign or alien, the Commissioner of Insurance shall make public no financial statement, report or finding, nor shall he permit to become public any financial statement, report or finding affecting the status, standing or rights of... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-36/3637/ | 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 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642)›§ 3637 - Misrepresentation | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642) › § 3637 - Misrepresentation | No person shall cause or permit to be made, issued or circulated in any form:
(a) Any misrepresentation or false or misleading statement concerning the terms, benefits or advantages of any fraternal insurance contract now issued or to be issued in Puerto Rico, or the financial condition of any society;
(b) any false or... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-36/3638/ | 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 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642)›§ 3638 - Discrimination and rebates | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642) › § 3638 - Discrimination and rebates | No society doing business in Puerto Rico shall make or permit any unfair discrimination between insured members of the same class and equal expectation of life in the premiums charged for certificates of insurance, in the dividends or other benefits payable thereon or in any other of the terms and conditions of the con... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-36/3639/ | 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 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642)›§ 3639 - Taxation | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642) › § 3639 - Taxation | Every society organized or licensed under this chapter is hereby declared to be a charitable institution for all tax purposes, and is, therefore, hereby declared exempt from all kinds of taxes.
History —Ins. Code, added as § 36.390 on June 13, 1964, No. 55, p. 122. |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-36/3640/ | 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 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642)›§ 3640 - Exemptions | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642) › § 3640 - Exemptions | Except as herein provided, societies shall be governed by this chapter and shall be exempt from all other provisions of the Insurance Code.
History —Ins. Code, added as § 36.400 on June 13, 1964, No. 55, p. 122. |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-36/3641/ | 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 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642)›§ 3641 - Exemption of certain societies | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642) › § 3641 - Exemption of certain societies | Nothing contained in this chapter shall be so construed as to affect or apply to:
(a) Domestic societies which limit their membership to employees of a particular city or town, designated firm, business house or corporation which provide for a death benefit of not more than four hundred dollars ($400) or disability ben... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-36/3642/ | 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 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642)›§ 3642 - Penalties | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642) › § 3642 - Penalties | Any person who willfully makes a false or fraudulent statement in or relating to an application for membership or for the purpose of obtaining money from or a benefit in any society shall upon conviction be fined not less than one hundred dollars ($100) nor more than five hundred dollars ($500), or imprisonment in jail... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-37/3701/ | 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 37 - Joint Underwriting Association for Fire and Allied Lines Insurance (§§ 3701 — 3708)›§ 3701 - Definitions | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 37 - Joint Underwriting Association for Fire and Allied Lines Insurance (§§ 3701 — 3708) › § 3701 - Definitions | As used in this chapter:
(1) Fire and allied lines insurance.— Means the insurance on real or personal property of every kind and interest therein, against loss or damage by any or all hazard or cause, and against losses resulting from such losses or damage other than noncontractual legal liability for any such losses ... |
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