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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-37/3702/ | PR | Justia›US Law›US Codes 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)›§ 3702 - Joint Underwriting Association and ope... | 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) › § 3702 - Joint Underwriting Association and operation plan | (1) There is hereby created an Association for the Joint Underwriting, comprised by all the authorized insurers, or those that may be authorized in the future, to write, and which do write in Puerto Rico, directly, fire and allied lines insurance, including the insurers of such hazards through multi-hazards policies (p... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-37/3703/ | PR | Justia›US Law›US Codes 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)›§ 3703 - Procedures | 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) › § 3703 - Procedures | (1)
(a) Every person who has an insurable interest in an insurable property, who shall have diligently made an effort, in the regular insurance market to obtain fire and allied lines insurance from more than one authorized insurer, shall have the right, on or after the date the plan of operation becomes effective, to r... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-37/3704/ | PR | Justia›US Law›US Codes 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)›§ 3704 - Participation | 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) › § 3704 - Participation | (1) Every insurer, member of this Association, shall participate in its underwritings, expenses, profits, losses, and liabilities in the proportion that the net direct premium of each member (excluding the portion of premiums that shall correspond to the operations of the Association), written during the preceding year... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-37/3705/ | PR | Justia›US Law›US Codes 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)›§ 3705 - Appeals to the Commissioner | 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) › § 3705 - Appeals to the Commissioner | Any person who applies for insurance to the Association and any person insured in accordance with this chapter, or his representatives, or any insurer affected, may appeal to the Commissioner within thirty (30) days after being notified of any order, action or decision of or on behalf of the Association.
History —Ins. ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-37/3706/ | PR | Justia›US Law›US Codes 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)›§ 3706 - Privileged communications | 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) › § 3706 - Privileged communications | (1) The reports from inspection made by or on behalf of the Association, shall be available to the members of the Association, the Commissioner and, with respect to their own applications, to the applicant for insurance.
(2) Neither the Association, nor its agents or employees, nor the insurers, nor the Commissioner or... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-37/3707/ | PR | Justia›US Law›US Codes 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)›§ 3707 - Reports | 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) › § 3707 - Reports | The Association shall present annually to the Office of the Commissioner of Insurance, on or before March 31 of each year, or at a later date set by the Commissioner, a report of the transactions, conditions and operations made during the year. This report shall contain the material and information as the Commissioner ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-37/3708/ | PR | Justia›US Law›US Codes 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)›§ 3708 - Examinations | 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) › § 3708 - Examinations | The Commissioner may examine the business of the Association whenever he deems it necessary. These investigations and inspections shall be made in accordance with the methods provided by this Code.
History —Ins. Code, added as § 37.080 on June 14, 1968, No. 85, p. 152. |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-38/3801/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819)›§ 3801 - Content | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819) › § 3801 - Content | This chapter comprises the provisions concerning the Puerto Rico Miscellaneous Insurance Guaranty Association.
History —Ins. Code, added as § 38.010 on Aug. 17, 1991, No. 72, § 1. |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-38/3802/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819)›§ 3802 - Purpose | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819) › § 3802 - Purpose | The purpose of this chapter is to create a mechanism for the payment of covered claims under certain insurance policies in order to prevent excessive delays in payment, avoid financial losses to claimants or policyholders as a result of the insolvency of an insurer, help to detect and prevent the insolvency of insurers... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-38/3803/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819)›§ 3803 - Coverages | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819) › § 3803 - Coverages | This chapter shall apply to all types of insurance, except reinsurance, but shall not apply to:
(1) Life or disability insurance.
(2) Mortgage guaranty, financial guaranty and other forms of insurance that offer protection against investment risks.
(3) Guaranty insurance, except fidelity bonds which secure the probity ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-38/3804/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819)›§ 3804 - Interpretation | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819) › § 3804 - Interpretation | This chapter shall be liberally construed to attain the purpose established in § 3802 of this title, which shall serve as an aid and guide in the interpretation of this chapter.
History —Ins. Code, added as § 38.040 on Aug. 17, 1991, No. 72, § 1. |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-38/3805/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819)›§ 3805 - Definitions | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819) › § 3805 - Definitions | As used in this chapter:
(1) Account.— Means any of the two accounts created by § 3806 of this title.
(2) Affiliate.— Means a person who, directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under the common control of an insolvent insurer as of December 31 of the year immediate... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-38/3806/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819)›§ 3806 - Association—Creation | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819) › § 3806 - Association—Creation | A nonprofit legal entity is hereby created which shall be known as the Puerto Rico Miscellaneous Insurance Guaranty Association. All insurers defined as member insurers in § 3805(9) of this title, shall be and shall continue to be members of the Association as a condition to transact insurance in Puerto Rico. The Assoc... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-38/3807/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819)›§ 3807 - Association—Board of Directors | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819) › § 3807 - Association—Board of Directors | (1) The Board of Directors of the Association shall consist of at least five (5) and not more than nine (9) member insurers, who shall serve for the terms established in the plan of operations. The Board members shall be selected by the member insurers, subject to the Commissioner’s approval. The President of the Board... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-38/3808/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819)›§ 3808 - Association—Powers and duties | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819) › § 3808 - Association—Powers and duties | (a) The Association:
(1) Shall be bound to pay all the covered claims existing before the determination of insolvency and those which may arise before the earliest of the following dates:
(A) The end of the thirty (30)-day period following the determination of insolvency;
(B) the expiration date of the policy, or
(C) t... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-38/3809/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819)›§ 3809 - Association—Operating plan | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819) › § 3809 - Association—Operating plan | (1) The Association shall submit to the Commissioner for his/her consideration an adequate plan of operations for an efficient administration of the Association.
The plan of operations shall be subject to the approval of the Commissioner and shall take effect ten (10) days after his approval. If the Commissioner disapp... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-38/3810/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819)›§ 3810 - Association—Duties and powers of the Commissioner | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819) › § 3810 - Association—Duties and powers of the Commissioner | (1) The Commissioner:
(a) Shall notify the Association of the existence of an insolvent insurer not later than three days after receiving notice of the determination of insolvency. The Association shall be entitled to a copy of any action seeking an order of liquidation due to insolvency against a member insurer, at th... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-38/3811/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819)›§ 3811 - Association—Effect of paid claims | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819) › § 3811 - Association—Effect of paid claims | (1) Any person who recovers under the terms of this chapter is deemed to have ceded to the Association his/her rights under his/her policy to the extent of his recovery from the Association. Every insured or claimant who seeks the protection of this chapter shall cooperate with the Association to the extent to which su... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-38/3812/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819)›§ 3812 - Association—Duplication of recovery | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819) › § 3812 - Association—Duplication of recovery | (1) Any person having a claim against an insurer under any provision of a policy other than a policy of an insolvent insurer, and which is also a covered claim, shall be required to first exhaust his/her rights under said policy. Any amount payable in a covered claim under this chapter shall be reduced in the amount of... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-38/3813/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819)›§ 3813 - Association—Prevention of insolvency | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819) › § 3813 - Association—Prevention of insolvency | To help in the detection and prevention of insolvency of insurers:
(1) The Board of Directors shall:
(a) Make, from time to time, recommendations to the Commissioner for the detection and prevention of the insolvencies of insurers, and
(b) respond to requests from the Commissioner to discuss and make recommendations on... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-38/3814/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819)›§ 3814 - Association—Examination | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819) › § 3814 - Association—Examination | The Association shall be subject to examination and to regulation by the Commissioner. The Board of Directors shall submit, no later than March 30 of each year, a financial report for the preceding calendar year in the form approved by the Commissioner.
History —Ins. Code, added as § 38.140 on Aug. 17, 1991, No. 72, § ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-38/3815/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819)›§ 3815 - Association—Tax exemption | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819) › § 3815 - Association—Tax exemption | The Association shall be exempt from the payment of any fee, duty or tax levied by the Commonwealth or any of its instrumentalities, except for taxes levied on real and personal property.
History —Ins. Code, added as § 38.150 on Aug. 17, 1991, No. 72, § 1. |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-38/3816/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819)›§ 3816 - Association—Acknowledgment of assessments in the tariffs | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819) › § 3816 - Association—Acknowledgment of assessments in the tariffs | The rates and premiums charged on insurance policies to which this chapter applies shall include that portion which is sufficient to recover an amount equal to the sums which the member insurer pays the Association, less any amounts which the Association may return to the member insurer, and such rates shall not be dee... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-38/3817/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819)›§ 3817 - Association—Immunity | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819) › § 3817 - Association—Immunity | No civil liability shall be attached to, and no cause of action of any nature shall be established against any member insurer, the Association or its agents or employees, the Board of Directors or its representatives or the Commissioner or his/her representatives, for any action taken by them, or omission, in the disch... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-38/3818/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819)›§ 3818 - Association—Temporary stay of procedures | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819) › § 3818 - Association—Temporary stay of procedures | All procedures in which the insolvent insurer is a party or is bound to defend a party before the courts of Puerto Rico, shall be stayed for a period of up to six (6) months, and for any additional time granted by the court, from the date the insolvency was determined, or an ancillary procedure was instituted in Puerto... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-38/3819/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819)›§ 3819 - Association—Prohibited advertisements | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819) › § 3819 - Association—Prohibited advertisements | No person, including an insurer, agent or affiliate of an insurer shall make, publish, disseminate, circulate or present to the public or shall cause directly or indirectly to be made, published, disseminated, circulated or present to the public, in any newspaper, magazine or other publication, or in the form of a noti... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-39/3901/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918)›§ 3901 - Content | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918) › § 3901 - Content | This chapter includes the provisions regarding the Puerto Rico Life and Disability Insurance Guaranty Association.
History —Ins. Code, added as § 39.010 on Aug. 17, 1991, No. 72, § 1. |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-39/3902/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918)›§ 3902 - Purpose | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918) › § 3902 - Purpose | (1) The purpose of this chapter is to protect, subject to certain limitations, those persons specified in § 3903(a) against noncompliance of contractual obligations under life and disability insurance policies, specified in § 3903(b), due to implement or insolvency of the member insurer who issued them.
(2) To provide ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-39/3903/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918)›§ 3903 - Coverage and limitations | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918) › § 3903 - Coverage and limitations | (a) This chapter shall provide coverage under the policies and contracts specified in subsection (b) of this section:
(1) To persons who, regardless of where they reside, (with the exception of nonresident certificate holders under group policies or contracts), are the beneficiaries, assignees, or payees of the persons... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-39/3904/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918)›§ 3904 - Interpretation | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918) › § 3904 - Interpretation | This chapter shall be liberally construed to attain the purpose established in § 3902 of this title, which shall serve as an aid and guide for its interpretation. However, none of the provisions of this chapter shall be construed as interfering or impairing any of the powers, faculties and duties conferred upon the Com... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-39/3905/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918)›§ 3905 - Definitions | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918) › § 3905 - Definitions | As used in this chapter:
(1) Account.— Means any of the accounts created by § 3906 of this title.
(2) Association.— Means the Life and Disability Insurance Guaranty Association of Puerto Rico created by virtue of § 3906 of this title.
(3) Contractual obligation.— Means any obligation under a policy or contract, or cert... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-39/3906/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918)›§ 3906 - Association—Creation | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918) › § 3906 - Association—Creation | (1) A nonprofit legal entity is hereby created which shall be known as the Life and Disability Insurance Guaranty Association of Puerto Rico. All member insurers shall be and will continue to be members of the Association as a condition for retaining their authority to transact insurance in Puerto Rico. The Association... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-39/3907/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918)›§ 3907 - Association—Board of Directors | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918) › § 3907 - Association—Board of Directors | (1) The Board of Directors of the Association shall consist of not less than five (5) nor more than nine (9) member insurers, who shall serve for the terms established in the plan of operations. The Board members shall be selected by the member insurers subject to the approval of the Commissioner. The President of the ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-39/3908/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918)›§ 3908 - Association—Powers and duties | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918) › § 3908 - Association—Powers and duties | (a) If a member insurer is an impaired domestic insurer, the Association may, at its discretion and subject to any conditions imposed by the Association and approved by the Commissioner which do not impair the contractual obligations of said insurer, and which, except in the case of a rehabilitation or conservation pro... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-39/3909/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918)›§ 3909 - Association—Assessments | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918) › § 3909 - Association—Assessments | (1) In order to provide the funds needed to execute the powers and duties of the Association, the Board of Directors shall impose on the member insurers separate assessments for each account when and for the amounts it deems necessary. The assessments shall be payable within thirty (30) days from when prior written not... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-39/3910/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918)›§ 3910 - Association—Plan of operations | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918) › § 3910 - Association—Plan of operations | (1) The Association shall submit to the Commissioner a plan of operations and any amendments to [the] same which may be necessary and adequate to attain the fair, reasonable and equitable administration of the Association. The plan of operations and any amendments thereto, shall become effective when approved by the Co... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-39/3911/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918)›§ 3911 - Association—Duties and powers of the Commissioner | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918) › § 3911 - Association—Duties and powers of the Commissioner | In addition to the powers and duties listed in other parts of this chapter:
(1) The Commissioner:
(a) Shall provide for the Association, by request of the Board of Directors, a list of the premiums of each member insurer in Puerto Rico and in any other corresponding state.
(b) Shall require the insurer to cover an impa... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-39/3912/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918)›§ 3912 - Association—Prevention of insolvencies | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918) › § 3912 - Association—Prevention of insolvencies | To aid in the detection and prevention of insolvencies or impairment of capital:
(a) It shall be the duty of the Commissioner:
(1) to notify Commissioners of all other states, territories of the United States and the District of Columbia when he/she takes any of the following actions against a member insurer:
(A) Revoc... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-39/3913/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918)›§ 3913 - Association—General provisions | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918) › § 3913 - Association—General provisions | (1) Nothing provided in this chapter shall be construed to limit the liability for the payment of unpaid assessments of the insured of an impaired or insolvent insurer who operates under an assessment plan.
(2) Records shall be kept of all negotiations and meetings in which the Association or its representatives interv... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-39/3914/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918)›§ 3914 - Association—Examination; annual report | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918) › § 3914 - Association—Examination; annual report | The Association shall be subject to examination and regulation by the Commissioner. Each year, the Board of Directors shall submit to the Commissioner no later than one hundred and twenty (120) days after the close of the fiscal year of the Association, a financial report in the form prescribed by the Commissioner, and... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-39/3915/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918)›§ 3915 - Association—Tax exemption | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918) › § 3915 - Association—Tax exemption | The Association shall be exempt from payment of all fees and taxes levied in Puerto Rico or any of its subdivisions, with the exception of those on real property.
History —Ins. Code, added as § 39.150 on Aug. 17, 1991, No. 72, § 1. |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-39/3916/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918)›§ 3916 - Association—Immunity | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918) › § 3916 - Association—Immunity | There shall be no liability on the part of, nor shall any cause of action of any nature be instituted against a member insurer or its producers or employees, the Association or its producers or employees, the members of the Board of Directors, or the Commissioner or his/her representatives for any of their actions or o... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-39/3917/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918)›§ 3917 - Association—Temporary stay of proceedings; reopening o... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918) › § 3917 - Association—Temporary stay of proceedings; reopening of judgments by default | All proceedings in which the insolvent insurer is a party in any court of Puerto Rico, shall be stayed for a term of one hundred and eighty (180) days from the date an order for liquidation, rehabilitation or conservation is final in order to allow the Association to take the corresponding legal action with regard to m... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-39/3918/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918)›§ 3918 - Prohibited advertisements—Notice to policy owners | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918) › § 3918 - Prohibited advertisements—Notice to policy owners | (a) No person, including a insurer, agent or affiliate of an insurer shall make, publish, disseminate, circulate or place in public view or cause to be made, published, disseminated, circulated or placed in public view, directly or indirectly, in any newspaper, magazine or other publication or as a notice, circular, pa... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4001/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4001 - Interpretation and purpose | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4001 - Interpretation and purpose | (1) This chapter comprises the provisions regarding the rehabilitation and liquidation of insurers.
(2) This chapter does not limit the powers granted to the Commissioner by other provisions of this title or any special law.
(3) This chapter shall be liberally construed to attain the purpose established in subsection (... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4002/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4002 - Persons covered | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4002 - Persons covered | The proceedings authorized by this chapter may be applied to:
(1) Any insurer who through an existing authorization granted by the Commissioner is transacting, or has transacted insurance business in or from Puerto Rico, and against whom claims arising from that business may exist now or in the future.
(2) Any insurer ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4003/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4003 - Definitions | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4003 - Definitions | For the purposes of this chapter:
(1) Creditor or claimant.— Means a person having a claim, whether matured or not, liquidated or not, secured or not, absolute, fixed or contingent.
(2) General assets.— Means all property, real, personal, or otherwise, not specifically mortgaged, pledged, deposited or otherwise encumbe... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4004/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4004 - Jurisdiction and venue | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4004 - Jurisdiction and venue | (1) No receivership proceeding shall be initiated under this chapter by anyone other than the Commissioner and no court shall have jurisdiction to entertain, hear, or determine any proceeding initiated by any other person.
(2) No court of Puerto Rico shall have jurisdiction to entertain, hear or determine any complaint... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4005/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4005 - Injunctions and orders | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4005 - Injunctions and orders | (1) An administrator appointed in a proceeding in accordance with this chapter may at any time request, and any court of general jurisdiction may issue stay orders, preliminary and permanent injunctions, and other orders as may be deemed necessary and proper to carry out the purposes of this chapter, to prevent among o... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4006/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4006 - Cooperation of officers, owners and employees | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4006 - Cooperation of officers, owners and employees | (1) Any officer, manager, director, trustee, owner, employee or authorized representative of an insurer and any other person with authority over, or in charge of any segment of the insurer’s affairs, shall cooperate with the Commissioner in any proceeding under this chapter or in any investigation preliminary to the pr... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4007/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4007 - Immunity | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4007 - Immunity | There shall be no civil liability on the part of, and no cause of action of any nature shall arise against, the Commissioner or his/her representatives for any action or omission by them in the discharge of their powers and duties under this chapter.
History —Ins. Code, added as § 40.070 on Aug. 17, 1991, No. 72, § 1; ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4008/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4008 - Continuation of receivership proceedings | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4008 - Continuation of receivership proceedings | (1) The provisions of this chapter shall not apply to the receivership proceedings commenced before the date of effectiveness of this act, unless the Receivership Court, by request of the Commissioner, and after notice and holding of a hearing to show cause, directs that all or part of this chapter be applicable to suc... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4009/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4009 - Rehabilitation—Grounds | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4009 - Rehabilitation—Grounds | The Commissioner may request the Court of First Instance, San Juan Part, to issue an order authorizing him/her to rehabilitate a domestic insurer or an alien insurer domiciled in Puerto Rico on any one or more of the following grounds:
(1) The financial condition of the insurer is such that further business transaction... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4010/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4010 - Rehabilitation—Orders | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4010 - Rehabilitation—Orders | (1) An order to rehabilitate the business of a domestic insurer or a foreign insurer domiciled in Puerto Rico, shall appoint the Commissioner and his/her successors in office as the rehabilitator, and shall direct the rehabilitator forthwith to take possession of the assets of the insurer and to administer them under t... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4011/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4011 - Rehabilitation—Powers and duties | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4011 - Rehabilitation—Powers and duties | (1) The Commissioner, as rehabilitator, may appoint one or more special deputy commissioners, who shall have all the powers and responsibilities granted to the rehabilitator under this section, and the Commissioner may appoint such counsel, clerks and assistants as deemed necessary. The remuneration of the special depu... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4011a/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4011a - Rehabilitation—Plan | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4011a - Rehabilitation—Plan | (1) The rehabilitator shall prepare and file a plan to effect rehabilitation with the Receivership Court within one (1) year after the date on which the rehabilitation order is entered or subsequently if the Receivership Court should so allow. After having filed the plan for approval and after the notice and hearings t... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4012/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4012 - Rehabilitation—Actions by and against the rehabilitator | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4012 - Rehabilitation—Actions by and against the rehabilitator | (1) Any court of Puerto Rico before which any action or proceeding in which the insurer is a party, or is obliged to defend a party, is pending when a rehabilitation order against the insurer is entered, shall stay the action or proceeding for ninety (90) days or for such additional time as may be necessary for the reh... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4013/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4013 - Rehabilitation—Termination | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4013 - Rehabilitation—Termination | (1) Whenever the Commissioner believes that further efforts to rehabilitate an insurer would substantially increase the risk of loss to policyholders, creditors or the general public, or that the same would be futile, he/she may petition the Receivership Court for a liquidation order. A petition under this paragraph sh... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4014/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4014 - Liquidation—Grounds | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4014 - Liquidation—Grounds | The Commissioner may petition the Court of First Instance for an order authorizing him/her to liquidate a domestic insurer or an alien insurer domiciled in Puerto Rico based on:
(1) Any grounds for a rehabilitation order as specified in § 4009 of this title, except for subsections (6), (13), (14), and (15) thereof, whe... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4015/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4015 - Liquidation—Orders | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4015 - Liquidation—Orders | (1) An order to liquidate the business of a domestic insurer shall appoint the Commissioner or any successor in office as the liquidator and authorize him/her to take immediate possession of the assets of the insurer and administer the same under the exclusive general supervision of the Receivership Court. The liquidat... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4016/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4016 - Liquidation—Continuation of coverage | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4016 - Liquidation—Continuation of coverage | (1) All policies, other than life or disability insurance in effect at the time of issuance of an order of liquidation, shall only continue in effect for the lesser of the following periods:
(a) Thirty (30) days from the date of the liquidation order;
(b) the expiration of the policy coverage;
(c) the date in which the... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4017/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4017 - Liquidation—Dissolution | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4017 - Liquidation—Dissolution | (1) The Commissioner may petition for an order to dissolve the corporate existence of a domestic insurer or the branch of an alien insurer domiciled in Puerto Rico at the time he/she applies for liquidation. The court shall order the dissolution of the insurer by petition of the Commissioner at the time or after the li... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4018/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4018 - Liquidation—Powers | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4018 - Liquidation—Powers | (1) The liquidator shall be empowered to:
(a) Appoint an Assistant Liquidator to act for him/her under this chapter. The Assistant Liquidator shall have all the powers granted by this section to the liquidator. The Assistant Liquidator shall serve for as long as the liquidator may wish.
(b) Contract employees and agent... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4019/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4019 - Liquidation—Notice | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4019 - Liquidation—Notice | (1) Unless the Receivership Court otherwise directs, the liquidator shall give or cause to be given notice of the liquidation order as soon as possible:
(a) By first-class mail or other speedy printed means of communication, by telephone or electronic mail to the Insurance Commissioner of every jurisdiction where the i... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4020/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4020 - Liquidation—General agents authorized representatives and producers; dutie... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4020 - Liquidation—General agents authorized representatives and producers; duties | (1) Any person who receives a notice in the manner prescribed in § 4019(1)(c) of this title to the effect that an insurer with which he/she placed business as a general agent, authorized representative or producer is subject to a liquidation order, shall give notice of the liquidation order within thirty (30) days foll... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4021/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4021 - Liquidation—Actions by and against the liquidator | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4021 - Liquidation—Actions by and against the liquidator | (1) Upon issuance of an order appointing a liquidator of a domestic insurer or of an alien insurer domiciled in Puerto Rico, no action at law shall be brought against the insurer or the liquidator, whether in Puerto Rico or elsewhere, nor shall an action of that nature be maintained or entered after issuance of such or... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4022/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4022 - Liquidation—Collection and list of assets | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4022 - Liquidation—Collection and list of assets | (1) As soon as feasible, after a liquidation order, but not later than one hundred and eighty (180) days thereafter, the liquidator shall prepare in duplicate a financial report of the insurer which includes at least a balance sheet and an income and expense report. This report shall be continually submitted to the Rec... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4023/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4023 - Liquidation—Fraudulent transfers prior to petition | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4023 - Liquidation—Fraudulent transfers prior to petition | (1) Any transfer made and completed and any obligation incurred by an insurer within two (2) years prior to successfully filing a petition for rehabilitation or liquidation pursuant to this chapter, is fraudulent as to then existing and future creditors if made or incurred without just cause or with an actual intent to... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4024/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4024 - Liquidation—Fraudulent transfers after the petition | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4024 - Liquidation—Fraudulent transfers after the petition | (1) After a petition for rehabilitation or liquidation has been filed, the transfer of any of the real property of the insurer to a bona fide purchaser shall be valid against the receiver if fair value was paid, and if fair value was not paid, the transferee or purchaser shall retain a lien on the property up to the va... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4025/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4025 - Liquidation—Voidable preferences and liens | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4025 - Liquidation—Voidable preferences and liens | (1)
(a) A preference is the transfer of any property or interest on a property of an insurer to or for the benefit of a creditor, for or on account of an antecedent debt made or accepted by the insurer within one (1) year prior to filing a successful petition for liquidation pursuant to this chapter, whose effect may b... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4026/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4026 - Liquidation—Claims of holders of void or voidable rights | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4026 - Liquidation—Claims of holders of void or voidable rights | (1) No claim of a creditor who has received or acquired a preference, lien, transfer, assignment or encumbrance which is voidable under this chapter shall be allowed, unless said creditor surrenders such a preference, lien, transfer, assignment or encumbrance. If the voidance is effected by a proceeding in which a fina... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4027/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4027 - Liquidation—Set-offs and counterclaims | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4027 - Liquidation—Set-offs and counterclaims | (1) Mutual debts or mutual credits between the insurer and another person in relation to any action or proceeding pursuant to this chapter shall be set-off and the balance shall only be allowed or paid as provided in subsection (2) of this section and § 4030 of this title.
(2) No setoff or counterclaim shall be allowed... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4028/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4028 - Liquidation—Assessments | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4028 - Liquidation—Assessments | (1) As soon as possible, but no later than two years after the date of an order of liquidation under § 4015 of this title of an insurer who issues assessable policies, the liquidator shall present a report to the court setting forth:
(a) The reasonable value of the assets of the insurer;
(b) the probable total liabilit... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4029/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4029 - Liquidation—Reinsurer; liability | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4029 - Liquidation—Reinsurer; liability | (1) The amounts that are to be recovered by the liquidator from the reinsurers shall not be reduced as a result of the receivership proceedings, notwithstanding the fact that it be so provided in the reinsurance contract or in any other agreement, or that nothing was provided on the matter. A payment made directly by t... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4029a/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4029a - Liquidation—Life and health reinsurance | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4029a - Liquidation—Life and health reinsurance | (1) A contract reinsuring a life, physical disability or long-term care insurance policy or annuities issued by a ceding insurer subject to a rehabilitation proceeding under this chapter shall be continued or terminated pursuant to their terms and conditions as well as to the provisions of this subsection.
(2) A contra... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4030/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4030 - Liquidation—Recovery of premiums owed | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4030 - Liquidation—Recovery of premiums owed | (1)
(a) Every general agent, authorized representative, producer, proxy, premium financing company or any other person other than the insured party responsible for the payment of a premium, shall be obligated to pay to the liquidator any amount due to the insurer on account of the portion of the premiums earned at the ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4031/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4031 - Liquidation—Distribution of assets, proposal | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4031 - Liquidation—Distribution of assets, proposal | (1) Within one hundred and twenty days of a final determination of insolvency of an insurer by the Receivership Court, the liquidator shall petition the court to approve a proposal to disburse assets, from time to time, out of marshalled accrued assets as they become available, to a guaranty association or a foreign gu... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4032/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4032 - Liquidation—Filing of claims | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4032 - Liquidation—Filing of claims | (1) The liquidator shall be given proof of every claim, in the form required by § 4033 of this title on or before the last day for filing specified in the notice required pursuant to § 4019 of this title, except that it shall not be necessary to present proof of claims for cash surrender values or other investment valu... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4033/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4033 - Liquidation—Claims form | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4033 - Liquidation—Claims form | (1) The claims form shall consist of a statement sworn to and signed by the claimant which includes all of the following when applicable:
(a) The particulars of the claim, including the consideration given for it;
(b) identification and amount of the security involved in the claim;
(c) payments made on the debt, if any... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4034/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4034 - Liquidation—Special claims | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4034 - Liquidation—Special claims | (1) The claim of a third party claimant which is contingent only on his/her first obtaining a judgment against the insured shall be considered and allowed as if there were no such contingency.
(2) A claim may be allowed, even if contingent, if it is filed in accordance with § 4032 of this title. It may be allowed and m... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4035/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4035 - Liquidation—Third party claimants | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4035 - Liquidation—Third party claimants | (1) When a third party claimant asserts a cause of action against an insured party of an insurer in liquidation, the third party claimant may file a claim with the liquidator.
(2) The insured may present a claim in favor of the third party claimant regardless of whether the aforesaid files the claim or not. If the insu... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4036/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4036 - Liquidation—Evaluation of claims | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4036 - Liquidation—Evaluation of claims | (1) When a claim is denied in whole or in part by the liquidator, written notice of the determination shall be given to the claimant or his/her representative by first-class mail at the address shown [on] the claims form. Within thirty (30) days after the notice has been mailed, the claimant may file his/her objections... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4037/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4037 - Liquidation—Claims of surety | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4037 - Liquidation—Claims of surety | Whenever a creditor whose claim is secured, in whole or in part, by the undertaking of another person, fails to prove and file the claim, the other person may do so in the creditor’s name and shall be subrogated to the rights of the creditor, when the claim has been filed by the creditor or by the other party in the cr... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4038/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4038 - Liquidation—Secured creditor’s claims | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4038 - Liquidation—Secured creditor’s claims | (1) The value of any security held by a secured creditor shall be determined in one of the following ways, as the court may direct:
(a) By converting the same into money according to the terms of the agreement pursuant to which the security was delivered to such creditors, or
(b) by agreement, arbitration, settlement o... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4039/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4039 - Liquidation—Distribution, priority | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4039 - Liquidation—Distribution, priority | The priority in the distribution of claims from the insurer’s estate shall be in accordance with the order in which each class of claims is set forth in this section. All claims in each class shall be paid in full or sufficient funds shall be retained for such payment before the members of the next class receive any pa... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4040/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4040 - Liquidation—Recommendations to the court | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4040 - Liquidation—Recommendations to the court | (1) The liquidator shall review all claims duly filed in the liquidation and shall make such further investigations as deemed necessary. He/she may adjust, settle or otherwise negotiate the amounts for which claims shall be recommended to the court except when the liquidator is required by law to accept claims as settl... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4041/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4041 - Liquidation—Distribution of assets | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4041 - Liquidation—Distribution of assets | Under the supervision of the Receivership Court, the liquidator shall pay the distributions in such a way that they will ensure the proper acknowledgement of priorities and create a reasonable balance between the prompt completion of the liquidation and the protection of unliquidated and undetermined claims, including ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4042/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4042 - Liquidation—Unclaimed and withheld funds | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4042 - Liquidation—Unclaimed and withheld funds | (1) Unclaimed funds subject to distribution remaining in possession of the liquidator after the final distribution, shall be deposited in an unclaimed fund account under the custody of the Commissioner. If the person entitled to said funds presents satisfactory proof of ownership of said right within two years after th... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4042a/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4042a - Liquidation—Conditions for release from receivership proceedings | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4042a - Liquidation—Conditions for release from receivership proceedings | Unless otherwise provided in a plan approved by a guaranty association, until all payments on account of the insurer’s contractual obligations are repaid to the guaranty associations, plus expenses and interest incurred by the same, the insurer that is subject to a receivership proceeding may not:
(1) Solicit or accept... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4043/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4043 - Liquidation—Termination of proceedings | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4043 - Liquidation—Termination of proceedings | (1) The liquidator shall petition the court for discharge of the liquidation once all the assets that justify collection and distribution expenses have been collected and distributed pursuant to this chapter. The court may grant the discharge and issue any other orders, including an order for the transfer of any remain... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4043a/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4043a - Liquidation—Reopening | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4043a - Liquidation—Reopening | After liquidation proceedings are completed and the Receivership Court grants the discharge of the liquidation, the Commissioner may petition the Receivership Court to reopen the liquidation proceedings for just cause, including for the fact that additional property belonging to said estate has been discovered. If the ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4044/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4044 - Liquidation—Disposition of records during and after | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4044 - Liquidation—Disposition of records during and after | (1) When the Commissioner, acting as liquidator of an insolvent insurer, deems that the records, documents and books of an insurer undergoing the process of liquidation or finally liquidated, are of no use whatsoever, he/she may recommend to the court and the court shall determine which records, documents and books sha... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4045/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4045 - Liquidation—External audit of the administrator’s books | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4045 - Liquidation—External audit of the administrator’s books | The Receivership Court may order audits to be conducted on the books of the rehabilitation and liquidation proceedings established pursuant to this chapter and a copy of the audit report shall be filed with the Commissioner and another with the Receivership Court. The books, records and other documents of the administr... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4046/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4046 - Liquidation—Custody of property of foreign or alien insurers | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4046 - Liquidation—Custody of property of foreign or alien insurers | (1) If a domiciliary liquidator has not been appointed, the Commissioner may request by verified petition that the Court of First Instance issue an order for the Commissioner to act as conservator of the property in Puerto Rico of an alien insurer not domiciled in Puerto Rico or a foreign insurer on one or more of the ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4047/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4047 - Liquidation—Property of foreign or alien insurers located in Puerto Rico | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4047 - Liquidation—Property of foreign or alien insurers located in Puerto Rico | (1) If no domiciliary administrator has been appointed, the Commissioner may petition to the Court of First Instance, by verified petition, to issue an order directing him/her to liquidate the assets located in Puerto Rico of a foreign insurer or an alien insurer not domiciled in Puerto Rico, on any of the following gr... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4048/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4048 - Liquidation—Liquidators domiciled in other states | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4048 - Liquidation—Liquidators domiciled in other states | (1) The domiciliary liquidator of an insurer domiciled in a reciprocal state shall be vested, except regarding special deposits and security on secured claims pursuant to § 4049(3) of this title, with the title to all the assets, property, contracts, rights of action, balances of authorized representatives and all the ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4049/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4049 - Liquidation—Formal ancillary proceeding | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4049 - Liquidation—Formal ancillary proceeding | (1) If a domiciliary liquidator has been appointed for an insurer not domiciled in Puerto Rico, the Commissioner may request that the Court of First Instance appoint him/her as ancillary administrator in Puerto Rico:
(a) If he finds that there are sufficient assets of the insurer located in Puerto Rico to justify the a... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4050/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4050 - Liquidation—Claims of nonresidents against insurers domiciled in Puerto Ri... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4050 - Liquidation—Claims of nonresidents against insurers domiciled in Puerto Rico | (1) In a liquidation proceeding initiated in Puerto Rico against an insurer domiciled in Puerto Rico, claimants residing in foreign countries or in states that do not grant reciprocity to Puerto Rico, shall file their claims in Puerto Rico, and the claimants who reside in reciprocal states may do so with the ancillary ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4051/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4051 - Liquidation—Claims of residents against insurers domiciled in reciprocal s... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4051 - Liquidation—Claims of residents against insurers domiciled in reciprocal states | (1) In a liquidation proceeding in a reciprocal state against an insurer domiciled in that state, claimants against the insurer who reside in Puerto Rico may present their claims with the ancillary receiver in Puerto Rico, if any, or with the domiciliary liquidator. Claims must be filed on or before the final date set ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4052/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4052 - Liquidation—Garnishment, attachment and writ of execution | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4052 - Liquidation—Garnishment, attachment and writ of execution | While liquidation proceedings are pending in Puerto Rico or in any other state, be they denominated as such or not, no action or proceeding in the nature of a garnishment, attachment or writ of execution shall be commenced or maintained in Puerto Rico against the insurer or his/her assets.
History —Ins. Code, added as ... |
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