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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4053/ | PR | Justia›US Law›US Codes 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)›§ 4053 - Liquidation—Interstate priorities | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4053 - Liquidation—Interstate priorities | (1) In a liquidation proceeding in Puerto Rico involving one or more reciprocal states, the order of distribution issued in the domiciliary state shall prevail in regard to all the claims of the residents of Puerto Rico and the reciprocal states. All the claims of residents of reciprocal states shall be given equal pri... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4054/ | PR | Justia›US Law›US Codes 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)›§ 4054 - Liquidation—Noncooperation, subordination 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) › § 4054 - Liquidation—Noncooperation, subordination of claims | (1) If an ancillary receiver in another state or foreign country, whether named as such or not, fails to transfer to the domiciliary liquidator in Puerto Rico any assets within his/her control other than special deposits, reduced only by the expenses of the ancillary receivership, if any, the claims filed with the anci... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-41/4101/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 41 - Medical-Hospital Professional Liability Insurance (§§ 4101 — 4111)›§ 4101 - Program | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 41 - Medical-Hospital Professional Liability Insurance (§§ 4101 — 4111) › § 4101 - Program | A medical-hospital professional liability insurance program is hereby established in the Commonwealth of Puerto Rico, which shall be implemented pursuant to the provisions of this chapter. Said program and its activities shall be carried out by insurers licensed to contract accident insurance in Puerto Rico and an Insu... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-41/4102/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 41 - Medical-Hospital Professional Liability Insurance (§§ 4101 — 4111)›§ 4102 - Definitions | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 41 - Medical-Hospital Professional Liability Insurance (§§ 4101 — 4111) › § 4102 - Definitions | For the purposes of this chapter, the following terms and phrases shall have the meaning set forth below:
(1) Health care or service.— Means any act, action or treatment provided or which should have been provided to a patient by a health service professional or a health care institution.
(2) Damage for malpractice.— M... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-41/4103/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 41 - Medical-Hospital Professional Liability Insurance (§§ 4101 — 4111)›§ 4103 - Insurers—Compulsory participation | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 41 - Medical-Hospital Professional Liability Insurance (§§ 4101 — 4111) › § 4103 - Insurers—Compulsory participation | Every insurer licensed in Puerto Rico to contract any type of insurance as defined in §§ 404–409 of this title shall participate through the Syndicate in issuing policies as contemplated in this program to cover the financial responsibility which is required hereinafter of the health service professionals and the healt... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-41/4104/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 41 - Medical-Hospital Professional Liability Insurance (§§ 4101 — 4111)›§ 4104 - Insurers—Syndicate; operating plan | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 41 - Medical-Hospital Professional Liability Insurance (§§ 4101 — 4111) › § 4104 - Insurers—Syndicate; operating plan | A Medical/Hospital Malpractice Insurance Joint Underwriters Syndicate is hereby created to provide such insurance to qualified applicants. The Syndicate shall be composed of all insurers in Puerto Rico authorized to contract any type of insurance as defined in §§ 404–409 of this title. Said insurers shall be members of... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-41/4105/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 41 - Medical-Hospital Professional Liability Insurance (§§ 4101 — 4111)›§ 4105 - Financial responsibility | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 41 - Medical-Hospital Professional Liability Insurance (§§ 4101 — 4111) › § 4105 - Financial responsibility | Every health service professional and healthcare institution shall annually file proof of his/her or its financial liability in the amount of one hundred thousand dollars ($100,000) per incident or up to an aggregate of three hundred thousand dollars ($300,000) per year. The Commissioner may require limits for a maximu... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-41/4105a/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 41 - Medical-Hospital Professional Liability Insurance (§§ 4101 — 4111)›§ 4105a - Incorporation of naturopaths into the insurance progra... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 41 - Medical-Hospital Professional Liability Insurance (§§ 4101 — 4111) › § 4105a - Incorporation of naturopaths into the insurance program | The Insurer’s Syndicate created by § 4104 of this title, shall establish the measures needed to incorporate the naturopaths and Doctors in Naturopathy to the medico-hospital professional liability insurance program, in such a way that the naturopaths and doctors in naturopathy may begin to apply for coverage in the pro... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-41/4106/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 41 - Medical-Hospital Professional Liability Insurance (§§ 4101 — 4111)›§ 4106 - Reports—To the Commissioner | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 41 - Medical-Hospital Professional Liability Insurance (§§ 4101 — 4111) › § 4106 - Reports—To the Commissioner | The insurers who participate in the open market, as well as the Syndicate shall submit to the Office of the Insurance Commissioner on the form required by him semiannual reports of each and every one of the malpractice claims, court resolutions, adjudications and judicial and extrajudicial transactions which are filed.... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-41/4107/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 41 - Medical-Hospital Professional Liability Insurance (§§ 4101 — 4111)›§ 4107 - Reports—To the Legislature | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 41 - Medical-Hospital Professional Liability Insurance (§§ 4101 — 4111) › § 4107 - Reports—To the Legislature | In view of the public interest which invests medicohospital liability insurance, the Commissioner shall file a report each year before the legislature on the operational results in this line of insurance individually and aggregately of the insurers who participate on the open market and the Syndicate. Said report shall... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-41/4108/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 41 - Medical-Hospital Professional Liability Insurance (§§ 4101 — 4111)›§ 4108 - Claims—Complaint | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 41 - Medical-Hospital Professional Liability Insurance (§§ 4101 — 4111) › § 4108 - Claims—Complaint | Any civil suit that arises from a claim for damages due to fault or negligence in professional medicohospital malpractice shall be initiated by filing a complaint in the part of the competent court. In these civil suits, the court will have discretion to submit the claim to arbitration as provided in § 4109 of this tit... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-41/4109/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 41 - Medical-Hospital Professional Liability Insurance (§§ 4101 — 4111)›§ 4109 - Claims—Arbitration panel | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 41 - Medical-Hospital Professional Liability Insurance (§§ 4101 — 4111) › § 4109 - Claims—Arbitration panel | The judge of the Court of First Instance before whom a claim is filed for damages for fault or negligence for medico-hospital professional malpractice, may designate an arbitration panel thirty days after the answer to the complaint is filed, or at any other later time when he/she deems it convenient to expedite the pr... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-41/4110/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 41 - Medical-Hospital Professional Liability Insurance (§§ 4101 — 4111)›§ 4110 - Claims—Judgments; payments in installments | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 41 - Medical-Hospital Professional Liability Insurance (§§ 4101 — 4111) › § 4110 - Claims—Judgments; payments in installments | In judgments on civil actions for fault or negligence due to medical-hospital professional malpractice in which a compensation that exceeds one hundred thousand dollars ($100,000) is adjudicated, the court, after due petition of the party which justifies its necessity and convenience, or by stipulation, shall order or ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-41/4111/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 41 - Medical-Hospital Professional Liability Insurance (§§ 4101 — 4111)›§ 4111 - Claims—Contingent fees; limit | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 41 - Medical-Hospital Professional Liability Insurance (§§ 4101 — 4111) › § 4111 - Claims—Contingent fees; limit | The term “contingent fees” as used in this chapter means any agreement regarding fees under which the compensation is determined, in whole or in part, with the results obtained in the suit for damages for fault or negligence due to medicohospital professional malpractice against a health care professional or a health c... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-42/4201/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 42 - Charitable Annuities (§§ 4201 — 4210)›§ 4201 - Charitable organizations—Definition | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 42 - Charitable Annuities (§§ 4201 — 4210) › § 4201 - Charitable organizations—Definition | Any corporation or organization that is constituted pursuant to the laws of Puerto Rico, or a corporation or organization that is constituted pursuant to the laws of any state of the union or a foreign country that is duly authorized to do business in Puerto Rico, without capital shares, created as non-profitable, and ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-42/4202/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 42 - Charitable Annuities (§§ 4201 — 4210)›§ 4202 - Special license | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 42 - Charitable Annuities (§§ 4201 — 4210) › § 4202 - Special license | The Commissioner may, at his discretion, issue a special license to charitable organizations to subscribe life annuity agreements known as annuities, with donors in Puerto Rico. The license will authorize the charitable organization to receive cash donations or properties, conditioned to or in exchange for an agreement... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-42/4203/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 42 - Charitable Annuities (§§ 4201 — 4210)›§ 4203 - Requirements to obtain a special license | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 42 - Charitable Annuities (§§ 4201 — 4210) › § 4203 - Requirements to obtain a special license | Every charitable organization that requests a special license pursuant to the provisions of this Code shall file the following documents in the Office of the Commissioner:
(1) Certified copies of the [in]corporation charter, [in]corporat[ion] articles, and regulations. Foreign corporations shall also file a certified c... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-42/4204/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 42 - Charitable Annuities (§§ 4201 — 4210)›§ 4204 - Required funds | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 42 - Charitable Annuities (§§ 4201 — 4210) › § 4204 - Required funds | The charitable organization shall possess and keep on deposit, assets for a value equal to the total of its reserves on annuity contracts in effect, plus a minimum surplus of ten percent (10%) of said reserves.
Upon determining said reserves, a deduction for the total or any portion of the risks of the annuities that a... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-42/4205/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 42 - Charitable Annuities (§§ 4201 — 4210)›§ 4205 - Annual reports | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 42 - Charitable Annuities (§§ 4201 — 4210) › § 4205 - Annual reports | The charitable organization shall present an annual report to the Insurance Commissioner before March 31 of each year on the financial condition of the segregated fund of the charitable organization, in the form and with the general contents approved by the Commissioner of Insurance, unless the Commissioner extends sai... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-42/4206/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 42 - Charitable Annuities (§§ 4201 — 4210)›§ 4206 - Revocation or suspension of license | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 42 - Charitable Annuities (§§ 4201 — 4210) › § 4206 - Revocation or suspension of license | The Commissioner may investigate the operations of the charitable annuity programs of the charitable organizations holding special licenses, as empowered by §§ 201–232 of this title. If the Commissioner determines, after due notice and hearing, that a charitable organization holding a special license has not complied w... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-42/4207/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 42 - Charitable Annuities (§§ 4201 — 4210)›§ 4207 - Exemptions | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 42 - Charitable Annuities (§§ 4201 — 4210) › § 4207 - Exemptions | Every charitable organization that obtains and maintains a special license shall be governed by the provisions of §§ 4201–4210 of this title, and those provisions of this Code that, because of their nature, are compatible with the purpose and scope of said sections.
History —Ins. Code, added as § 42.070 on Aug. 12, 199... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-42/4208/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 42 - Charitable Annuities (§§ 4201 — 4210)›§ 4208 - Solicitation, negotiation, acquisition or subscription of annuity contracts | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 42 - Charitable Annuities (§§ 4201 — 4210) › § 4208 - Solicitation, negotiation, acquisition or subscription of annuity contracts | (1) The solicitation, negotiation, acquisition or subscription of annuity contracts shall be done directly by the charitable organization, its officers, salaried employees, and volunteers, and not by agents or other intermediaries.
(2) The charitable organizations mentioned in §§ 4201–4210 of this title, shall submit a... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-42/4209/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 42 - Charitable Annuities (§§ 4201 — 4210)›§ 4209 - Personal liability | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 42 - Charitable Annuities (§§ 4201 — 4210) › § 4209 - Personal liability | No director, official or employee of the charitable organization shall be liable for the payment of any benefit provided by the annuity contract.
(1) No charitable organization shall discriminate or allow unreasonable discrimination between beneficiaries with the same life expectancy under life annuities of the same cl... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-42/4210/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 42 - Charitable Annuities (§§ 4201 — 4210)›§ 4210 - Rules and regulations | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 42 - Charitable Annuities (§§ 4201 — 4210) › § 4210 - Rules and regulations | The Commissioner may issue reasonable rules and regulations that will put any provisions of §§ 4201–4210 of this title into effect pursuant to § 204 of this title.
History —Ins. Code, added as § 42.110 on Aug. 12, 1999, No. 230, § 2. |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-42a/4221/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 42A - Viatical Settlements (§§ 4221 — 4235)›§ 4221 - Definitions | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 42A - Viatical Settlements (§§ 4221 — 4235) › § 4221 - Definitions | (a) Fraudulent viatical settlement acts.— Include:
(1) Acts or omissions committed by any person who, knowingly or with intent to defraud, for the purpose of depriving another of property or for profit, commits, or permits its employees or its agents to engage in acts including:
(A) Presenting, causing to be presented ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-42a/4222/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 42A - Viatical Settlements (§§ 4221 — 4235)›§ 4222 - License—Requirements | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 42A - Viatical Settlements (§§ 4221 — 4235) › § 4222 - License—Requirements | (a) Regarding viators residing in Puerto Rico, a person shall not operate as a viatical settlement broker without first obtaining a license from the Insurance Commissioner of Puerto Rico. The annual fees for the viatical settlement broker license shall not be greater than the cost of the annual fees required from a lif... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-42a/4223/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 42A - Viatical Settlements (§§ 4221 — 4235)›§ 4223 - License—Revocation and denial | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 42A - Viatical Settlements (§§ 4221 — 4235) › § 4223 - License—Revocation and denial | (a) The Commissioner may refuse to issue, suspend, revoke or refuse to renew the license of a viatical settlement provider, or viatical settlement broker if the Commissioner finds that the authorized person or entity:
(1) Made any material misrepresentation of an essential fact in the application for the license;
(2) t... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-42a/4224/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 42A - Viatical Settlements (§§ 4221 — 4235)›§ 4224 - Approval of viatical settlements and disclosure statements | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 42A - Viatical Settlements (§§ 4221 — 4235) › § 4224 - Approval of viatical settlements and disclosure statements | No person shall use a viatical settlement executed in the Commonwealth of Puerto Rico or provide to a viator a disclosure statement form in Puerto Rico unless they have been filed with the Commissioner for his/her approval. The Commissioner shall approve or deny the forms within sixty (60) days after being filed, unles... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-42a/4225/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 42A - Viatical Settlements (§§ 4221 — 4235)›§ 4225 - Reporting requirements and privacy | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 42A - Viatical Settlements (§§ 4221 — 4235) › § 4225 - Reporting requirements and privacy | (a) Every authorized person or entity shall file with the Commissioner on or before March 1 of each year an annual statement containing such information as the Commissioner may prescribe by regulation.
(b) Except as otherwise allowed or required by law, a viatical settlement provider, viatical settlement broker, insura... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-42a/4226/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 42A - Viatical Settlements (§§ 4221 — 4235)›§ 4226 - Examinations or investigations | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 42A - Viatical Settlements (§§ 4221 — 4235) › § 4226 - Examinations or investigations | (a) Authority, scope and scheduling of examinations.—
(1) The Commissioner may conduct an examination under this chapter of an authorized person or entity as often as the Commissioner in his or her sole discretion deems appropriate.
(2) For purposes of completing an examination of an authorized person or entity under t... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-42a/4227/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 42A - Viatical Settlements (§§ 4221 — 4235)›§ 4227 - Disclosures | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 42A - Viatical Settlements (§§ 4221 — 4235) › § 4227 - Disclosures | (a) With each application for a viatical settlement, a viatical settlement provider or viatical settlement broker shall provide the viator with at least the following disclosures no later than the time the application for the viatical settlement is signed by all parties. The disclosures shall be provided in a separate ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-42a/4228/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 42A - Viatical Settlements (§§ 4221 — 4235)›§ 4228 - General rules | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 42A - Viatical Settlements (§§ 4221 — 4235) › § 4228 - General rules | (a)
(1) A viatical settlement provider executing a viatical settlement shall first obtain:
(A) If the viator is the insured, a written statement from a attending physician with license in effect, that the viator is of sound mind and under no constraint or undue influence to enter into a viatical settlement, and
(B) A d... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-42a/4229/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 42A - Viatical Settlements (§§ 4221 — 4235)›§ 4229 - Prohibited practices | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 42A - Viatical Settlements (§§ 4221 — 4235) › § 4229 - Prohibited practices | It is a violation of this chapter for any person to enter into a viatical settlement within a two-year period commencing with the date of issuance of the insurance policy or certificate unless the viator certifies to the viatical settlement provider that one or more of the following conditions have been met within the ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-42a/4230/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 42A - Viatical Settlements (§§ 4221 — 4235)›§ 4230 - Advertising | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 42A - Viatical Settlements (§§ 4221 — 4235) › § 4230 - Advertising | The purpose of this section is to provide prospective viators with clear and unambiguous statements in the advertisement of viatical settlements and to assure the clear, truthful and adequate disclosure of the benefits, risks, limitations and exclusions of any viatical settlement. This purpose is intended to be accompl... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-42a/4231/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 42A - Viatical Settlements (§§ 4221 — 4235)›§ 4231 - Fraud prevention and control | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 42A - Viatical Settlements (§§ 4221 — 4235) › § 4231 - Fraud prevention and control | (a) [Prohibition].— Fraudulent viatical settlement acts or practices, interference and participation of convicted felons are hereby prohibited.
(1) A person shall not commit a fraudulent viatical settlement act.
(2) A person shall not knowingly or intentionally interfere with the enforcement of the provisions of this c... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-42a/4232/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 42A - Viatical Settlements (§§ 4221 — 4235)›§ 4232 - Injunctions; cease and desist; other civil remedies | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 42A - Viatical Settlements (§§ 4221 — 4235) › § 4232 - Injunctions; cease and desist; other civil remedies | (a) In addition to the penalties and other enforcement provisions of this chapter, if any person violates this chapter or any regulation pursuant to this chapter, the Commissioner may seek an injunction in a Court of First Instance and may apply for temporary and permanent orders that the Commissioner determines are ne... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-42a/4233/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 42A - Viatical Settlements (§§ 4221 — 4235)›§ 4233 - Unfair trade practices and fraud | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 42A - Viatical Settlements (§§ 4221 — 4235) › § 4233 - Unfair trade practices and fraud | A violation of this chapter shall be considered an unfair trade practice and subject to the penalties provided in §§ 2701–2740 of this title.
History —Ins. Code, added as § 43.130 on Dec. 28, 2005, No. 164, § 2, eff. 90 days after Dec. 28, 2005. |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-42a/4234/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 42A - Viatical Settlements (§§ 4221 — 4235)›§ 4234 - Authority to promulgate regulations | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 42A - Viatical Settlements (§§ 4221 — 4235) › § 4234 - Authority to promulgate regulations | The Commissioner shall have the authority to:
(a) Promulgate regulations within 180 days following the approval of this act.
(b) Establish standards for evaluating fairness of payments under viatical settlements for persons who are terminally or chronically ill. This authority includes, but is not limited to, regulatio... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-42a/4235/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 42A - Viatical Settlements (§§ 4221 — 4235)›§ 4235 - Jurisdiction | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 42A - Viatical Settlements (§§ 4221 — 4235) › § 4235 - Jurisdiction | The Office of the Insurance Commissioner of Puerto Rico shall have exclusive jurisdiction to oversee viatical settlement transactions and viatical settlement purchase contract transactions.
History —Ins. Code, added as § 43.150 on Aug. 4, 2006, No. 147, § 31; Nov. 7, 2010, No. 166, § 7, eff. 90 days after Nov. 7, 2010. |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-43/4301/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327)›§ 4301 - Purpose | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327) › § 4301 - Purpose | This chapter shall be known as the “International Insurers and Reinsurers Act of Puerto Rico”, which purpose is the establishment of the legal basis to develop Puerto Rico as an International Insurance Center, through which insurers and reinsurers shall export and import insurance and services related to the insurance ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-43/4302/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327)›§ 4302 - Definitions | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327) › § 4302 - Definitions | (1) Assets.— Shall include:
(a) Cash and deposits;
(b) investments, such as credit instruments or preferential debts, capital securities and of other types, tangible personal property subject to lease, mortgage loans and real property loans, securities loans, repurchase transactions, reverse repurchase transactions, do... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-43/4303/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327)›§ 4303 - Applicability of other laws | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327) › § 4303 - Applicability of other laws | (1) An international insurer shall be exempted from all the provisions of this Code, with the exception of those that are expressly provided in this chapter or the specific provisions referred to in this chapter.
(2) Without it being construed as a limitation, such exemption shall include the following:
(a) No internat... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-43/4304/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327)›§ 4304 - International insurer holding companies | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327) › § 4304 - International insurer holding companies | “International insurer holding company” means any legal entity organized under the laws of Puerto Rico:
(1) That holds stocks or other securities issued by an international insurer or by another international insurer holding company, and
(2) whose assets, other than such securities, consist solely of:
(a) Stock or othe... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-43/4305/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327)›§ 4305 - Authorization requirements for international insurers | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327) › § 4305 - Authorization requirements for international insurers | (1) Subject to the provisions of this chapter, after the filing of an application to such effects and the payment of the corresponding fees, the Commissioner may authorize an international insurer to contract with Class 1 Authority, Class 2 Authority, Class 3 Authority, Class 4 Authority, Class 5 Authority insurance, o... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-43/4306/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327)›§ 4306 - Grounds for non-renewal, revocation or suspension of the certificat... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327) › § 4306 - Grounds for non-renewal, revocation or suspension of the certificate of authority | (1) The Commissioner shall refuse to renew, revoke or suspend the authorization of an international insurer:
(a) If it is a branch and does not qualify or meet the requirements for such authorization.
(b) If it is an insurer organized under this chapter and ceases to cover any capital deficiency, as required by the Com... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-43/4307/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327)›§ 4307 - Business name | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327) › § 4307 - Business name | The international insurer shall be governed by the provisions set forth in § 325 of this title, as may apply.
History —Ins. Code, added as § 61.070 on Sept. 22, 2004, No. 399, § 1, eff. 180 days after Sept. 22, 2004. |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-43/4308/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327)›§ 4308 - Minimum capital and surplus; deposits | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327) › § 4308 - Minimum capital and surplus; deposits | (1) No certificate of authority shall be issued to any international insurer, unless it possesses and maintains intact capital and surplus:
(a) Of not less than five hundred thousand dollars ($500,000) in the case of a Class 1 Authority insurer;
(b) of not less than seven hundred fifty thousand dollars ($750,000) in th... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-43/4309/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327)›§ 4309 - Premium ratio; liquidity ratio | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327) › § 4309 - Premium ratio; liquidity ratio | The international insurer shall maintain, at all times, sufficient liquid assets, capital and surplus to satisfy the premium and liquidity ratios required in this chapter, and any other ratio or standard that the Commissioner may require by regulations or orders.
History —Ins. Code, added as § 61.090 on Sept. 22, 2004,... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-43/4310/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327)›§ 4310 - Annual report | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327) › § 4310 - Annual report | (1) The international insurer shall prepare an annual statement of its true financial condition and its business transactions at the closing of the preceding fiscal year (the annual report):
(a) The annual report shall be prepared using the generally accepted accounting principles, provided that the notes of said repor... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-43/4311/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327)›§ 4311 - Investments | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327) › § 4311 - Investments | The investments of the international insurer may include, without limitation, assets, credit or preferential debt instruments, capital stock and other securities, tangible personal property subject to lease, mortgage loans and real property loans, loans on securities, repurchase transactions, reverse repurchase transac... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-43/4312/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327)›§ 4312 - Dividends | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327) › § 4312 - Dividends | (1) No international insurer shall declare or pay dividends during a given fiscal year if such declaration or disbursement should cause said insurer to fail to comply with its premium or liquidity ratio. Any international insurer that fails to comply with such ratios at the closing of a given fiscal year shall declare ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-43/4313/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327)›§ 4313 - Reinsurance | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327) › § 4313 - Reinsurance | (1) The international insurer may reinsure its risks, or any part thereof, with any insurer or other person, by contract or transaction transferring or protecting against the risk, and in such a case said contract shall be accounted for as a deduction from liabilities, pursuant to the provisions of Article 5.060(2) of ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-43/4314/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327)›§ 4314 - Insolvency | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327) › § 4314 - Insolvency | The international insurer shall be subject to the provisions set forth in §§ 4001-4054 of this title, except that with respect to a Branch, only the assets in trust shall be considered as the estate of the insurer. Provided, That none of the aforementioned provisions with respect to a Branch shall be construed as a lim... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-43/4315/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327)›§ 4315 - Intermediaries | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327) › § 4315 - Intermediaries | No person shall act as an intermediary with respect to an international insurer, and in relation to its risks in Puerto Rico, unless said person receives prior authorization from the Commissioner, pursuant to Chapter 9 of this Code and to the provisions established by the Commissioner by rules or regulations.
History —... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-43/4316/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327)›§ 4316 - Segregated assets plan | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327) › § 4316 - Segregated assets plan | (1) With prior approval from the Commissioner, an international insurer may establish and operate one or more segregated assets plans. The international insurer shall submit to the Commissioner, not less than sixty (60) days in advance, the operational plan it intends to use with respect to the creation and administrat... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-43/4317/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327)›§ 4317 - Principal representative | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327) › § 4317 - Principal representative | (1) If the principal representative of the international insurer determines or becomes aware of the probability of the insolvency of said insurer or that any of the event described in subsection (2) of this section have occurred, the principal representative shall notify the Commissioner thereof, in writing, within thi... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-43/4318/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327)›§ 4318 - Requirements for branch operations | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327) › § 4318 - Requirements for branch operations | (1) A branch shall maintain a main office in Puerto Rico.
(2) An international insurer operating through a branch in Puerto Rico shall segregate assets under a trust constituted pursuant to the laws of the Commonwealth of Puerto Rico for the benefit of all the policyholders and creditors in an amount at least equal to ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-43/4319/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327)›§ 4319 - Corporate organization and powers of international insurers | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327) › § 4319 - Corporate organization and powers of international insurers | This section shall only apply to those international insurers organized under this Code.
International insurers shall organize pursuant to the provisions in §§ 2801–2810, 2901–2954 and 3301–3328 of this title, as may apply, subject to the following:
(1) It shall not be required that a minimum of the incorporators, orga... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-43/4320/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327)›§ 4320 - Redomestication | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327) › § 4320 - Redomestication | (1) An insurer organized pursuant to the laws of a state of the United States or of any foreign jurisdiction may be converted into an international insurer organized under the laws of Puerto Rico, provided that the international insurer is organized under the provisions of this Code and merges its operations with such ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-43/4321/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327)›§ 4321 - Prohibited transactions with officers and directors | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327) › § 4321 - Prohibited transactions with officers and directors | (1) Subject to the provisions set forth in subsection (2) of this section, an international insurer may not, directly or indirectly:
(a) Grant a loan to an officer of the insurer, or the spouse or child of such director or officer, or
(b) guarantee or provide a guarantee with respect to a loan made by another person to... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-43/4322/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327)›§ 4322 - Advertising | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327) › § 4322 - Advertising | The international insurer shall be subject to the provisions set forth in § 1004 of this title.
History —Ins. Code, added as § 61.220 on Sept. 22, 2004, No. 399, § 1, eff. 180 days after Sept. 22, 2004. |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-43/4323/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327)›§ 4323 - Fees and charges | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327) › § 4323 - Fees and charges | The Commissioner shall collect the following fees and charges:
(1) The filing fees of an application for a certificate of authority to act as an international insurer shall be three hundred fifty dollars ($350). Furthermore, the international insurer shall pay the following certificate of authority application fees acc... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-43/4324/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327)›§ 4324 - Tax treatment | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327) › § 4324 - Tax treatment | (1) Except as provided in subsection (16) of this section, the income derived by the international insurer or by an international insurer holding company that complies with § 4304 of this title shall not be included in the gross income of such entities and shall be exempt from the taxes imposed under §§ 30011 et seq. o... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-43/4324a/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327)›§ 4324a - Benefits exempt from seizure | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327) › § 4324a - Benefits exempt from seizure | (1) Except as provided by subsection (3), any benefits (including the cash value and proceeds) to be provide to the owner, insured or beneficiary under a life insurance or annuity contract issued by an international insurer shall:
(a) Inure exclusively to the benefit of the person for whose use and benefit the insuranc... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-43/4324b/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327)›§ 4324b - Special Fund for the Development of Services for Export | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327) › § 4324b - Special Fund for the Development of Services for Export | Ten percent (10%) of the revenues proceeding from the income tax paid by international insurers that hold a decree under this chapter shall be covered into the Special Fund for the Development of Services for Export, as created by the Act to Promote the Export of Services.
History —Ins. Code, added as § 61.242 on Jan. ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-43/4325/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327)›§ 4325 - Confidentiality | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327) › § 4325 - Confidentiality | (1) The information submitted to the Commissioner according to this chapter, and the regulations adopted thereunder by the Commissioner, shall be maintained confidential, except:
(a) When the disclosure of said information is required by law or court order, or
(b) by formal request from a domestic or foreign government... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-43/4326/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327)›§ 4326 - Powers of the Commissioner | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327) › § 4326 - Powers of the Commissioner | (1) The Division of International Insurers and Reinsurers of the Office of the Commissioner of Insurance is hereby created for purposes of the administration of the provisions [of] this chapter, under the supervision of the Commissioner.
(2) The Commissioner may establish regulations and, from time to time, amend them,... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-43/4327/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327)›§ 4327 - Summons | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327) › § 4327 - Summons | International insurers shall be summoned pursuant to §§ 327 and 328 of this title.
History —Ins. Code, added as § 61.270 on Sept. 22, 2004, No. 399, § 1, eff. 180 days after Sept. 22, 2004. |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-44/4401/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 44 - Insurance Holding Company System Regulatory Act (§§ 4401 — 4414)›§ 4401 - Definitions | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 44 - Insurance Holding Company System Regulatory Act (§§ 4401 — 4414) › § 4401 - Definitions | As used in this chapter, the following terms shall have the meanings stated below, unless the context implies otherwise:
(a) Security holder.— A “security holder” of a specified juridical person is one who owns any security of such person, including common stock, preferred stock, debt obligations, or any other security... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-44/4402/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 44 - Insurance Holding Company System Regulatory Act (§§ 4401 — 4414)›§ 4402 - Subsidiaries of insurers or health services organizations | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 44 - Insurance Holding Company System Regulatory Act (§§ 4401 — 4414) › § 4402 - Subsidiaries of insurers or health services organizations | (a) Authorization.— Insurers or health service organizations in Puerto Rico, either by themselves or in cooperation with one or more persons, may organize or acquire one or more subsidiaries. The subsidiaries may conduct any kind of business or businesses and their authority to do so shall not be limited by reason of t... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-44/4403/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 44 - Insurance Holding Company System Regulatory Act (§§ 4401 — 4414)›§ 4403 - Acquisition of control of or merger with domestic insurer... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 44 - Insurance Holding Company System Regulatory Act (§§ 4401 — 4414) › § 4403 - Acquisition of control of or merger with domestic insurer or health service organization | (a) Filing requirements.—
(1) No person other than the issuer shall make a tender offer for or a request or invitation for tenders of, or enter into any agreement to exchange securities for, seek to acquire, or acquire, in the open market or otherwise, any voting security of a domestic insurer or health service organiz... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-44/4404/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 44 - Insurance Holding Company System Regulatory Act (§§ 4401 — 4414)›§ 4404 - Acquisitions involving other insurers and health service ... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 44 - Insurance Holding Company System Regulatory Act (§§ 4401 — 4414) › § 4404 - Acquisitions involving other insurers and health service organizations | (a) Definitions.— The following definitions shall apply for the purposes of this section only:
(1) “Acquisition” means any agreement, arrangement, or activity the consummation of which results in a person acquiring directly or indirectly the control of another person, and includes but is not limited to the acquisition ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-44/4405/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 44 - Insurance Holding Company System Regulatory Act (§§ 4401 — 4414)›§ 4405 - Registration of insurers or health service organizations | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 44 - Insurance Holding Company System Regulatory Act (§§ 4401 — 4414) › § 4405 - Registration of insurers or health service organizations | (a) Registration.— Every insurer and health service organization which is authorized to do business in Puerto Rico and which is a member of an insurance holding company system shall register with the Commissioner, except a foreign insurer subject to registration requirements and standards adopted by statutes and regula... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-44/4406/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 44 - Insurance Holding Company System Regulatory Act (§§ 4401 — 4414)›§ 4406 - Standards and management of an insurer or health service ... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 44 - Insurance Holding Company System Regulatory Act (§§ 4401 — 4414) › § 4406 - Standards and management of an insurer or health service organization within an insurance holding company... | (a) Transactions within an insurance holding company system.—
(1) Transactions within an insurance holding company system, to which an insurer or health service organization subject to registration is a party, shall be subject to the following standards:
(A) The terms shall be fair and reasonable;
(B) Charges or fees f... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-44/4407/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 44 - Insurance Holding Company System Regulatory Act (§§ 4401 — 4414)›§ 4407 - Examination | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 44 - Insurance Holding Company System Regulatory Act (§§ 4401 — 4414) › § 4407 - Examination | (a) Powers of Commissioner.— In addition to the powers which the Commissioner has under the provisions of Chapter 2 of the Insurance Code, he/she may order any insurer registered under § 4405 of this title to produce such records, books, or other information papers in the possession of the insurer or its affiliates as ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-44/4408/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 44 - Insurance Holding Company System Regulatory Act (§§ 4401 — 4414)›§ 4408 - Confidential treatment | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 44 - Insurance Holding Company System Regulatory Act (§§ 4401 — 4414) › § 4408 - Confidential treatment | (a) Any documents, materials, or other information in the possession or control of the Office of the Insurance Commissioner that are obtained by or disclosed to the Commissioner or any other person in the course of an examination or investigation made pursuant to § 4407 of this title and all reports filed pursuant to §... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-44/4409/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 44 - Insurance Holding Company System Regulatory Act (§§ 4401 — 4414)›§ 4409 - Rules and regulations | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 44 - Insurance Holding Company System Regulatory Act (§§ 4401 — 4414) › § 4409 - Rules and regulations | The Commissioner may, upon notice and opportunity for all interested persons to be heard, issue such rules and orders as shall be necessary to carry out the provisions of this chapter.
History —Ins. Code, added as § 44.090 on Mar. 7, 2012, No. 51, § 1, eff. 30 days after Mar. 7, 2012. |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-44/4410/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 44 - Insurance Holding Company System Regulatory Act (§§ 4401 — 4414)›§ 4410 - Injunctions, prohibitions against voting securities, sequ... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 44 - Insurance Holding Company System Regulatory Act (§§ 4401 — 4414) › § 4410 - Injunctions, prohibitions against voting securities, sequestration of voting securities | (a) Injunctions.— Whenever it appears to the Commissioner that any insurer or any director, officer, employee, or agent thereof has committed or is about to commit a violation of the provisions of this chapter or of any rule, regulation or order issued by the Commissioner hereunder, the Commissioner may apply to the co... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-44/4411/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 44 - Insurance Holding Company System Regulatory Act (§§ 4401 — 4414)›§ 4411 - Sanctions | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 44 - Insurance Holding Company System Regulatory Act (§§ 4401 — 4414) › § 4411 - Sanctions | Any person that violates a provision of this chapter shall be subject to the penalties established in Chapters 3, 27, and 29 of the Insurance Code.
History —Ins. Code, added as § 44.110 on Mar. 7, 2012, No. 51, § 1, eff. 30 days after Mar. 7, 2012. |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-44/4412/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 44 - Insurance Holding Company System Regulatory Act (§§ 4401 — 4414)›§ 4412 - Receivership | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 44 - Insurance Holding Company System Regulatory Act (§§ 4401 — 4414) › § 4412 - Receivership | Whenever it appears to the Commissioner that any person has committed a violation of this chapter which so impairs the financial condition of a domestic insurer or health service organization as to threaten insolvency or make the further transaction of business by it hazardous to its policyholders, creditors, sharehold... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-44/4413/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 44 - Insurance Holding Company System Regulatory Act (§§ 4401 — 4414)›§ 4413 - Recovery | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 44 - Insurance Holding Company System Regulatory Act (§§ 4401 — 4414) › § 4413 - Recovery | (a) If an order for liquidation or rehabilitation of a domestic insurer or health service organization has been entered, the judicial administrator or receiver appointed under the order shall have a right to recover on behalf of the insurer:
(1) From any parent corporation or holding company or person or affiliate who ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-44/4414/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 44 - Insurance Holding Company System Regulatory Act (§§ 4401 — 4414)›§ 4414 - Revocation, suspension, or nonrenewal of an insurer or he... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 44 - Insurance Holding Company System Regulatory Act (§§ 4401 — 4414) › § 4414 - Revocation, suspension, or nonrenewal of an insurer or health service organization license | Whenever it appears to the Commissioner that any person has committed a violation of this chapter which makes the continued operation of an insurer contrary to the interests of policyholders or the public, the Commissioner may, after giving notice and an opportunity to be heard, suspend, revoke, or refuse to renew the ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-45/4501/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 45 - Risk Based Capital (§§ 4501 — 4513)›§ 4501 - Purpose | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 45 - Risk Based Capital (§§ 4501 — 4513) › § 4501 - Purpose | The purpose of this chapter is to further the public welfare by regulating and overseeing the financial solvency of insurers and health maintenance organizations. To that end, this chapter provides the Commissioner, as a tool for oversight, with the standards, formulas and reports originated by the NAIC with the purpos... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-45/4502/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 45 - Risk Based Capital (§§ 4501 — 4513)›§ 4502 - Definitions | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 45 - Risk Based Capital (§§ 4501 — 4513) › § 4502 - Definitions | For the purposes of this chapter, the following terms shall have the meaning stated below:
(1) Local insurer.— Means any entity as defined in § 301(1) of this title. This term also includes health maintenance organizations defined in § 1902(6) of this title, except in those instances in which it is indicated otherwise.... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-45/4503/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 45 - Risk Based Capital (§§ 4501 — 4513)›§ 4503 - Risk based capital reports | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 45 - Risk Based Capital (§§ 4501 — 4513) › § 4503 - Risk based capital reports | (1) By or before March 31 of every year, all local insurers shall prepare and submit before the Commissioner, a report on their risk based capital level at the close of the preceding calendar year, with such information and in such a manner as required in the risk based capital instructions. Furthermore, all local insu... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-45/4504/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 45 - Risk Based Capital (§§ 4501 — 4513)›§ 4504 - Insurer action level event | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 45 - Risk Based Capital (§§ 4501 — 4513) › § 4504 - Insurer action level event | (1) An “insurer action level event” means any of the following events:
(a) The filing by an insurer of a risk-based capital report indicating that:
(i) The adjusted capital of the insurer is greater than or equal to the regulatory action level, but lesser than the insurer action level, or
(ii) if a life or disability i... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-45/4505/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 45 - Risk Based Capital (§§ 4501 — 4513)›§ 4505 - Regulatory action level event | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 45 - Risk Based Capital (§§ 4501 — 4513) › § 4505 - Regulatory action level event | (1) Regulatory action level event.— Means, in respect of all insurers, any of the following events:
(a) Submission of the insurer of a risk based capital report indicating that the adjusted capital of the insurer is greater than or equal to its authorized control level, but lesser than its regulatory action level.
(b) ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-45/4506/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 45 - Risk Based Capital (§§ 4501 — 4513)›§ 4506 - Authorized control level event | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 45 - Risk Based Capital (§§ 4501 — 4513) › § 4506 - Authorized control level event | (1) Authorized control level event— Means any of the following events:
(a) Submission by the insurer of a risk based capital report indicating that the adjusted capital of the insurer is greater than or equal to the mandatory control level, but lesser than the authorized control level;
(b) notice by the Commissioner to... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-45/4507/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 45 - Risk Based Capital (§§ 4501 — 4513)›§ 4507 - Mandatory control level event | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 45 - Risk Based Capital (§§ 4501 — 4513) › § 4507 - Mandatory control level event | (1) A “mandatory control level event” means any of the following events:
(a) Submission of a risk based capital report indicating that the adjusted capital of the insurer is lesser than the mandatory control level;
(b) notice to the insurer by the Commissioner concerning a revised risk based capital report that indicat... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-45/4508/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 45 - Risk Based Capital (§§ 4501 — 4513)›§ 4508 - Adjudicative procedure | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 45 - Risk Based Capital (§§ 4501 — 4513) › § 4508 - Adjudicative procedure | Under any of the following circumstances, the insurer shall be entitled to object to any determination or action taken by the Commissioner through the adjudicative procedure pursuant to the “Uniform Administrative Procedures Act”, §§ 2101 et seq. of Title 3, and the Insurance Code.
(1) When the Commissioner notifies to... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-45/4509/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 45 - Risk Based Capital (§§ 4501 — 4513)›§ 4509 - Confidentiality | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 45 - Risk Based Capital (§§ 4501 — 4513) › § 4509 - Confidentiality | (1) All risk based capital plans and all corrective orders issued by the Commissioner pursuant to this chapter, or which is under the power or control of the Office of the Insurance Commissioner, shall not be open to public inspection.
(2) In order to be able to discharge his/her duties, the Commissioner:
(a) May share... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-45/4510/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 45 - Risk Based Capital (§§ 4501 — 4513)›§ 4510 - Rules; exemption | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 45 - Risk Based Capital (§§ 4501 — 4513) › § 4510 - Rules; exemption | (1) The Commissioner may approve regulations as he/she deems necessary to adequately implement this chapter.
(2) The Commissioner shall have discretion, on a case-by-case basis, to exempt a local insurer from any of the provisions of this chapter, if the reason for which such insurer fails to comply with the risk based... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-45/4511/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 45 - Risk Based Capital (§§ 4501 — 4513)›§ 4511 - Foreign insurers | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 45 - Risk Based Capital (§§ 4501 — 4513) › § 4511 - Foreign insurers | (1) When the Commissioner so requests in writing, any foreign insurer shall submit before the Commissioner, a risk based capital report for the close of the preceding calendar year, by or before:
(a) The date on which, pursuant to § 4503 of this title, it is required that a local insurer submit a risk based capital rep... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-45/4512/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 45 - Risk Based Capital (§§ 4501 — 4513)›§ 4512 - Immunity | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 45 - Risk Based Capital (§§ 4501 — 4513) › § 4512 - Immunity | Neither the Office of the Insurance Commissioner of Puerto Rico, nor the Commissioner, his/her employees, agents, or authorized representatives shall be responsible, neither in their official capacity nor in their personal capacity, nor shall any action be taken against any of the aforementioned, for reason of an actio... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-45/4513/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 45 - Risk Based Capital (§§ 4501 — 4513)›§ 4513 - Notices | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 45 - Risk Based Capital (§§ 4501 — 4513) › § 4513 - Notices | All notices remitted by the Commissioner to an insurer which may lead to regulatory action, shall take effect on the date on which the same are sent through registered or certified mail, and in the case any other means is used, the same shall take effect as soon as the insurer receives such a notice.
History —Ins. Code... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-2/chapter-49/8001/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 2 - Other Insurances (§§ 8001 — 8096)›Chapter 49 - Health; Insurance Underwriting (§§ 8001 — 8005)›§ 8001 - Design and adoption of billing system | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 2 - Other Insurances (§§ 8001 — 8096) › Chapter 49 - Health; Insurance Underwriting (§§ 8001 — 8005) › § 8001 - Design and adoption of billing system | All insurers, health services organizations organized pursuant to §§ 1901–1927 of this title, and nonprofit organizations, organized under §§ 41 et seq. of Title 6, who underwrite health insurance services in Puerto Rico, are hereby directed to design and adopt a uniform billing system to be used by them in billing for... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-2/chapter-49/8002/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 2 - Other Insurances (§§ 8001 — 8096)›Chapter 49 - Health; Insurance Underwriting (§§ 8001 — 8005)›§ 8002 - Presentation and evaluation of terms | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 2 - Other Insurances (§§ 8001 — 8096) › Chapter 49 - Health; Insurance Underwriting (§§ 8001 — 8005) › § 8002 - Presentation and evaluation of terms | All insurers, health services organizations and nonprofit associations underwriting health insurance services in Puerto Rico shall design said uniform billing system in coordination with the Insurance Commissioner within a term that shall not exceed six (6) months, starting from the effective date of this act. Said sys... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-2/chapter-49/8003/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 2 - Other Insurances (§§ 8001 — 8096)›Chapter 49 - Health; Insurance Underwriting (§§ 8001 — 8005)›§ 8003 - Prohibition | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 2 - Other Insurances (§§ 8001 — 8096) › Chapter 49 - Health; Insurance Underwriting (§§ 8001 — 8005) › § 8003 - Prohibition | As of the date in which the billing system provided herein is put to use, it shall be illegal to use any other billing form other than that created under this chapter.
History —Aug. 10, 1997, No. 61, § 3. |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-2/chapter-49/8004/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 2 - Other Insurances (§§ 8001 — 8096)›Chapter 49 - Health; Insurance Underwriting (§§ 8001 — 8005)›§ 8004 - Penalties | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 2 - Other Insurances (§§ 8001 — 8096) › Chapter 49 - Health; Insurance Underwriting (§§ 8001 — 8005) › § 8004 - Penalties | Any violation of the provisions of this chapter shall be punished with a fine of one hundred dollars ($100), and each billing form used in contravention of the provisions of this chapter shall constitute a separate violation.
History —Aug. 10, 1997, No. 61, § 4. |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-2/chapter-49/8005/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 2 - Other Insurances (§§ 8001 — 8096)›Chapter 49 - Health; Insurance Underwriting (§§ 8001 — 8005)›§ 8005 - Implementation and enforcement | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 2 - Other Insurances (§§ 8001 — 8096) › Chapter 49 - Health; Insurance Underwriting (§§ 8001 — 8005) › § 8005 - Implementation and enforcement | The Insurance Commissioner shall be the official responsible for the administration, implementation and enforcement of this chapter. To such effects, it shall be understood that the provisions of §§ 101 et seq. of this title, known as the “Insurance Code of Puerto Rico,” shall be complementary to the provisions of this... |
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