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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-1/113/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 1 - Scope of Insurance Code (§§ 101 — 117)›§ 113 - Office; definition | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 1 - Scope of Insurance Code (§§ 101 — 117) › § 113 - Office; definition | Office.— Means the Office of the Insurance Commissioner of the Commonwealth of Puerto Rico.
History —Ins. Code, added as § 1.100 on Aug. 13, 2008, No. 263, § 4, eff. 3 months after Aug. 13, 2008. |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-1/114/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 1 - Scope of Insurance Code (§§ 101 — 117)›§ 114 - Exception | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 1 - Scope of Insurance Code (§§ 101 — 117) › § 114 - Exception | The definitions used in this Code shall have the meaning stated in their general sense. In those chapters where there are definitions other than those generally established, the definition contained therein shall prevail.
History —Ins. Code, added as § 1.110 on Aug. 13, 2008, No. 263, § 5, eff. 3 months after Aug. 13, ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-2a/233/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 2A - Insurance Commissioner (2008)›§ 233 - Creation of office | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 2A - Insurance Commissioner (2008) › § 233 - Creation of office | The office of Insurance Commissioner of the Commonwealth of Puerto Rico is hereby created. The Commissioner shall be appointed by the Governor with the advice and consent of the Senate and shall answer directly to the Governor.
History —Ins. Code, added as § 2.010 on Aug. 13, 2008, No. 263, § 7, eff. 3 months after Aug... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-2a/234/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 2A - Insurance Commissioner (2008)›§ 234 - Commissioner; salary | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 2A - Insurance Commissioner (2008) › § 234 - Commissioner; salary | The Governor shall fix the salary of the Commissioner, taking into account the experience and skills required to an executive capable of regulating and supervising the financial activity of the extent, complexity and resources of the insurance industry.
History —Ins. Code, added as § 2.020 on Aug. 13, 2008, No. 263, § ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-2a/235/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 2A - Insurance Commissioner (2008)›§ 235 - Authority and powers | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 2A - Insurance Commissioner (2008) › § 235 - Authority and powers | (1) The Commissioner shall have the authority expressly conferred upon him/her by or reasonably implied from the provisions of this Code.
(2) The Commissioner shall discharge his/her duties and enforce the provisions of this Code. He/she shall likewise oversee for the enforcement of the public policy to be aimed at ach... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-2a/236/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 2A - Insurance Commissioner (2008)›§ 236 - Duties of the Commissioner | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 2A - Insurance Commissioner (2008) › § 236 - Duties of the Commissioner | (1) The Commissioner shall keep the minutes and records of his/her proceedings, hearings, investigations or examinations, and shall file them in the Office.
(2) The Commissioner shall direct that, at the end of each fiscal year, an external audit of the funds of the Office shall be conducted. Not later than December 1 ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-2a/237/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 2A - Insurance Commissioner (2008)›§ 237 - Office of Human Resources Administration | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 2A - Insurance Commissioner (2008) › § 237 - Office of Human Resources Administration | (1) The positions of Commissioner, Chief Deputy Commissioner, Aids, and Deputy Commissioners shall be included under trust personnel. Any person who, prior to holding any of the above mentioned trust positions, has been a regular employee in the career service, shall be entitled to be restored to a position equal or si... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-2a/238/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 2A - Insurance Commissioner (2008)›§ 238 - Interest to Commissioner and employees prohibited | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 2A - Insurance Commissioner (2008) › § 238 - Interest to Commissioner and employees prohibited | (1) The Commissioner, Chief Deputy Commissioner, or any other deputy or employee shall not have, any direct or indirect, financial interest in any insurer or agency, or insurance transaction, except as policy holders or claimants under the policy. The public employees of the Office shall act as provided in §§ 1801 et s... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-2a/239/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 2A - Insurance Commissioner (2008)›§ 239 - Advisory Committee | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 2A - Insurance Commissioner (2008) › § 239 - Advisory Committee | (1) The Commissioner shall designate an Insurance Advisory Committee which shall be composed of five (5) members, to wit, one representative of the property insurance sector, one representative of the life insurance sector, one representative of the health insurance sector, and two representatives of the public interes... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-2a/240/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 2A - Insurance Commissioner (2008)›§ 240 - Seal and certificate | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 2A - Insurance Commissioner (2008) › § 240 - Seal and certificate | The seal of the Insurance Commissioner shall bear the coat-of arms of the Commonwealth of Puerto Rico in the center, surrounded by the following inscription: “Insurance Commissioner of the Commonwealth of Puerto Rico”.
[Every certificate or license that the Commissioner issues shall bear the seal of the Insurance Commi... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-2a/241/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 2A - Insurance Commissioner (2008)›§ 241 - Administration of the Office’s documents | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 2A - Insurance Commissioner (2008) › § 241 - Administration of the Office’s documents | (1) The insurance records and documents of the Commissioner shall be subject to public review, except as otherwise provided in this Code, and in the case of documents that, in the judgment of the Commissioner, it is necessary and desirable to refuse their disclosure for a certain period in benefit of the community or a... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-2a/242/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 2A - Insurance Commissioner (2008)›§ 242 - Orders and notices | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 2A - Insurance Commissioner (2008) › § 242 - Orders and notices | (1) In exercising the powers and authorities delegated upon the Commissioner under this Code, the Commissioner shall issue any orders that he/she deems pertinent. The order thus issued shall contain:
(a) The identification of the person to whom it is addressed.
(b) The facts constituting the imputed violation, if such ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-2a/243/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 2A - Insurance Commissioner (2008)›§ 243 - Investigation or examination of insurers | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 2A - Insurance Commissioner (2008) › § 243 - Investigation or examination of insurers | (1) The Commissioner shall investigate or examine the operations, transactions, accounts, records, documents, and capital of every authorized insurer.
(2) The Commissioner shall examine every insurer at least once every five (5) years.
(3) The investigation or examination of foreign insurers may circumscribe to their i... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-2a/244/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 2A - Insurance Commissioner (2008)›§ 244 - Other investigations and examinations | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 2A - Insurance Commissioner (2008) › § 244 - Other investigations and examinations | The Commissioner may, for the purpose of determining compliance with this Code, investigate or examine the accounts, records, documents, businesses, and operations related to the insurance business of:
(1) Any person who has an authorization, license or permit duly issued by the Office to conduct insurance business.
(2... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-2a/245/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 2A - Insurance Commissioner (2008)›§ 245 - Access to documents | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 2A - Insurance Commissioner (2008) › § 245 - Access to documents | (1) Any person being under investigation or examined, its officials, employees and representatives shall produce and make freely accessible to the Commissioner or his/her investigators or examiners the accounts, records, documents, files, assets; and any other issue in his/her power or control regarding the subject mat... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-2a/246/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 2A - Insurance Commissioner (2008)›§ 246 - Examination report | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 2A - Insurance Commissioner (2008) › § 246 - Examination report | (1) The Commissioner shall make a full written report of every examination conducted.
(2) The Commissioner shall send a copy of the report to the person examined, not less than twenty (20) days prior to the filing of the report for public inspection in the Office. Upon the written request of such person within the twen... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-2a/247/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 2A - Insurance Commissioner (2008)›§ 247 - Cease and desist order | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 2A - Insurance Commissioner (2008) › § 247 - Cease and desist order | (1) If the Commissioner, upon previous notice and hearing, determines that a person is engaged or has been engaged in carrying out actions or practices prohibited by this Code, may, in addition to any other authorized remedy or penalty, issue an order so that the person ceases and desists from carrying out the actions ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-2a/248/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 2A - Insurance Commissioner (2008)›§ 248 - Contempt proceedings | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 2A - Insurance Commissioner (2008) › § 248 - Contempt proceedings | (1) The Commissioner may require the production of documents, take statements, subpoena witnesses and furnish evidence under penalty of contempt, take oaths, and examine under oath any person with respect to any matter or issue under investigation or examination.
(2) Any subpoena issued by the Commissioner under penalt... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-2a/249/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 2A - Insurance Commissioner (2008)›§ 249 - Testimony compelled | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 2A - Insurance Commissioner (2008) › § 249 - Testimony compelled | No person shall be excused from attending and testifying or producing evidence upon any examination, hearing, or investigation conducted by or under authority of the Commissioner, on the ground that his/her testimony or the evidence required of him/her may tend to incriminate him/her or subject him/her to a penalty or ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-2a/250/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 2A - Insurance Commissioner (2008)›§ 250 - Alternative dispute resolution process | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 2A - Insurance Commissioner (2008) › § 250 - Alternative dispute resolution process | (1) Any alternative dispute resolution process, including mediation, shall be an alternative to settle disputes that arise from an investigation or before the consideration of the Commissioner.
(2) The Commissioner shall determine which disputes, issues, or conflicts are eligible for an alternative dispute resolution p... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-2a/251/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 2A - Insurance Commissioner (2008)›§ 251 - Hearings | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 2A - Insurance Commissioner (2008) › § 251 - Hearings | (1) The Commissioner shall hold the following administrative adjudication hearings:
(a) Hearings required by any provision of this Code or any other law.
(b) Hearings deemed necessary by the Commissioner for such purposes are within the scope of this Code.
(c) Hearings requested by any person aggrieved by any act, repo... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-2a/252/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 2A - Insurance Commissioner (2008)›§ 252 - Notice and hearing procedure | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 2A - Insurance Commissioner (2008) › § 252 - Notice and hearing procedure | Except as otherwise provided in this Code, the adjudication procedure may be initiated upon request of the Commissioner or the filing of a request in writing by the aggrieved party as provided in § 251 of this title.
The notice of the hearing shall be issued and the hearing proceeding shall be held pursuant to the prov... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-2a/253/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 2A - Insurance Commissioner (2008)›§ 253 - Prehearing conference | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 2A - Insurance Commissioner (2008) › § 253 - Prehearing conference | If the Commissioner determines that it is necessary to hold an administrative adjudication hearing, he/she may summon all parties or their authorized representatives and interveners, whether on their own or upon request by any of the parties, to a prehearing conference for the purpose of achieving a definite agreement ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-2a/254/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 2A - Insurance Commissioner (2008)›§ 254 - Resolution or order | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 2A - Insurance Commissioner (2008) › § 254 - Resolution or order | (1) A final order or resolution shall be issued by the Commissioner after the conclusion of adjudication procedure. The Commissioner or any other official onto whom he/she delegates, shall sign the order or resolution, which shall include and state separately the findings of fact, if not waived, and the conclusions of ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-2a/255/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 2A - Insurance Commissioner (2008)›§ 255 - Compliance | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 2A - Insurance Commissioner (2008) › § 255 - Compliance | If the Commissioner have cause to believe that any person violates or attempts to violate any provision of this Code or order lawfully issued by him/her, the Commissioner shall, in his/her discretion, certify the facts of such violation to the Secretary of Justice to require compliance by judicial means or initiate act... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-2a/256/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 2A - Insurance Commissioner (2008)›§ 256 - Contribution of funds | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 2A - Insurance Commissioner (2008) › § 256 - Contribution of funds | (1) The necessary funds to defray regular operating expenses of the Office of the Commissioner shall originate from the annual fees that, pursuant to § 701 of this title, are to be made by the persons engaged in transacting or contracting insurance under any certificate of authority, license, certificate of eligibility... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-2a/257/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 2A - Insurance Commissioner (2008)›§ 257 - Penalties | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 2A - Insurance Commissioner (2008) › § 257 - Penalties | Those violations to the provisions of this Code and the rules and regulations promulgated thereunder for which a penalty has not been established in this Code, shall be subject to an administrative fine of not less than five hundred dollars ($500) or more than ten thousand dollars ($10,000) for each violation.
History ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/301/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 301 - Definitions | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 301 - Definitions | For purposes of this chapter, the following terms shall have the meaning stated below, except where the context clearly indicates otherwise.
(1) Domestic insurer.— Is one constituted under the laws of Puerto Rico.
(2) Foreign insurer.— Is one constituted under the laws of any state or country other than Puerto Rico.
(3... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/303/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 303 - Authority to transact insurance required | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 303 - Authority to transact insurance required | (1) No person shall act as an insurer and no insurer shall transact insurance in Puerto Rico except as authorized by a subsisting authority granted to it by the Commissioner, except as to such transactions as are expressly otherwise provided for in this title.
(2) No such authority shall be required for an insurer, for... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/304/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 304 - Qualification for authority | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 304 - Qualification for authority | To qualify and hold authority to transact insurance in Puerto Rico as insurer, an insurer must:
(1) Be a stock, mutual, reciprocal, cooperative or Lloyd’s insurer of the same general type as may be formed as a domestic insurer under this title, except, that no foreign insurer formed or transacting insurance upon the as... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/304-1/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 304-1 - Affiliation to financial institutions prohibited | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 304-1 - Affiliation to financial institutions prohibited | (1) In addition to the requirements established in § 304 of this title, an insurer must comply with the following, in order to be authorized to contract insurance in Puerto Rico:
(a) That any one or more of the financial institutions described in subsection (4) of this section shall not have any direct or indirect subs... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/304a/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 304a - Foreign insurers formed under inadequate laws | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 304a - Foreign insurers formed under inadequate laws | The Commissioner may deny, suspend or revoke the authority to transact insurance in Puerto Rico to any foreign insurer organized in any country or jurisdiction, whose laws or enforcement thereof he may consider inadequate with respect to capital requirements and public intervention or supervision applicable to its dome... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/305/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 305 - Charter, defined | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 305 - Charter, defined | Charter.— Means articles of incorporation, of agreement, of association or other basic constituent document of a corporation, or subscribers’ agreement and power of attorney of a reciprocal insurer, or underwriters’ agreement and power of attorney of a Lloyd’s plan insurer.
History —Ins. Code § 3.050; renumbered as § 3... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/306/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 306 - Required reports and information sharing | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 306 - Required reports and information sharing | Any insurer or third party shall submit to the Department of Health the Puerto Rico Health Insurance Administration (ASES, Spanish acronym), any information about coverage and/or benefits paid or available to beneficiaries of the Medical Assistance Program (PAM, Spanish acronym) and any other information required. The ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/307/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 307 - Insurer not to engage in other business | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 307 - Insurer not to engage in other business | No person shall be authorized as an insurer in Puerto Rico if engaged in any business other than the insurance business, and in the operations and transactions incidental thereto. Without limiting the general meaning of the foregoing clause, banking, securities, industrial, agricultural, mercantile, transportation, rea... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/308/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 308 - Kinds of insurance—An insurer | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 308 - Kinds of insurance—An insurer | An insurer who otherwise qualifies therefor may be authorized to transact any one kind or combination of kinds of insurance as defined in §§ 401–414 of this title, except that:
(1) A life insurer may not be authorized to contract any other kind of insurance except for disability. Provided, That this limitation shall no... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/309/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 309 - Funds required from insurers | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 309 - Funds required from insurers | (1) To qualify to receive the authority to transact any kind of insurance, an insurer must have and hold paid-in capital or surplus stock in an amount which shall not be less than what appears in the applicable portion of the following schedule:
Stock, mutual, or cooperative insurers Reciprocals Capital or surplus or L... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/310/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 310 - Additional kinds of insurance, funds required of insurers | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 310 - Additional kinds of insurance, funds required of insurers | An insurer who is otherwise qualified therefore may be authorized to transact combinations of kinds of insurance other than the combinations stipulated in § 309 of this title, while possessing and maintaining additional paid-in capital, if a stock insurer, or additional surplus funds, if a mutual, cooperative, reciproc... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/312/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 312 - New insurer, additional surplus required | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 312 - New insurer, additional surplus required | (1) In addition to the minimum paid-in capital with regard to stock insurers, or minimum surplus with regard to mutual, cooperative, reciprocal and Lloyd’s insurers, as required under §§ 309 and 310 of this title, every insurer shall hold at the time of the original authorization in Puerto Rico surplus funds in an amou... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/313/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 313 - Deposit requirements—Insurers organized in the United Stat... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 313 - Deposit requirements—Insurers organized in the United States | (1) No insurer organized under the laws of a state of the United States may be authorized to transact insurance in Puerto Rico, unless it deposits and maintains on deposit assets worth not less than fifty percent (50%) of the amount of the paid-in capital if a stock insurer, or surplus if a mutual, cooperative, recipro... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/314/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 314 - Deposit requirements—Insurers not organized in United Stat... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 314 - Deposit requirements—Insurers not organized in United States | (1) A foreign insurer not organized under the laws of a state of the United States, but which is authorized to transact insurance in one or more such states, shall be subject to the provisions of § 313 of this title.
(2) An insurer not organized under the laws of a state of the United States nor authorized to transact ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/315/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 315 - Requirements of capital or surplus, deposits and/or invest... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 315 - Requirements of capital or surplus, deposits and/or investment in Puerto Rican securities; authorized insu... | Every insurer authorized to transact insurance in Puerto Rico with capital or surplus funds or with a deposit and/or investment in Puerto Rican securities, smaller than that otherwise required under this Code, may continue to be so authorized without immediately increasing its capital or surplus funds or its deposit an... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/315a/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 315a - Requirement of deposit, domestic insurers | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 315a - Requirement of deposit, domestic insurers | (1) No domestic insurer shall be authorized to transact insurance in Puerto Rico unless it deposits and maintains on deposit assets of a value not less than fifty percent (50%) of the amount of the paid-in capital if a stock insurer or a cooperative insurer, or of the surplus funds if a mutual, reciprocal, or Lloyd’s p... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/316/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 316 - Required investment in Puerto Rican securities | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 316 - Required investment in Puerto Rican securities | (1) An insurer shall not be authorized to transact insurance in Puerto Rico unless it has and maintains invested in the securities as designated in subsection (2) hereof an amount not less than one-half of the required capital, if a stock insurer, or surplus, if a mutual, reciprocal or Lloyd’s plan insurer, shown in § ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/317/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 317 - Application for authority | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 317 - Application for authority | (1) To apply for an original certificate of authority an insurer shall file with the Commissioner its request therefor showing its name, location of home office, location of its principal office, if any, in the United States, type of insurer, organization date, and if a reciprocal or Lloyd’s, the name of its attorney-i... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/318/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 318 - Issuance or refusal of authority | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 318 - Issuance or refusal of authority | If upon application by an insurer the Commissioner finds that the insurer has met the requirements for and is entitled thereto under this title, he shall issue to the insurer a proper certificate of authority showing the kind or kinds of insurance the insurer is authorized to transact in Puerto Rico. If the Commissione... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/319/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 319 - Expirations, renewals, amendments to authorization certifi... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 319 - Expirations, renewals, amendments to authorization certificates | (1) All authorization certificates issued to an insurer shall continue to be in effect until its expiration, but subject to the payment to the Commissioner of the corresponding annual fee set forth in § 701 of this title before midnight on the date of expiration.
(2) The Commissioner may amend a certificate of authorit... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/320/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 320 - Refusal to renew, revoke or suspend authorization—Obligato... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 320 - Refusal to renew, revoke or suspend authorization—Obligatory grounds | The Commissioner shall refuse to renew the authorization of an insurer to transact insurance, or may revoke or suspend said authorization when said insurer, in addition to other reasons prescribed in this Code:
(1) Is a foreign insurer and no longer qualifies or meets the requirements for the authority; or, is a domest... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/321/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 321 - Refusal to renew, revocation or suspension of authority—Di... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 321 - Refusal to renew, revocation or suspension of authority—Discretionary grounds | The Commissioner may after a hearing refuse, suspend, or revoke an insurer’s authority to transact insurance, in addition to other grounds therefor in this title, if the insurer:
(1) Fails to comply with or violates any provision of this title, other than those as to which refusal, suspension, or revocation is mandator... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/321a/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 321a - Additional penalty for violations | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 321a - Additional penalty for violations | In addition to, or in lieu of refusal, revocation or suspension of the authorization of an insurer to make insurance, any insurer violating the provision of this title may be punished by an administrative fine which shall not exceed five thousand dollars ($5,000) for each offense; Provided, That the total amount of fin... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/322/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 322 - Notice of revocation or suspension; effect on agents’ lice... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 322 - Notice of revocation or suspension; effect on agents’ licenses | (1) Upon determining to revoke or suspend an insurer’s certificate of authority, the Commissioner shall give notice thereof to the insurer not less than ten days in advance of the effective date of revocation or suspension.
(2) Within such ten-day period the Commissioner shall likewise revoke or suspend as of the same ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/323/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 323 - Duration of suspension or revocation | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 323 - Duration of suspension or revocation | (1) Unless the Commissioner specifies the duration of the revocation in his order of revocation, the insurer may be granted another certificate of authority at any time upon application and qualification therefor as provided in this chapter.
(2) A certificate of authority may be suspended for not over twelve months, as... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/324/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 324 - Ownership of certificate; surrender to Commissioner | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 324 - Ownership of certificate; surrender to Commissioner | Ownership of all certificates of authority is vested in the Commissioner. Upon suspension or revocation of an insurer’s certificate of authority the insurer shall surrender the certificate to the Commissioner, who shall retain the certificate during the period of revocation or suspension.
History —Ins. Code § 3.240. |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/325/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 325 - Insurer’s name | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 325 - Insurer’s name | (1) Every insurer shall conduct its business in its own proper or corporate name, except as provided in subsection (2) hereof or in § 1122(1) of this title (underwriter’s department).
(2) No insurer shall be authorized to transact insurance in Puerto Rico which has or uses a name so similar to that of any insurer alrea... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/326/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 326 - Disqualified supervisors of Puerto Rico business | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 326 - Disqualified supervisors of Puerto Rico business | (1) The Puerto Rico business of any authorized insurer shall not be under the direct or indirect supervision or control, from Puerto Rico or elsewhere, of any individual deemed by the Commissioner to be unreliable, untrustworthy, or incompetent by reason of:
(a) Acts of such individual resulting previously in suspensio... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/327/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 327 - Suits against insurers, service of process on Commissioner | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 327 - Suits against insurers, service of process on Commissioner | (1) Each authorized foreign insurer and each domestic reciprocal and Lloyd’s insurer shall appoint the Commissioner as its attorney-in-fact to receive service of legal process against it in Puerto Rico. The appointment shall be irrevocable, shall bind any successor in interest or successor to the assets or liabilities ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/328/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 328 - How service made; duties of Commissioner | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 328 - How service made; duties of Commissioner | (1) Manifold copies of legal process against an insurer for whom the Commissioner is attorney-in-fact shall be served upon him. At time of service the plaintiff shall pay to the Commissioner three dollars ($3), taxable as costs in the action.
(2) Within two business days after such service, the Commissioner shall infor... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/329/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 329 - Business must be transacted through resident agents or bro... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 329 - Business must be transacted through resident agents or broker producers; countersignature | (1) No insurer may effectuate any direct insurance upon or relative to any person, property or other material object of insurance that resides, is located in or is to be carried out in Puerto Rico, nor any insurance related thereto, except through an authorized representative of said insurer residing in Puerto Rico.
If... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/330/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 330 - Records of insurers | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 330 - Records of insurers | Every insurer shall keep full and accurate accounts and records of its assets, obligations, transactions, and affairs, with proper separation as to the different kinds of insurance transacted by it, in accordance with accounting methods and practices generally recognized in such business or approved by the Commissioner... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/331/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 331 - Annual statement required | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 331 - Annual statement required | (1) Each authorized insurer shall annually, before the thirty-first day of March, file with the Commissioner a true statement of its financial condition, transactions, and affairs as of the December 31st preceding. The statement shall be on forms as prescribed by the Commissioner, shall contain information as required ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/332/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 332 - Report for statistical purposes | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 332 - Report for statistical purposes | Each authorized insurer shall, at the request of the Commissioner, furnish or cause to be furnished to the Commissioner data for compilation and study of statistics relative to insurance of such insurer effected or in force in Puerto Rico. Such data may include information as to losses suffered on account of any risk o... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/333/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 333 - Special reports | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 333 - Special reports | The Commissioner, by rule or regulations, may require an insurer to make such special reports with respect to particular losses or claims or particular classes of losses or claims in Puerto Rico as he deems advisable, and on any matter when he deems it necessary or convenient and they are pertinent and related to the C... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/334/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 334 - General agents and managers | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 334 - General agents and managers | (1) In order to comply with the provisions of § 317 of this title, an insurer shall appoint and contract a manager or general agent to represent the insurer in Puerto Rico to carry out those functions consistent with this Code that may be conferred upon said manager or general agent by the insurer.
(2) The insurer that... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-3/335/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335)›§ 335 - Reciprocal provisions | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 335 - Reciprocal provisions | (1) If by or pursuant to laws of any state or country any premium tax or income tax or other taxes, or any fees, fines, penalties, licenses, deposit requirements or other obligations, prohibitions, or restrictions are imposed upon Puerto Rico domiciled insurers doing business in such state or country, or upon its agent... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-4/401/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 4 - Kinds of Insurance; Reinsurance; Limits of Risk (§§ 401 — 415)›§ 401 - Definitions not mutually exclusive | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 4 - Kinds of Insurance; Reinsurance; Limits of Risk (§§ 401 — 415) › § 401 - Definitions not mutually exclusive | It is intended that certain coverages may come within the definitions of two or more kinds of insurance as set forth in this chapter, and the fact that such a coverage is included within one definition shall not exclude such coverage as to any other kind of insurance within the definition of which such coverage may lik... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-4/402/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 4 - Kinds of Insurance; Reinsurance; Limits of Risk (§§ 401 — 415)›§ 402 - Life insurance, defined | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 4 - Kinds of Insurance; Reinsurance; Limits of Risk (§§ 401 — 415) › § 402 - Life insurance, defined | Life insurance.— Is insurance of human lives and insurance appertaining thereto or connected therewith. For the purposes of this title, the transacting of life insurance includes the granting of annuities and endowment benefits, additional benefits in event of death or dismemberment by accident or accidental means, add... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-4/403/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 4 - Kinds of Insurance; Reinsurance; Limits of Risk (§§ 401 — 415)›§ 403 - Disability insurance, defined | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 4 - Kinds of Insurance; Reinsurance; Limits of Risk (§§ 401 — 415) › § 403 - Disability insurance, defined | “Disability insurance” is insurance against bodily injury, disablement, or death by accident or accidental means, or the expense thereof, against disablement or expense resulting from sickness, and every insurance appertaining thereto.
History —Ins. Code § 4.030. |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-4/404/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 4 - Kinds of Insurance; Reinsurance; Limits of Risk (§§ 401 — 415)›§ 404 - Property insurance, defined | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 4 - Kinds of Insurance; Reinsurance; Limits of Risk (§§ 401 — 415) › § 404 - Property insurance, defined | Property insurance.— Is insurance on real or personal property of every kind and interest therein, against loss or damage from any or all hazard or cause, and against loss consequential upon such loss or damage, other than noncontractual legal liability for any such loss or damage. Property insurance shall also include... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-4/405/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 4 - Kinds of Insurance; Reinsurance; Limits of Risk (§§ 401 — 415)›§ 405 - Marine and transportation insurance, defined | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 4 - Kinds of Insurance; Reinsurance; Limits of Risk (§§ 401 — 415) › § 405 - Marine and transportation insurance, defined | Marine and transportation insurance.— Is:
(1) Insurance against loss of or damage to:
(a) Vessels, craft, aircraft, cars, automobiles and vehicles of every kind, as well as all goods, freights, cargoes, merchandise, effects, disbursements, profits, moneys, bullion, precious stones, securities, choses in action, evidenc... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-4/406/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 4 - Kinds of Insurance; Reinsurance; Limits of Risk (§§ 401 — 415)›§ 406 - Agricultural insurance, defined | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 4 - Kinds of Insurance; Reinsurance; Limits of Risk (§§ 401 — 415) › § 406 - Agricultural insurance, defined | Agricultural insurance.— Includes insurance on farm buildings, machinery, equipment, animals, fowl, plantings, and crops, appurtenant to farms, against loss or damage from any and all hazards and causes, including losses occurring during transportation and delivery of crops to shipping points, but not including risks o... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-4/407/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 4 - Kinds of Insurance; Reinsurance; Limits of Risk (§§ 401 — 415)›§ 407 - Vehicle insurance, defined | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 4 - Kinds of Insurance; Reinsurance; Limits of Risk (§§ 401 — 415) › § 407 - Vehicle insurance, defined | (1) Vehicle insurance.— Is insurance against loss of or damage to any land vehicle or aircraft, or any draft or riding animal, or to property while contained therein or thereon or while being loaded or unloaded therein or therefrom, from any hazard or cause, and against any loss, expense, or liability for loss of or da... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-4/408/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 4 - Kinds of Insurance; Reinsurance; Limits of Risk (§§ 401 — 415)›§ 408 - Casualty insurance, defined | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 4 - Kinds of Insurance; Reinsurance; Limits of Risk (§§ 401 — 415) › § 408 - Casualty insurance, defined | Casualty insurance.— Includes vehicle insurance as defined in § 407 of this title, and in addition is:
(1) Liability insurance.— Insurance against legal liability for the death, injury, or disability of any human being, or for damage to property; and provision of medical, hospital, surgical and funeral benefits to indi... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-4/409/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 4 - Kinds of Insurance; Reinsurance; Limits of Risk (§§ 401 — 415)›§ 409 - Surety insurance, defined | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 4 - Kinds of Insurance; Reinsurance; Limits of Risk (§§ 401 — 415) › § 409 - Surety insurance, defined | Surety insurance.— Includes:
(1) Credit insurance as defined in § 408(9) of this title.
(2) Fidelity insurance, which is insurance guaranteeing the fidelity of persons holding positions of public or private trust.
(3) Guaranteeing the performance of contracts, and guaranteeing and executing bonds, undertakings, and con... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-4/410/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 4 - Kinds of Insurance; Reinsurance; Limits of Risk (§§ 401 — 415)›§ 410 - Title insurance, defined | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 4 - Kinds of Insurance; Reinsurance; Limits of Risk (§§ 401 — 415) › § 410 - Title insurance, defined | Title insurance.— Is the insurance of owners of real or personal property or others having an interest therein or liens or encumbrances thereon, against loss by encumbrance or defective titles or invalidity or claims adverse to title and services connected therewith.
History —Ins. Code § 4.100; Aug. 26, 2005, No. 82, §... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-4/411/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 4 - Kinds of Insurance; Reinsurance; Limits of Risk (§§ 401 — 415)›§ 411 - Power to accept reinsurance | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 4 - Kinds of Insurance; Reinsurance; Limits of Risk (§§ 401 — 415) › § 411 - Power to accept reinsurance | (1) An authorized insurer shall accept reinsurance only of those kinds of insurance which it is authorized to transact direct in Puerto Rico or elsewhere.
(2) No authorized insurer shall accept reinsurance in whole or in part of any risk resident, located, or to be performed in Puerto Rico which was insured as direct i... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-4/412/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 4 - Kinds of Insurance; Reinsurance; Limits of Risk (§§ 401 — 415)›§ 412 - Power to cede reinsurance | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 4 - Kinds of Insurance; Reinsurance; Limits of Risk (§§ 401 — 415) › § 412 - Power to cede reinsurance | (1) An insurer may reinsure the total or part of the risks in Puerto Rico with other insurers only as follows:
(a) In any insurer authorized to transact the same kind of insurance in Puerto Rico, or
(b) with the prior written approval of the Commissioner, when with any foreign insurer not authorized to transact insuran... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-4/413/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 4 - Kinds of Insurance; Reinsurance; Limits of Risk (§§ 401 — 415)›§ 413 - Third party’s rights against reinsurer | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 4 - Kinds of Insurance; Reinsurance; Limits of Risk (§§ 401 — 415) › § 413 - Third party’s rights against reinsurer | The original insured or policyholder or any person other than the ceding insurer, who enters a claim by virtue of any insured or policyholder’s insurance, shall not have any direct right of action against the reinsurer which is not specifically set forth in the reinsurance contract, or in a specific agreement between t... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-4/414/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 4 - Kinds of Insurance; Reinsurance; Limits of Risk (§§ 401 — 415)›§ 414 - Limit of risk | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 4 - Kinds of Insurance; Reinsurance; Limits of Risk (§§ 401 — 415) › § 414 - Limit of risk | (1) No insurer shall retain any risk on any one subject of insurance, whether located or to be performed in Puerto Rico or elsewhere, in an amount exceeding ten percent (10%) of its surplus to policy holders, except that:
(a) A domestic mutual may insure up to such ten percent (10%) or up to the maximum applicable as s... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-4/415/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 4 - Kinds of Insurance; Reinsurance; Limits of Risk (§§ 401 — 415)›§ 415 - Limit of underwriting | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 4 - Kinds of Insurance; Reinsurance; Limits of Risk (§§ 401 — 415) › § 415 - Limit of underwriting | (1) Any authorized insurer, except the life insurance insurer, and as provided in the following subsection (2), shall keep, at all times, a ratio or rate between the net premiums underwritten, to their surplus, for policyholders, as defined in § 414(4) of this title, which shall not be greater than the rate established... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-5/516/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 5 - Assets and Liabilities (§§ 501-511 — 524)›§ 516 - Assets, definition | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 5 - Assets and Liabilities (§§ 501-511 — 524) › § 516 - Assets, definition | For purposes of §§ 516–524 of this title, assets shall be defined as probable future economic benefits obtained or derived by an insurer as a result of past transactions or events.
History —Ins. Code, added as § 5.010 on Mar. 22, 2003, No. 90, § 1. |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-5/517/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 5 - Assets and Liabilities (§§ 501-511 — 524)›§ 517 - Liabilities, definition | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 5 - Assets and Liabilities (§§ 501-511 — 524) › § 517 - Liabilities, definition | For purposes of §§ 516–524 of this title, liabilities shall be defined as probable future economic sacrifices that arise from the present obligations of an insurer, which consist of the transfer of assets, or the rendering of services to other entities in the future as a result of past transactions or events.
History —... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-5/518/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 5 - Assets and Liabilities (§§ 501-511 — 524)›§ 518 - Assets not allowed, definition | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 5 - Assets and Liabilities (§§ 501-511 — 524) › § 518 - Assets not allowed, definition | It shall be considered that an asset is not allowed if it is specifically identified as such by the accounting practices and procedures adopted by the National Association of Insurance Commissioners or if it is not specifically identified as an allowed asset by the accounting practices and procedures adopted by the Nat... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-5/519/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 5 - Assets and Liabilities (§§ 501-511 — 524)›§ 519 - Reduced unearned premiums reserve, new local insurers | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 5 - Assets and Liabilities (§§ 501-511 — 524) › § 519 - Reduced unearned premiums reserve, new local insurers | (1) A local insurer of property, accidents, or guarantee insurance may, during the first five (5) natural years of its operations, subject to the dispositions set forth in subsections (2) and (3) of this section, maintain unearned premiums reserves in the following proportion of otherwise required reserves:
First compl... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-5/520/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 5 - Assets and Liabilities (§§ 501-511 — 524)›§ 520 - Increase in reserves | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 5 - Assets and Liabilities (§§ 501-511 — 524) › § 520 - Increase in reserves | (1) If the Commissioner determines that the non-earned premiums reserves of an insurer are inadequate, regardless of the manner in which same are calculated, he shall demand that the insurer maintains the reserves in an increased amount that turns out to be in agreement with any other generally acknowledged method.
(2)... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-5/521/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 5 - Assets and Liabilities (§§ 501-511 — 524)›§ 521 - Credit in reserves for reinsurance | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 5 - Assets and Liabilities (§§ 501-511 — 524) › § 521 - Credit in reserves for reinsurance | An insurer may obtain credit for reserves upon risks ceded to a reinsurer up to the amount reinsured, except:
(1) No credit shall be granted for reinsurance not authorized by § 412 of this title.
(2) No credit shall be granted as an asset nor as a deduction from the liabilities to any cedent insurer, unless the reinsur... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-5/522/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 5 - Assets and Liabilities (§§ 501-511 — 524)›§ 522 - Registry of liabilities | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 5 - Assets and Liabilities (§§ 501-511 — 524) › § 522 - Registry of liabilities | An insurer must keep a complete detailed registry showing all losses and claims of which same has been notified, in regard to property, accident and guarantees insurance, including all notifications received due to the occurrence of any event that may result in losses.
History —Ins. Code, added as § 5.070 on Mar. 22, 2... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-5/523/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 5 - Assets and Liabilities (§§ 501-511 — 524)›§ 523 - Valuation of life policies | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 5 - Assets and Liabilities (§§ 501-511 — 524) › § 523 - Valuation of life policies | (1) Minimum valuation standard for old policies.— The minimum standards for the valuation of all policies and contracts, except group annuity contracts, issued prior to January 1 of the year this Code becomes operative, shall be that pursuant to the laws in effect immediately prior to the effective date of this Code. R... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-5/523a/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 5 - Assets and Liabilities (§§ 501-511 — 524)›§ 523a - Minimum reserves | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 5 - Assets and Liabilities (§§ 501-511 — 524) › § 523a - Minimum reserves | (a) In no event shall an insurer’s aggregate reserves for said life insurance policies, excluding disability and accidental death benefits, be less than the aggregate reserves calculated pursuant to the method set forth in subsections (2) and (3) of § 523 of this title and in the regulations promulgated by the Commissi... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-5/523b/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 5 - Assets and Liabilities (§§ 501-511 — 524)›§ 523b - Actuarial opinion | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 5 - Assets and Liabilities (§§ 501-511 — 524) › § 523b - Actuarial opinion | (a) Every insurer shall file annually, together with its annual report, the opinion of a qualified actuary stating whether the reserves of the policies and contracts specified by the Commissioner have been calculated properly, are based on assumptions that comply with the provisions of said contracts, are consistent wi... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-5/524/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 5 - Assets and Liabilities (§§ 501-511 — 524)›§ 524 - Powers of the Commissioner | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 5 - Assets and Liabilities (§§ 501-511 — 524) › § 524 - Powers of the Commissioner | The accounting practices and procedures adopted in the National Association of Insurance Commissioners Accounting Practices and Procedures Manual, as well as the amendments that from time to time shall be promulgated by said entity, are hereby adopted as the statutory accounting standards that govern local insurers.
Th... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-6b/648/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 6B - Investments (§§ 648 — 662)›§ 648 - Definitions | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 6B - Investments (§§ 648 — 662) › § 648 - Definitions | (1) AFICA.— Is the Spanish acronym for the Puerto Rico Industrial, Tourist, Educational, Medical, and Environmental Control Facilities Financing Authority created by Act No. 121 of June 27, 1977, as coded in Sections 12 L.P.R.A. §§ 1241 et seq.
(2) Preferred stock.— Means any preferred stock, preferent or secured of a ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-6b/649/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 6B - Investments (§§ 648 — 662)›§ 649 - Qualification and eligibility of investments | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 6B - Investments (§§ 648 — 662) › § 649 - Qualification and eligibility of investments | (1) Insurers may acquire, own or invest in those investments, or engage in those investment practices described in §§ 648–662 of this title. Investments that do not adjust to §§ 648–662 of this title shall not be eligible investments and shall not be a part of the assets allowed to the insurer.
(2) An insurer shall not... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-6b/650/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 6B - Investments (§§ 648 — 662)›§ 650 - Authorization of investments by the board of directors | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 6B - Investments (§§ 648 — 662) › § 650 - Authorization of investments by the board of directors | (1) The board of directors of an insurer shall adopt a written plan to acquire and maintain investments and to outline their investment practices. This plan shall establish guidelines with regard to the quality, maturity, diversity of investments and other requirements, including investment strategies geared to ensure ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-6b/651/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 6B - Investments (§§ 648 — 662)›§ 651 - Prohibited investments | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 6B - Investments (§§ 648 — 662) › § 651 - Prohibited investments | An insurer shall not, directly or indirectly:
(1) Invest in an obligation or security of, or grant or offer a guaranty for the benefit of, or in favor of an official or director of the insurer.
(2) Invest in an obligation or security, grant a guaranty in benefit of or in favor of, or make other investments in a busines... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-6b/652/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 6B - Investments (§§ 648 — 662)›§ 652 - Valuation of investments | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 6B - Investments (§§ 648 — 662) › § 652 - Valuation of investments | (1) For purposes of §§ 648–662 of this title, the worth of an investment acquired or maintained under §§ 648–662 of this title, unless otherwise indicated in this Code, shall be the informed worth of the asset for statutory accounting purposes, as determined according to the procedures indicated in the valuation and ac... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-6b/653/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 6B - Investments (§§ 648 — 662)›§ 653 - General requirements of diversification | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 6B - Investments (§§ 648 — 662) › § 653 - General requirements of diversification | (1) Unless otherwise indicated in §§ 648–662 of this title, an insurer shall not acquire any investment under §§ 648–662 of this title if, as a result of, and after making the investment, the insurer has more than five percent (5%) of its allowed assets or more than ten percent (10%) of its capital and surplus, whichev... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-6b/654/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 6B - Investments (§§ 648 — 662)›§ 654 - Credit instruments or obligations | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 6B - Investments (§§ 648 — 662) › § 654 - Credit instruments or obligations | (1) Credit instruments or preferential debt.— An insurer may invest up to one hundred percent (100%) of its allowed assets in credit instruments issued, assumed, secured or insured by the United States or Puerto Rico; or a public agency, dependency, instrumentality or corporation of Puerto Rico or the United States; or... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-6b/655/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 6B - Investments (§§ 648 — 662)›§ 655 - Interests in equity | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 6B - Investments (§§ 648 — 662) › § 655 - Interests in equity | (1) Subject to the limitations indicated in subsections (1) and (2) of § 653 of this title, an insurer may invest in securities of a registered investment company.
(2) Subject to the limitations indicated subsections (1) and (2) of § 653 of this title, an insurer may acquire interests in equity of any business entities... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-6b/656/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 6B - Investments (§§ 648 — 662)›§ 656 - Investment in subsidiaries | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 6B - Investments (§§ 648 — 662) › § 656 - Investment in subsidiaries | The limitations and restrictions to investment set forth in §§ 648–662 of this title shall not apply to investments made by an insurer in a subsidiary that was acquired or established by the insurer with prior authorization from the Commissioner. All entities that are directly or indirectly under the control of the ins... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-6b/657/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 6B - Investments (§§ 648 — 662)›§ 657 - Mortgage loans and real estate | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 6B - Investments (§§ 648 — 662) › § 657 - Mortgage loans and real estate | (1) Mortgage loans.—
(a) Subject to the limitations indicated in § 653 of this title, an insurer may acquire, whether directly, or indirectly through interests in limited liability partnerships, interests in partnerships not prohibited under § 651(4) of this title, limited liability companies, joint ventures, or shares... |
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