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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-6b/658/ | PR | Justia›US Law›US Codes 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)›§ 658 - Securities loans, repurchase, inverse repurchase, and dollar roll transactions | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 6B - Investments (§§ 648 — 662) › § 658 - Securities loans, repurchase, inverse repurchase, and dollar roll transactions | An insurer may effect securities loans, repurchase transactions, reverse repurchase transactions, and dollar roll transactions with registered business entities, if:
(1) The Board of Directors of the insurer adopts a written plan consistent with the requirements of the plan described in § 650(1) of this title specifyin... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-6b/659/ | PR | Justia›US Law›US Codes 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)›§ 659 - Foreign investments and foreign currency | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 6B - Investments (§§ 648 — 662) › § 659 - Foreign investments and foreign currency | (1) Subject to the limitations stated in § 653 of this title, an insurer may acquire foreign investments of substantially the same nature as those allowed to be acquired by an insurer under §§ 648–662 of this title, if as a result of such acquisition:
(a) The sum total of the foreign investments held at a given moment ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-6b/660/ | PR | Justia›US Law›US Codes 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)›§ 660 - Hedge transactions | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 6B - Investments (§§ 648 — 662) › § 660 - Hedge transactions | (1) An insurer may use hedging instruments such as options, futures and other transactions, to protect interest rates solely for the following purposes: (a) to reduce the risk of its other investments, and (b) to improve the income of its other investments. The use of options, futures and other hedging instruments for ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-6b/661/ | PR | Justia›US Law›US Codes 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)›§ 661 - Loans on policies | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 6B - Investments (§§ 648 — 662) › § 661 - Loans on policies | A life insurer may make loans to policy holders with the collateral of their respective policies in amounts that shall not exceed the redeemable cash value according to the terms of the policy.
History —Ins. Code, added as § 6.150 on May 16, 2003, No. 130, § 1. |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-6b/662/ | PR | Justia›US Law›US Codes 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)›§ 662 - Authority for additional investment | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 6B - Investments (§§ 648 — 662) › § 662 - Authority for additional investment | (1) An insurer may acquire investments of any type that are not expressly prohibited by § 651 of this title without considering the categories, conditions, requirements or other limitations established by §§ 653–659 of this title, including exceeding the quantitative limits established in §§ 648–662 of this title, if a... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-7/701/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 7 - Fees and Taxes (§§ 701 — 706)›§ 701 - Presentation rights, license and others | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 7 - Fees and Taxes (§§ 701 — 706) › § 701 - Presentation rights, license and others | (1) As a condition to remain or continue being authorized to procure or process any type of insurance in Puerto Rico, the following persons or entities shall pay to the Commissioner, not later than the date of expiration of their licenses or authorization certificates, the fees specified below:
Entity Annual Fee (a) Lo... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-7/702/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 7 - Fees and Taxes (§§ 701 — 706)›§ 702 - Taxes on premiums | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 7 - Fees and Taxes (§§ 701 — 706) › § 702 - Taxes on premiums | (1) Except as otherwise provided in this section, every insurer shall pay to the Secretary of the Treasury of the Commonwealth of Puerto Rico, through the Office of the Commissioner, a six percent (6%) tax on premiums and of three percent (3%) on annuity remunerations, as provided in clause (b) of this subsection recei... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-7/702a/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 7 - Fees and Taxes (§§ 701 — 706)›§ 702a - Tax exemption for domestic insurers maintaining a home office in Puerto Rico | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 7 - Fees and Taxes (§§ 701 — 706) › § 702a - Tax exemption for domestic insurers maintaining a home office in Puerto Rico | (1) Every domestic insurer who maintains a home office in Puerto Rico as defined hereinafter, and the Insurers’ Syndicate as defined in § 4102 of this title, shall be exempted from the payment of taxes on premiums and annuity considerations established in § 702 of this title. The insurers thus exempted shall not be bou... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-7/702c/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 7 - Fees and Taxes (§§ 701 — 706)›§ 702c - Special tax on premiums | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 7 - Fees and Taxes (§§ 701 — 706) › § 702c - Special tax on premiums | (a) For taxable years beginning after December 31, 2012, there shall be imposed, collected, and paid a special one percent (1%)-tax on the premiums of every insurer, in addition to the tax on premiums imposed under § 702 of this title, and to any other tax imposed under this Code or under §§ 30011 et seq. of Title 13, ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-7/703/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 7 - Fees and Taxes (§§ 701 — 706)›§ 703 - Tax statement; deposit | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 7 - Fees and Taxes (§§ 701 — 706) › § 703 - Tax statement; deposit | (1) The insurer shall file with the Commissioner as part of its annual statement, a statement of premiums for insurance and considerations for annuities received and on which tax is payable pursuant to § 702 of this title. Such tax statement shall be according to such form as shall be prescribed and furnished by the Co... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-7/704/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 7 - Fees and Taxes (§§ 701 — 706)›§ 704 - Failure to pay tax | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 7 - Fees and Taxes (§§ 701 — 706) › § 704 - Failure to pay tax | (1) Any insurer that fails to file its tax statement and pay the specified tax on premiums after it is due shall be subject to an administrative fine of twenty-five dollars ($25) for each day of delinquency, subject to the Commissioner’s right to grant a reasonable extension of time for the filing and payment thereof. ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-7/705/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 7 - Fees and Taxes (§§ 701 — 706)›§ 705 - Refunds | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 7 - Fees and Taxes (§§ 701 — 706) › § 705 - Refunds | If any person has paid to the Commissioner any tax, license fee, or other charge in error or in excess of that which he is lawfully bound to pay, the Commissioner may, upon proof thereof satisfactory to the Commissioner, make or cause to be made a refund thereof as the Secretary of the Treasury may prescribe. However, ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-7/706/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 7 - Fees and Taxes (§§ 701 — 706)›§ 706 - Commonwealth preempts insurance tax field | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 7 - Fees and Taxes (§§ 701 — 706) › § 706 - Commonwealth preempts insurance tax field | The Commonwealth of Puerto Rico hereby preempts the field of imposing excise, privilege, franchise, income, license and similar taxes on insurers, health services organizations, general agents, producers, consultants, adjusters and solicitors, as such, and taxes on the intangible property of said insurers, health servi... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-8/801/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 8 - Administration of Deposits (§§ 801 — 809)›§ 801 - Insurers’ deposits | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 8 - Administration of Deposits (§§ 801 — 809) › § 801 - Insurers’ deposits | (1) The Secretary shall accept and hold in trust, when made through the Commissioner, deposits of securities or funds physically or electronically made by insurers; as follows:
(a) Deposits required for authority to transact insurance in Puerto Rico.
(b) Deposits of domestic or foreign insurers when made pursuant to th... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-8/802/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 8 - Administration of Deposits (§§ 801 — 809)›§ 802 - Assets elegible for deposit | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 8 - Administration of Deposits (§§ 801 — 809) › § 802 - Assets elegible for deposit | Assets eligible for deposit shall consist of any combination of the following: public obligations of Puerto Rico or the United States, state obligations, municipal obligations, public improvement bonds, certificates of deposit, whether physical or electronic, issued by commercial banks authorized to do business in Puer... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-8/803/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 8 - Administration of Deposits (§§ 801 — 809)›§ 803 - Registration of securities | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 8 - Administration of Deposits (§§ 801 — 809) › § 803 - Registration of securities | Securities, titles or certificates of deposit shall be registered in trust in the name of the Secretary for the purpose required pursuant to the law, and any securities payable to the bearer shall be accompanied by assignment to such Secretary in trust for such purpose. In the case of certificates of deposit, in additi... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-8/804/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 8 - Administration of Deposits (§§ 801 — 809)›§ 804 - Commonwealth responsible | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 8 - Administration of Deposits (§§ 801 — 809) › § 804 - Commonwealth responsible | The Commonwealth of Puerto Rico shall be responsible for the safekeeping and return of all assets deposited pursuant to this title with the Secretary of the Treasury.
History —Ins. Code § 8.040. |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-8/805/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 8 - Administration of Deposits (§§ 801 — 809)›§ 805 - Dividends and substitutions | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 8 - Administration of Deposits (§§ 801 — 809) › § 805 - Dividends and substitutions | So long as the insurer remains solvent and complies with this title it shall be entitled:
(1) To demand, receive, sue for, and recover the income from the securities deposited.
(2) To exchange and substitute for the securities on deposit or any part thereof, eligible securities of equivalent or greater value.
(3) To in... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-8/806/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 8 - Administration of Deposits (§§ 801 — 809)›§ 806 - Excess deposits | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 8 - Administration of Deposits (§§ 801 — 809) › § 806 - Excess deposits | An insurer may so deposit eligible securities in an amount exceeding its required deposit under this title by not more than one hundred thousand dollars ($100,000), for the purpose of absorbing fluctuations in the value of securities held in its required deposit, and to facilitate the exchange and substitution of secur... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-8/807/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 8 - Administration of Deposits (§§ 801 — 809)›§ 807 - Depletion of deposit | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 8 - Administration of Deposits (§§ 801 — 809) › § 807 - Depletion of deposit | If at any time the Commissioner finds that the value of assets on deposit by an insurer is less than the amount required pursuant to this Code, he/she shall notify the insurer of such deficiency by registered mail addressed to the insurer at its home office, or at its main office in Puerto Rico, and require that the de... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-8/808/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 8 - Administration of Deposits (§§ 801 — 809)›§ 808 - Release of deposit | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 8 - Administration of Deposits (§§ 801 — 809) › § 808 - Release of deposit | (1) Any deposit made in Puerto Rico under this title shall be released and returned:
(a) To the insurer upon extinguishment by reinsurance or otherwise of substantially all liability of the insurer for the security of which the deposit is held; or
(b) to the insurer to the extent such deposit is in excess of the amount... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-8/809/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 8 - Administration of Deposits (§§ 801 — 809)›§ 809 - Deposit not subject to levy | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 8 - Administration of Deposits (§§ 801 — 809) › § 809 - Deposit not subject to levy | No judgment creditor or other claimant of an insurer shall levy upon any deposit held pursuant to this chapter, or upon any part thereof.
History —Ins. Code § 8.090. |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/949/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i)›§ 949 - Statement ... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 949 - Statement of purpose | This chapter establishes the requirements that must be met by all persons who aspire to obtain a license issued by the Commissioner to engage in the insurance business in Puerto Rico. It also establishes the procedure to issue licenses to said persons, as well as for the renewal, denial, suspension and revocation of sa... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/949a/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i)›§ 949a - Producer,... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 949a - Producer, definition | The person that pursuant to this Code holds a license duly issued by the Commissioner to negotiate insurance in Puerto Rico. In negotiating insurance the producer shall not act as authorized representative of the insurer, except in those cases in which an appointment made according to the provisions of § 949 l of this ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/949b/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i)›§ 949b - Authorize... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 949b - Authorized representative, definition | Authorized representative is a producer that subscribes a contract with an insurer to negotiate insurance on his behalf, be it as employee or as independent contractor.
History —Ins. Code, added as § 9.021 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006. |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/949c/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i)›§ 949c - Responsib... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 949c - Responsibility of the producer towards the insured | The producer shall fulfill the following duties, among others:
(1) Provide the consumer with a clear and concise orientation about the coverage, benefits, limitations and exclusions of the insurance policy negotiated by him/her, as well as about the duties and obligations of the former as insured under the same.
(2) Ne... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/949d/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i)›§ 949d - Solicitor... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 949d - Solicitor, definition | A solicitor is a natural person appointed and authorized by a producer to solicit insurance as representative of said producer. An individual employed on salary only who devotes all his/her time to office work, incidentally soliciting insurance at the office of the producer shall not be deemed to be a solicitor if his/... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/949e/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i)›§ 949e - General a... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 949e - General agent, definition | A general agent is the person appointed by an insurer as an independent contractor, or who is totally or partially on commission, with general powers or duties to inspect the execution and operations of the policy services of the insurer, to contract authorized representatives for the insurer, and to perform other func... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/949f/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i)›§ 949f - Adjuster,... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 949f - Adjuster, definition | (1) Adjuster.— Is the person who for compensation as independent contractor or as employee of an independent contractor, or for a fee, commission or salary, investigates and negotiates the settlement of claims arising under insurance contracts exclusively on behalf of the insurer or the insured.
A practicing attorney-a... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/949g/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i)›§ 949g - Insurance... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 949g - Insurance consultant, definition | (1) Insurance consultant is the person who for compensation as independent contractor, if not the insurer, advises his/her clients, provides advice and information regarding the terms of a policy, its conditions, coverage benefits, the premium of any policy or contract and offers orientation with relation to the advisa... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/949h/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i)›§ 949h - Proxy, de... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 949h - Proxy, definition | A proxy is a person authorized by a surety insurer to grant, on behalf and in representation of the latter, surety instruments in Puerto Rico according to the license which for such a purpose is issued by the Commissioner pursuant to the provisions of §§ 2201–2205 of this title.
History —Ins. Code, added as § 9.052 on ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/949i/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i)›§ 949i - License r... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 949i - License required; incompatibility | (1) No person in Puerto Rico shall act as or pretend to be an insurance producer, authorized representative, general agent, solicitor, adjuster, or consultant unless he/she holds a license therefor, pursuant to this chapter.
(2) No producer or solicitor may transact or accept applications for any kind of insurance for ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/949j/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i)›§ 949j - Commissio... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 949j - Commission for Business Negotiations—Payment and acceptan... | (1) No insurer, general agent, manager or authorized representative of the insurer shall accept insurance applications transacted through a person who does not hold a license issued according to this Code for the kind of insurance transacted.
(2) No insurer, general agent, manager or producer shall pay any commission o... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/949k/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i)›§ 949k - Commissio... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 949k - Commission for business negotiations—Maximum amount | The commission to be paid to any producer for negotiating insurance shall be circumscribed to the maximum amount fixed in the schedule of types approved by the Commissioner for the corresponding kind or subdivision of insurance. [In case that the registration is not required, the commission to be paid to any producer f... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/949l/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i)›§ 949l - Notice of... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 949l - Notice of appointment of producers | (1) No producer may act as authorized representative of an insurer, unless he/she subscribes a contract with the insurer through which the insurer authorizes the producer to negotiate insurance on behalf and in representation of the insurer.
(2) The appointment of a producer as authorized representative of an insurer s... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/949m/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i)›§ 949m - License—G... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 949m - License—General requirements | (1) The Commissioner shall not issue, renew, or permit the licenses of any general agent, producer, authorized representative, solicitor, adjuster, or consultant to exist except in compliance with this chapter, or with respect to:
(a) Any untrustworthy or incompetent person or any person who has not established to the ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/949n/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i)›§ 949n - License—C... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 949n - License—Controlled business | (1) For the purposes of assisting in the enforcement of the laws against prohibited rebates and prevent the use of undue influences or coercion in insurance transactions, the Commissioner shall not grant any license as producer, general agent or solicitor to any person should he/she have reasonable grounds to believe t... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/949o/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i)›§ 949o - License—A... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 949o - License—Applications | (1) The application for a license shall be made to the Commissioner by the applicant. The application must be sworn to by the applicant and shall contain that information and those documents the Commissioner may require.
(2) Should the applicant be a partnership or a corporation, the application shall also indicate the... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/950/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i)›§ 950 - License—Nu... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 950 - License—Number of applications required | (1) The presentation of personal data about a person, together with his/her license application, subject to subsection (2) of this section, shall be sufficient, regardless of the number of license applications or renewals subsequently made by the same person.
(2) In relation to the renewal of a license, or at any date ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/950a/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i)›§ 950a - License—E... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 950a - License—Examination | (1) Prior to the issue of any such license, each applicant for a license as producer, solicitor, adjuster, consultant or proxy, must take and pass, to the satisfaction of the Commissioner, an examination given under the direction of the Commissioner as proof of his/her qualifications and competence, although this requi... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/950b/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i)›§ 950b - License—S... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 950b - License—Scope of the examination | (1) Every examination required by § 950a of this title shall be as prescribed by the Commissioner and its scope shall be broad enough to enable the reasonable evaluation of the knowledge of the applicant relative to the kinds of insurance covered on the license and the duties and responsibilities of said licensee and t... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/950c/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i)›§ 950c - License—E... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 950c - License—Examinations; form, place, waiting period and fee... | (1) The examination shall be administered in the form and manner deemed by the Commissioner to best serve the purposes of this chapter.
(2) The Commissioner shall administer the examinations in Puerto Rico on the dates and at the places deemed appropriate, taking into account his/her resources and the convenience of th... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/950d/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i)›§ 950d - License—I... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 950d - License—Issuance | The Commissioner shall issue the licenses applied for to eligible persons under this chapter, providing evidence thereof in the form of a certificate or of an identification card.
Licenses shall be issued for a term of two (2) years and may be renewed for additional periods pursuant to § 953b of this title. However, in... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/950e/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i)›§ 950e - Licenses—... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 950e - Licenses—Limited by type of risk | When a qualified person applies for a license, the Commissioner may issue a license limited to subscribing insurance against the following risks:
(1) Automobile, truck or other similar motor vehicle rental or lease.— Means insurance offered, sold or solicited in relation or incidental to the rental or lease of an autom... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/950f/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i)›§ 950f - License—C... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 950f - License—Contents | (1) All licenses shall contain whatever information the Commissioner may deem pertinent, including the name, address, kinds of insurance and the number assigned to the license, and they shall be in the form prescribed by the Commissioner.
(2) In the case of partnerships or corporation, the license shall also set forth ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/950g/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i)›§ 950g - License—P... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 950g - License—Partnerships and corporations | (1) A partnership or corporation shall only be licensed as producer, general agent, adjuster, or consultant, subject to the following requirements:
(a) In the case of a partnership, every partner or member shall appear on said license and meet its requirements as if they were holders of individual licenses. A license i... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/950h/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i)›§ 950h - License—S... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 950h - License—Sale of variable products | (1) A corporation may obtain a license as producer for the sale of variable products provided it complies with the provisions of § 950g of this title, with all applicable provisions of the Puerto Rico Uniform Securities Act and its Regulations and with those other requirements that the Commissioner, the Commissioner of... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/950i/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i)›§ 950i - Producer—... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 950i - Producer—Requirements | The insurance producer license may only be issued and exist in connection with a natural person who meets the following requirements:
(1) To have attained eighteen (18) years of age and completed his/her high school education or its equivalent.
(2) To reside de facto in Puerto Rico and to have been a bona fide resident... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/950j/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i)›§ 950j - Producer—... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 950j - Producer—Scope of license | The license as producer shall cover all kinds of insurance for which the latter has taken and passed [the] examination required. However, the Commissioner may issue a license as producer limited to a specific kind or kinds of insurance, excluding others.
History —Ins. Code, added as § 9.190 on Jan. 19, 2006, No. 10, § ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/951/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i)›§ 951 - Producer—P... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 951 - Producer—Proof of financial liability | (1) No insurance producer license shall be issued or permitted to exist unless a bond is posted in the name of the Government of Puerto Rico to answer for the funds received by the producer as incidental to the insurance business and for the damages the interested parties may suffer as a result of the negligence of the... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/951a/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i)›§ 951a - Producer—... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 951a - Producer—Authority | (1) A producer is not a representative of an insurer and does not have the power through his own acts to bind the insurer regarding a risk or in reference to any insurance transaction, unless the producer has subscribed a contract with the insurer through which he/she is conferred the authority to act as his/her author... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/951b/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i)›§ 951b - General a... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 951b - General agent—License | (1) No person shall act in the capacity of general agent in relation to those risks located in the Commonwealth of Puerto Rico in the name of an insurer authorized to enter into the insurance business in Puerto Rico, unless said person holds a license issued by the Commissioner to do so pursuant to this chapter and unl... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/951c/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i)›§ 951c - General a... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 951c - General agent—Appointment | (1) The insurer who appoints a person as general agent to represent him/her as such in Puerto Rico, shall give written notice of the appointment to the Commissioner within the fifteen (15) days following the date on which the contract for such purposes is executed and in the form he/she may prescribe. The insurer shall... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/951d/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i)›§ 951d - Solicitor... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 951d - Solicitor—Requirements | A license as solicitor may only be issued to a natural person who meets the following requirements:
(1) To be residing in and to have been a bona fide resident of Puerto Rico for at least one (1) year immediately before the date on which the license is applied for, to be at least eighteen (18) years of age and to have ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/951e/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i)›§ 951e - Solicitor... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 951e - Solicitor—License; custody; cancellation | The license as solicitor shall be entrusted to the producer who appoints the solicitor. Upon the expiration of such an appointment the license shall also expire and the producer shall return the same to the Commissioner for its cancellation.
The license of a solicitor may be cancelled through a written petition filed w... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/951f/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i)›§ 951f - Solicitor... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 951f - Solicitor—Authority; liability | (1) The license of a solicitor appointed by a producer shall cover only that kind or kinds of insurance that said producer may transact pursuant to his/her license.
(2) A solicitor shall not have the power to bind an insurer regarding any risk or insurance contract, nor to countersign insurance contracts.
(3) Any busin... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/951g/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i)›§ 951g - Insurance... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 951g - Insurance consultant—Requirements | All applicants for a license as insurance consultant shall meet the following requirements:
(1) To reside de facto in Puerto Rico and to have been a bona fide resident of Puerto Rico for at least one (1) years immediately prior to the date on which the license is applied for.
(2) To be trustworthy, competent and be oth... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/951h/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i)›§ 951h - Insurance... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 951h - Insurance consultant—Revocation, suspension or denial of ... | (1) The Commissioner may revoke the license as insurance consultant for any violation of this chapter and for any of the reasons for which a license as producer may be revoked as provided in § 953f of this title.
(2) Any person who acts as insurance consultant, as defined in § 949g of this title, without holding a lice... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/951i/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i)›§ 951i - Insurance... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 951i - Insurance consultant—Form and requirements of contract | For an insurance consultant contract to be binding it shall be executed in writing and submitted in duplicate by the contracting person or his/her legal representative and the consultant. The contract shall specify the services to be rendered and the fees to be paid.
Once his/her advice as insurance consultant is offer... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/951j/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i)›§ 951j - Insurance... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 951j - Insurance consultant—Proof of financial liability | No license as insurance consultant shall be issued or allowed to exist unless the applicant presents to the Commissioner and thereafter maintains in effect a bond in favor of the Commonwealth of Puerto Rico to answer for the damages that may be suffered by any party as a result of negligence in the fulfillment of his/h... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/951k/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i)›§ 951k - Insurance... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 951k - Insurance vending machines | (1) A producer contracted by an insurer to act as his/her authorized representative may negotiate applications and issue insurance policies by means of vending machines, inspected by him/her, provided the Commissioner determines that:
(a) The kind of insurance and the form of the policy that the producer intends to tra... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/951l/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i)›§ 951l - Sale of i... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 951l - Sale of insurance over the Internet | The Commissioner may adopt, through rule or regulation, the standards that shall govern the sale, offer and solicitation of insurance over the Internet pursuant to the applicable provisions of this Code and of any other act approved by the Legislature to regulate said activity.
History —Ins. Code, added as § 9.25 on Ja... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/951m/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i)›§ 951m - Nonreside... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 951m - Nonresident producers—License | (1) The Commissioner may grant a license as nonresident producer to any person who comes from a state or jurisdiction of the United States that has adopted the provisions of the Model Act for Licensing Producers approved by the National Association of Insurance Commissioners and that grants to a resident producer in Pu... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/951n/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i)›§ 951n - Nonreside... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 951n - Nonresident producers—Limitations | (1) A nonresident producer shall directly or indirectly solicit insurance in Puerto Rico or be able to inspect risks in Puerto Rico and, pursuant to his/her license, shall place only insurance that has been directly procured from the insured outside of Puerto Rico upon a subject of insurance located or to be executed i... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/951o/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i)›§ 951o - Nonreside... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 951o - Nonresident producer—Process against | (1) A nonresident producer, before his license is issued, shall irrevocably appoint the Commissioner as his/her proxy to receive service of legal process issued against the licensee upon causes of action arising in Puerto Rico out of transactions under the license. Service upon the Commissioner as proxy shall constitut... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/951p/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i)›§ 951p - Adjuster—... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 951p - Adjuster—Requirements | A license as adjuster shall not be issued or allowed to exist to any person who does not meet the following requirements:
(1) To be of legal age and have completed high school or its equivalent.
(2) To be and to have been a bona fide resident of Puerto Rico for at least one (1) year immediately prior to the date on whi... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/952/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i)›§ 952 - Adjuster—S... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 952 - Adjuster—Special rights to adjust | (1) A producer contracted by the insurer to act as his/her authorized representative may, on behalf of the insurer and by virtue of the authority which pursuant to the contract said insurer has conferred, act, from time to time, as adjuster and investigate, inform and liquidate claims without the need of having a licen... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/952a/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i)›§ 952a - Adjuster—... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 952a - Adjuster—Bond | (1) Prior to the granting of a license as public adjuster, the applicant shall post with the Commissioner and thereafter maintain in effect for the duration of the license, a bond in favor of the Commonwealth of Puerto Rico, issued by a surety insurer authorized by the Commissioner, for an amount of not less than ten t... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/952b/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i)›§ 952b - Adjuster—... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 952b - Adjuster—Report of losses | (1) Any authorized independent adjuster, at the time of taking charge of the adjustment of the losses caused by a fire, storm, hurricane or earthquake, shall render to the Commissioner a preliminary report of the estimated loss and within five (5) working days after the amount of the loss has been determined, a final r... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/952c/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i)›§ 952c - Place of ... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 952c - Place of business | (1) Every producer, other than a producer authorized only as to life or disability insurance, as well as every authorized adjuster or consultant shall have in Puerto Rico a place of business accessible to the public. The place of business shall be one wherein the licensee mainly conducts business pursuant to his/her li... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/952d/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i)›§ 952d - Display o... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 952d - Display of license | Any person who holds a license issued by the Commissioner in any capacity shall be bound to display the same as evidence of his/her authority to engage in the insurance business in Puerto Rico.
Should the Commissioner issue a certificate as evidence of the license granted, the person thus authorized shall be bound to e... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/952e/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i)›§ 952e - Identific... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 952e - Identification | Every holder of a license issued pursuant to this chapter shall identify him/herself exclusively according to the license he/she has been issued. Thus, when publishing any notice or printed material, or when advertising through any means of communication, he/she shall do so under the name which appears on the license. ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/952f/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i)›§ 952f - Required ... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 952f - Required books and documents | (1) Every insurance producer, general agent, proxy, adjuster or consultant shall keep, at the place of business indicated in his/her license, the usual and customary books corresponding to the transactions effected pursuant to his/her license, together with the additional books the Commissioner may require through rule... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/952g/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i)›§ 952g - Reports t... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 952g - Reports to the Commissioner | Every producer, general agent, solicitor, adjuster, consultant or proxy shall submit, at the request of the Commissioner, a report about his/her insurance business or about any matter or loss he/she has transacted, or in which he/she has participated or about which he/she has information.
Said report shall be submitted... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/952h/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i)›§ 952h - Collectio... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 952h - Collection and accounting of premiums | (1) Any premium paid by an insured to his/her producer shall not be deemed paid to the insurer unless it is delivered to the insurer, to his/her general agent or to an authorized agent, except that:
(a) If the insurer, either directly or through his/her general agent or authorized representative expressly authorized th... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/953/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i)›§ 953 - Transfer o... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 953 - Transfer of business; committees | (1) When an insurance policy originally subscribed through a particular producer whose premium has been billed and paid for in whole or in part is cancelled and substituted for one or more policies with the same coverage or with additional coverage for the same insured through another producer, whether or not subscribe... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/953a/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i)›§ 953a - Assignmen... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 953a - Assignment or sale of policies | In the case of a transaction for the assignment or sale of an insurance policies portfolio, the new producer shall immediately notify each insured through a written communication to the last address appearing in the record about the transaction executed, granting the insured a term of not less than ten (10) days to cho... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/953b/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i)›§ 953b - Expiratio... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 953b - Expiration and renewal of licenses | (1) Any general agent, producer, authorized representative, proxy, solicitor, consultant, and adjuster license issued by the Commissioner pursuant to the provisions of this chapter, with the exception of temporary licenses, shall continue in effect until their expiration, suspension, revocation, or cancellation. The fo... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/953c/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i)›§ 953c - Cancellat... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 953c - Cancellation of license as producer | The license of a producer shall be cancelled through a written petition submitted to the Commissioner by the producer or in the case of a producer contracted as authorized representative, by the latter or by the insurer who subscribed such as contract. If the petition is submitted by the insurer, it shall set forth the... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/953d/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i)›§ 953d - Temporary... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 953d - Temporary license—Issuance | (1) The Commissioner may issue temporary licenses as producer in the following cases:
(a) To the surviving spouse or next of kin or the administrator or executor or to an employee of the administrator or executor of the deceased authorized producer.
(b) To the spouse, next of kin, employee or legal guardian of an autho... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/953e/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i)›§ 953e - Temporary... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 953e - Temporary license—Duration, limitations | (1) A temporary license shall expire within one hundred and eighty (180) days following its date of issue or upon receipt of notice of not having approved the examination after which such a license would have been issued, whichever occurs first, except that the license holder is unable, due to reasonable causes, to tak... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/953f/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i)›§ 953f - License—D... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 953f - License—Denial, suspension, revocation | (1) The Commissioner may deny, suspend, revoke or refuse to renew any license issued pursuant to this chapter, any license as surplus line broker or as general agent, for any cause specified in any provision of this Code or for any of the following causes:
(a) For any cause for which issuing the license could have been... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/953g/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i)›§ 953g - License—P... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 953g - License—Procedure for suspending, revoking or denying | (1) The Commissioner shall revoke or refuse to renew a license immediately and without hearing upon conviction of the licensee under final judgment of a felony or a crime involving moral turpitude or of a violation of this Code.
(2) For causes other than those stated in subsection (1) above, including those set forth i... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/953h/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i)›§ 953h - License—R... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 953h - License—Reinstatement | The Commissioner may, at his/her discretion and after a petition to that effect, reinstate any license that has been revoked through a final and firm resolution or administrative order. Any person interested in petitioning for the reinstatement of a license that had been revoked must submit evidence showing that the re... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-9a/953i/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i)›§ 953i - Additiona... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 953i - Additional penalties for violations | (1) Beside[s] the denial, revocation or suspension of the license or in lieu of these, any of the following sanctions may be imposed on any licensee who violates any of the provisions of this Code:
(a) Denial of the license in any capacity authorized pursuant to this Code for a term not to exceed five (5) years.
(b) Ad... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-10/1001/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 10 - Unauthorized Insurers (§§ 1001 — 1020)›§ 1001 - Representation of unauthorized insurers prohibited | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 10 - Unauthorized Insurers (§§ 1001 — 1020) › § 1001 - Representation of unauthorized insurers prohibited | (1) No person shall in any manner:
(a) Represent or assist any insurer not then duly authorized to transact insurance in Puerto Rico, in the procuring, placing, or maintenance of any insurance coverage upon or with relation to any subject of insurance resident, located, or to be performed in Puerto Rico.
(b) Represent ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-10/1002/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 10 - Unauthorized Insurers (§§ 1001 — 1020)›§ 1002 - Access to courts denied | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 10 - Unauthorized Insurers (§§ 1001 — 1020) › § 1002 - Access to courts denied | (1) An unauthorized insurer shall not maintain an action in Puerto Rico with respect to any insurance coverage which at time of issuance was to cover any subject resident, located, or to be performed in Puerto Rico, but such insurer may defend an action as provided in §§ 1005 and 1006 of this title.
(2) Subsection (5) ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-10/1003/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 10 - Unauthorized Insurers (§§ 1001 — 1020)›§ 1003 - Validity of contracts illegally effectuated | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 10 - Unauthorized Insurers (§§ 1001 — 1020) › § 1003 - Validity of contracts illegally effectuated | An insurance contract effectuated by an unauthorized insurer in violation of this title shall be voidable except at the instance of the insurer.
History —Ins. Code § 10.030. |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-10/1004/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 10 - Unauthorized Insurers (§§ 1001 — 1020)›§ 1004 - Advertising prohibited | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 10 - Unauthorized Insurers (§§ 1001 — 1020) › § 1004 - Advertising prohibited | (1) No publication published in Puerto Rico, or radio or television broadcaster, or any other agency, device, or means for the dissemination of information operated or located in Puerto Rico, shall publish, broadcast, or otherwise disseminate within Puerto Rico advertisements for or on behalf of any insurer not then au... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-10/1005/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 10 - Unauthorized Insurers (§§ 1001 — 1020)›§ 1005 - Service of process on unauthorized insurers | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 10 - Unauthorized Insurers (§§ 1001 — 1020) › § 1005 - Service of process on unauthorized insurers | (1) Delivery, effectuation, or solicitation of any insurance contract, by mail or otherwise, within Puerto Rico by an unauthorized insurer, or the performance within Puerto Rico of any other service or transaction connected with such insurance by or on behalf of such insurer, shall be deemed to constitute an appointmen... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-10/1006/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 10 - Unauthorized Insurers (§§ 1001 — 1020)›§ 1006 - Defense of action by unauthorized insurer | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 10 - Unauthorized Insurers (§§ 1001 — 1020) › § 1006 - Defense of action by unauthorized insurer | (1) Before an unauthorized insurer shall file or cause to be filed any pleading in any proceeding instituted against it under § 1005 of this title, the insurer shall either:
(a) Deposit with the court in which the proceeding is pending cash or securities or file with the court a bond with good and sufficient sureties, ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-10/1007/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 10 - Unauthorized Insurers (§§ 1001 — 1020)›§ 1007 - Surplus line insurance | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 10 - Unauthorized Insurers (§§ 1001 — 1020) › § 1007 - Surplus line insurance | Any portion or all of an insurance coverage which cannot be procured from authorized insurers, which coverage is hereinafter designated as “surplus line”, may be procured from unauthorized insurers if:
(1) The insurance cannot be procured from authorized insurers, or has been procured to the full extent such insurers a... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-10/1007a/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 10 - Unauthorized Insurers (§§ 1001 — 1020)›§ 1007a - Eligible surplus line insurers | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 10 - Unauthorized Insurers (§§ 1001 — 1020) › § 1007a - Eligible surplus line insurers | (1) No surplus line insurance producer shall transact an insurance contract in an unauthorized insurer that is not an eligible surplus line insurer as provided in this section. No unauthorized insurer shall be or shall be considered an eligible surplus line insurer unless the Commissioner shall determine its eligibilit... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-10/1007b/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 10 - Unauthorized Insurers (§§ 1001 — 1020)›§ 1007b - Withdrawal of eligibility of unauthorized insurer | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 10 - Unauthorized Insurers (§§ 1001 — 1020) › § 1007b - Withdrawal of eligibility of unauthorized insurer | (1) The Commissioner may, after a hearing, notice whereof shall be served on all surplus line brokers, withdraw the eligibility of an unauthorized insurer appearing on the list of surplus line eligible insurers upon determining that the insurer is insolvent, or that his financial situation is poor, or that he is no lon... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-10/1008/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 10 - Unauthorized Insurers (§§ 1001 — 1020)›§ 1008 - Producer’s affidavit and report | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 10 - Unauthorized Insurers (§§ 1001 — 1020) › § 1008 - Producer’s affidavit and report | At the time of procuring any surplus line insurance, the producer shall execute and file with the Commissioner his report thereof in duplicate and under oath, setting forth facts from which it may be determined whether the requirements of § 1007 of this title have been met, and in addition thereto the following:
(1) Na... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-10/1009/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 10 - Unauthorized Insurers (§§ 1001 — 1020)›§ 1009 - Special provisions in surplus line policies | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 10 - Unauthorized Insurers (§§ 1001 — 1020) › § 1009 - Special provisions in surplus line policies | (1) Every insurance contract procured as a surplus line coverage pursuant to this chapter shall provide, by endorsement or otherwise, for service of legal process upon the insurer in the manner provided in § 1018 of this title, and shall designate by name and address the person to whom the Commissioner shall forward co... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-10/1010/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 10 - Unauthorized Insurers (§§ 1001 — 1020)›§ 1010 - Surplus line insurance valid | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 10 - Unauthorized Insurers (§§ 1001 — 1020) › § 1010 - Surplus line insurance valid | Insurance contracts procured as surplus line coverage from unauthorized insurers in accordance with this chapter shall be fully valid and enforceable as to all parties, and shall be given recognition in all matters and respects and for all purposes to the same effect as like contracts issued by authorized insurers. As ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-10/1011/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 10 - Unauthorized Insurers (§§ 1001 — 1020)›§ 1011 - Insurance broker surplus lines insurance license; bond | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 10 - Unauthorized Insurers (§§ 1001 — 1020) › § 1011 - Insurance broker surplus lines insurance license; bond | Any insurance broker, while licensed as such and while maintaining an office at a designated location in Puerto Rico, and who is deemed by the Commissioner to be trustworthy and competent for the purpose, may be licensed by the Commissioner as a surplus line broker, as follows:
(1) Application to the Commissioner for t... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-10/1012/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 10 - Unauthorized Insurers (§§ 1001 — 1020)›§ 1012 - Broker may accept business | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 10 - Unauthorized Insurers (§§ 1001 — 1020) › § 1012 - Broker may accept business | (1) A surplus line broker may accept and place surplus line business for any insurance broker licensed in Puerto Rico for the kind or kinds of insurance involved, and may compensate such insurance broker therefor.
(2) The surplus line broker shall have the right to receive from the insurer the customary commission.
His... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-10/1013/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 10 - Unauthorized Insurers (§§ 1001 — 1020)›§ 1013 - Tax on surplus lines; payment | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 10 - Unauthorized Insurers (§§ 1001 — 1020) › § 1013 - Tax on surplus lines; payment | (1) There is hereby imposed upon each surplus line coverage granted in Puerto Rico, or which covers residents[’] risks, located or to be performed in Puerto Rico wherever it was negotiated, a tax equal to nine percent (9%) of the total premium collected on account thereof, excluding the tax, except for any insurance co... |
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