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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-27/2703a/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 27 - Unfair Practices and Frauds (§§ 2701 — 2740)›§ 2703a - Obligation to notify coverage; policy copy | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 27 - Unfair Practices and Frauds (§§ 2701 — 2740) › § 2703a - Obligation to notify coverage; policy copy | Unless otherwise provided in this Code, any insurer, health service organization or its authorized representative may submit, upon written request by the Commissioner, insurer, beneficiary or claimant, within ten (10) days following such notice, a copy or duplicate of the corresponding policy; Provided, That if such re... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-27/2704/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 27 - Unfair Practices and Frauds (§§ 2701 — 2740)›§ 2704 - Advertisements in general | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 27 - Unfair Practices and Frauds (§§ 2701 — 2740) › § 2704 - Advertisements in general | No person shall make or disseminate orally or in any other manner any advertisement, information, matter, statement, or any other type of communication or expression:
(1) Misrepresenting or exaggerating the terms of any policy or the benefits or advantages thereof or dividends or share of surplus to be received thereon... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-27/2705/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 27 - Unfair Practices and Frauds (§§ 2701 — 2740)›§ 2705 - Advertisement of assets, liabilities | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 27 - Unfair Practices and Frauds (§§ 2701 — 2740) › § 2705 - Advertisement of assets, liabilities | Any advertisement or other dissemination of information by or on behalf of an insurer stating the insurer’s assets shall, in the same connection and with equal conspicuousness, state the insurer’s liabilities, computed on the basis allowed for its annual statements. Any such statement purporting to show the insurer’s c... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-27/2706/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 27 - Unfair Practices and Frauds (§§ 2701 — 2740)›§ 2706 - False financial statements | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 27 - Unfair Practices and Frauds (§§ 2701 — 2740) › § 2706 - False financial statements | (1) No chief official of an insurer shall swear an annual statement report knowing that it contains false or inaccurate information.
(2) No person shall make any false entry in any book, report or statement or omit to make a true entry of any material fact pertaining to the business of the insurer, or file a false fina... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-27/2707/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 27 - Unfair Practices and Frauds (§§ 2701 — 2740)›§ 2707 - Defamation prohibited | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 27 - Unfair Practices and Frauds (§§ 2701 — 2740) › § 2707 - Defamation prohibited | No person shall make, publish, or disseminate or aid, abet or encourage the making, publishing or dissemination of any information or statement which is false or maliciously critical of or derogatory to the financial condition of an insurer, and which is designed to injure in its reputation or business any insurer, or ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-27/2708/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 27 - Unfair Practices and Frauds (§§ 2701 — 2740)›§ 2708 - Unfair discrimination prohibited | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 27 - Unfair Practices and Frauds (§§ 2701 — 2740) › § 2708 - Unfair discrimination prohibited | (1) No insurer other than a life insurer or disability insurer shall establish or permit any difference to be established on behalf of specific persons, and in prejudice of others, or between the insured or subjects of insurance having substantially similar insuring, risk and exposure factors, or expense elements, in t... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-27/2708a/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 27 - Unfair Practices and Frauds (§§ 2701 — 2740)›§ 2708a - Prohibited property insurance practices | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 27 - Unfair Practices and Frauds (§§ 2701 — 2740) › § 2708a - Prohibited property insurance practices | In the offering and underwriting of property insurance policies that cover windstorm or earthquake risks, the following shall be observed:
(1) Except as provided in subsection (2) of this section, no insurer shall refuse to offer the minimum required deductible to an insurance applicant or an insured person who request... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-27/2710/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 27 - Unfair Practices and Frauds (§§ 2701 — 2740)›§ 2710 - Rebates and incentives | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 27 - Unfair Practices and Frauds (§§ 2701 — 2740) › § 2710 - Rebates and incentives | (1) No person shall provide as an incentive to buy insurance, or after having underwritten an insurance, or in connection with any insurance transaction in any policy, or shall offer, sell, buy, or offer or promise to buy, sell, give, promise, or allow, to the present or prospective insured nor to any other person, in ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-27/2711/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 27 - Unfair Practices and Frauds (§§ 2701 — 2740)›§ 2711 - Exceptions to discrimination, rebate or incentive prohibition | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 27 - Unfair Practices and Frauds (§§ 2701 — 2740) › § 2711 - Exceptions to discrimination, rebate or incentive prohibition | Nothing in § 2710 of this title shall be construed so as to prohibit:
(1) Payment of lawfully earned commission or other lawful compensation to duly licensed producers, and solicitors.
(2) Distribution by a participating insurer to its participating policyholders of dividends, savings, or the unused or unabsorbed porti... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-27/2711a/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 27 - Unfair Practices and Frauds (§§ 2701 — 2740)›§ 2711a - Document conservation | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 27 - Unfair Practices and Frauds (§§ 2701 — 2740) › § 2711a - Document conservation | Any insurer, health service organization, body, advisory or service body, general agent, producer, advisor, proxy or adjuster shall keep and retain, for a five (5) -year period and in the manner provided by the Commissioner through regulations, his/her accounting books, records, and every document pertaining to its ins... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-27/2713/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 27 - Unfair Practices and Frauds (§§ 2701 — 2740)›§ 2713 - Designation of favored producer or insurer; coercion of debtors | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 27 - Unfair Practices and Frauds (§§ 2701 — 2740) › § 2713 - Designation of favored producer or insurer; coercion of debtors | (1) No person may require as a condition for, or in connection with, a loan or the purchase or deposit of property under contract or in connection thereof, that any insurance to be provided or whose premium is to be paid directly or indirectly by or on behalf of the assignee, depositary or borrower or on his behalf, on... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-27/2713a/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 27 - Unfair Practices and Frauds (§§ 2701 — 2740)›§ 2713a - Financial institutions, its subsidiaries or affiliates, insurance sale metho... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 27 - Unfair Practices and Frauds (§§ 2701 — 2740) › § 2713a - Financial institutions, its subsidiaries or affiliates, insurance sale methods and practices | (1) Financial institutions or its subsidiaries or affiliates, shall not discriminate against any insurance provided or to be provided to prospective insured by other producer or authorized representative that are not associated with the financial institution, its subsidiaries or affiliates.
(2) Financial institutions, ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-27/2714a/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 27 - Unfair Practices and Frauds (§§ 2701 — 2740)›§ 2714a - Notice of claim | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 27 - Unfair Practices and Frauds (§§ 2701 — 2740) › § 2714a - Notice of claim | An insurer, after being notified of a claim, shall acknowledge receipt thereof within the following fifteen (15) days after having being notified of the same. Any notice made to one of the persons authorized by the insurer to receive claims on his/her behalf shall be considered to be notified to the latter provided tha... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-27/2715/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 27 - Unfair Practices and Frauds (§§ 2701 — 2740)›§ 2715 - “Twisting” prohibited | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 27 - Unfair Practices and Frauds (§§ 2701 — 2740) › § 2715 - “Twisting” prohibited | No person shall make any misleading representations or incomplete or fraudulent comparisons of any insurance policies or insurers for the purpose of inducing, or tending to induce, any person to lapse, forfeit, surrender, terminate, retain, or convert any insurance policy.
History —Ins. Code § 27.150, renumbered as § 2... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-27/2716/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 27 - Unfair Practices and Frauds (§§ 2701 — 2740)›§ 2716 - Illegal dealing in premiums | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 27 - Unfair Practices and Frauds (§§ 2701 — 2740) › § 2716 - Illegal dealing in premiums | (1) No person shall collect any sum as premium or charge for insurance, which insurance is not then provided or is not in due course to be provided (subject to acceptance of the risk by the insurer) by an insurance policy issued by an insurer as authorized by this title.
(2) No person shall collect as premium or charge... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-27/2716a/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 27 - Unfair Practices and Frauds (§§ 2701 — 2740)›§ 2716a - Unfair claim adjustment practices or actions | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 27 - Unfair Practices and Frauds (§§ 2701 — 2740) › § 2716a - Unfair claim adjustment practices or actions | In the adjustment of claims no person shall incur or carry out any of the following unfair actions or practices:
(1) Misrepresent the facts or the terms of a policy relative to a coverage in dispute.
(2) Fail to acknowledge receipt and act reasonably prompt within ninety (90) days after a claim has been filed and notif... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-27/2716b/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 27 - Unfair Practices and Frauds (§§ 2701 — 2740)›§ 2716b - Term for resolution of claims | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 27 - Unfair Practices and Frauds (§§ 2701 — 2740) › § 2716b - Term for resolution of claims | (1) The investigation, adjustment, and resolution of any claim shall be made in the shortest reasonable period of time within the first ninety (90) days after said claim have been submitted to the insurer.
(2) In the event that an insurer is unable to resolve a claim within the term established in subsection (1) of thi... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-27/2716c/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 27 - Unfair Practices and Frauds (§§ 2701 — 2740)›§ 2716c - Methods to settle a claim | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 27 - Unfair Practices and Frauds (§§ 2701 — 2740) › § 2716c - Methods to settle a claim | The following actions constitute the resolution of a claim:
(1) The full payment of the claim.
(2) The written and duly justified denial of the claim.
(3) The closing of the claim due to inactivity of the claimant when the latter does not cooperate nor furnishes the information necessary for the insurer to adjust the c... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-27/2719/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 27 - Unfair Practices and Frauds (§§ 2701 — 2740)›§ 2719 - Reports and statements to obtain insurance | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 27 - Unfair Practices and Frauds (§§ 2701 — 2740) › § 2719 - Reports and statements to obtain insurance | (1) No person may file, present, offer, participate in or help to file, present or offer any false document, information, statement or report in order to obtain an insurance policy.
(2) Any person who knowingly incurs in the acts described above shall be deemed to have committed fraud for the purpose of this chapter.
H... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-27/2720/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 27 - Unfair Practices and Frauds (§§ 2701 — 2740)›§ 2720 - False claims or evidence | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 27 - Unfair Practices and Frauds (§§ 2701 — 2740) › § 2720 - False claims or evidence | (1) Present a false or fraudulent claim, or alter or omit information or any evidence in support thereof, for the payment of a loss, in reference to an insurance policy; or
(2) help or participate in the filing of a fraudulent claim, or alter or omit information or any evidence in support thereof, for the payment of a ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-27/2720a/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 27 - Unfair Practices and Frauds (§§ 2701 — 2740)›§ 2720a - Misappropriation | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 27 - Unfair Practices and Frauds (§§ 2701 — 2740) › § 2720a - Misappropriation | Any person who takes money corresponding to received or returned premiums in the course of the insurance business, as well as any sum of money from the payment of claims or benefits without being duly authorized therefor may be punished by an administrative fine pursuant to the provisions of § 2735 of this title.
Any p... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-27/2726/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 27 - Unfair Practices and Frauds (§§ 2701 — 2740)›§ 2726 - Requirement to report fraudulent acts in the insurance business | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 27 - Unfair Practices and Frauds (§§ 2701 — 2740) › § 2726 - Requirement to report fraudulent acts in the insurance business | Any insurer, health services organization, general agent, producer, authorized representative, solicitor or adjuster who has a well grounded knowledge that an act described in §§ 2706, 2719, 2720 and 2720a of this title has been committed, is being committed or shall be committed, will be bound to submit to the Commiss... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-27/2727/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 27 - Unfair Practices and Frauds (§§ 2701 — 2740)›§ 2727 - Requirement to provide information on claims to a central data bank | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 27 - Unfair Practices and Frauds (§§ 2701 — 2740) › § 2727 - Requirement to provide information on claims to a central data bank | Every authorized insurer shall provide information related to the claims that it receives to a central data bank recognized by the Commissioner. This requirement shall not apply to life and disability insurers.
History —Ins. Code, added as § 27.270 on Jan. 8, 2004, No. 18, § 4; renumbered as § 27.240 and amended on Aug... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-27/2727a/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 27 - Unfair Practices and Frauds (§§ 2701 — 2740)›§ 2727a - Civil immunity | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 27 - Unfair Practices and Frauds (§§ 2701 — 2740) › § 2727a - Civil immunity | Except when it has been demonstrated that gross negligence has been incurred no extra-contractual civil liability may be imposed to any person who in good faith and under the provisions of this Code provides information to the Commissioner or to any law enforcement agency about fraudulent acts related to the insurance ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-27/2730/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 27 - Unfair Practices and Frauds (§§ 2701 — 2740)›§ 2730 - False information of fraudulent acts | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 27 - Unfair Practices and Frauds (§§ 2701 — 2740) › § 2730 - False information of fraudulent acts | Any person who furnishes information verbally or in writing, or offers any testimony on improper or illegal actions which, due to their nature constitute fraudulent acts in the insurance business, knowing that the facts are false shall incur a felony and, upon conviction, shall be punished by a fine of not less than fi... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-27/2731/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 27 - Unfair Practices and Frauds (§§ 2701 — 2740)›§ 2731 - Action plan | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 27 - Unfair Practices and Frauds (§§ 2701 — 2740) › § 2731 - Action plan | The Board of Directors of every insurer of the country and every health services organization shall adopt a written action plan to detect, prevent and fight fraudulent acts in the insurance business.
Such action plan shall contain at least the following:
(1) A description of the procedures established to fulfill the ob... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-27/2732/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 27 - Unfair Practices and Frauds (§§ 2701 — 2740)›§ 2732 - Notice | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 27 - Unfair Practices and Frauds (§§ 2701 — 2740) › § 2732 - Notice | Insurers and health service organizations are bound to include in every insurance application form and in every insurance claim form, a conspicuous and legible notice with the following information:
“Any person who knowingly and with the intention of defrauding presents false information in an insurance application, or... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-27/2735/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 27 - Unfair Practices and Frauds (§§ 2701 — 2740)›§ 2735 - Penalty for violations | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 27 - Unfair Practices and Frauds (§§ 2701 — 2740) › § 2735 - Penalty for violations | In addition to any penalty provided in this Code, any person who violates a provision of this chapter may be punished by an administrative fine which shall not exceed ten thousand dollars ($10,000) for each violation.
History —Ins. Code, added as § 27.300 on July 23, 1974, No. 150, Part 1, p. 685, § 10; renumbered as §... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-27/2736/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 27 - Unfair Practices and Frauds (§§ 2701 — 2740)›§ 2736 - Penalty for fraud | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 27 - Unfair Practices and Frauds (§§ 2701 — 2740) › § 2736 - Penalty for fraud | Any person who has committed fraud, as defined in §§ 2706, 2719, 2720, 2720a, 2730 of this title, shall incur a felony and upon conviction shall be punished for each violation by a fine of not less than five thousand dollars ($5,000), nor more than ten thousand dollars ($10,000), or a fixed term of imprisonment of thre... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-28/2801/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 28 - Organization of Insurers (§§ 2801 — 2820)›§ 2801 - Scope of chapter | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 28 - Organization of Insurers (§§ 2801 — 2820) › § 2801 - Scope of chapter | (1) This chapter shall apply only with respect to domestic insurers, except as provided by §§ 2819 (financing by foreign insurer) and 2820 (provisions exclusive) of this title.
(2) Any domestic insurer in process of organization on the effective date of this title shall be governed by such provisions of this chapter as... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-28/2802/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 28 - Organization of Insurers (§§ 2801 — 2820)›§ 2802 - Types of insurers permitted | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 28 - Organization of Insurers (§§ 2801 — 2820) › § 2802 - Types of insurers permitted | An insurer formed in Puerto Rico shall be either:
(1) An incorporated stock insurer; or
(2) an incorporated mutual insurer; or
(3) a reciprocal insurer; or
(4) a Lloyd’s insurer,
with respective powers, duties, and restrictions as provided in this title.
History —Ins. Code § 28.020. |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-28/2803/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 28 - Organization of Insurers (§§ 2801 — 2820)›§ 2803 - Assessment insurers prohibited, exception | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 28 - Organization of Insurers (§§ 2801 — 2820) › § 2803 - Assessment insurers prohibited, exception | No insurer shall be formed or be authorized in Puerto Rico to issue contracts of insurance the performance of which is contingent upon the payment of assessments, assessment premiums, or calls made upon its policyholders or members. This provision shall not be applicable to domestic mutual insurers formed for the purpo... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-28/2804/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 28 - Organization of Insurers (§§ 2801 — 2820)›§ 2804 - Incorporation of insurer | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 28 - Organization of Insurers (§§ 2801 — 2820) › § 2804 - Incorporation of insurer | (1) This section applies to insurers hereafter incorporated in Puerto Rico.
(2) Five or more individuals of age of twenty-one years or more may incorporate a stock insurer; ten or more such individuals may incorporate a mutual insurer. A majority of the incorporators shall be citizens of the United States residing in P... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-28/2805/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 28 - Organization of Insurers (§§ 2801 — 2820)›§ 2805 - Articles of incorporation, contents | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 28 - Organization of Insurers (§§ 2801 — 2820) › § 2805 - Articles of incorporation, contents | The articles of incorporation of an insurer shall state:
(1) The name of the corporation: if a mutual the [word] “mutual” or its derivatives, in Spanish or English, shall be a part of the name.
(2) The name of the city or town in which will be located the corporation’s principal place of business, which place must be i... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-28/2806/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 28 - Organization of Insurers (§§ 2801 — 2820)›§ 2806 - Solicitation permit required for financing an insurer | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 28 - Organization of Insurers (§§ 2801 — 2820) › § 2806 - Solicitation permit required for financing an insurer | (1) No corporation formed for the purpose of becoming an insurer, and no person forming or proposing to form an insurer, or insurance holding corporation, or corporation to finance an insurer, or corporation to manage an insurer, or corporation to be attorney-in-fact for a reciprocal insurer or Lloyd’s insurer, or a sy... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-28/2807/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 28 - Organization of Insurers (§§ 2801 — 2820)›§ 2807 - Application for solicitation permit | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 28 - Organization of Insurers (§§ 2801 — 2820) › § 2807 - Application for solicitation permit | (1) Application for a solicitation permit shall be in writing filed with the Commissioner, executed by or on behalf of the applicant, and if the applicant is a newly formed corporation, the application shall likewise be signed by the incorporators. The application shall be verified under oath by the applicant, or, if t... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-28/2808/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 28 - Organization of Insurers (§§ 2801 — 2820)›§ 2808 - Issuance or denial of solicitation permit | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 28 - Organization of Insurers (§§ 2801 — 2820) › § 2808 - Issuance or denial of solicitation permit | The Commissioner shall expeditiously examine the application for a solicitation permit and make any investigation relative thereto deemed necessary. If the Commissioner finds that the application is complete, that the documents filed therewith are equitable in terms and proper in form, that the agreements made or propo... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-28/2809/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 28 - Organization of Insurers (§§ 2801 — 2820)›§ 2809 - Terms of solicitation permit | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 28 - Organization of Insurers (§§ 2801 — 2820) › § 2809 - Terms of solicitation permit | Every solicitation permit issued by the Commissioner shall:
(1) Be for a period of not over two years, subject to the right of the Commissioner to grant a reasonable extension for good cause.
(2) State the securities for which subscriptions are to be solicited, the number, classes, par value, and selling price thereof,... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-28/2810/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 28 - Organization of Insurers (§§ 2801 — 2820)›§ 2810 - Organization bond or deposit | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 28 - Organization of Insurers (§§ 2801 — 2820) › § 2810 - Organization bond or deposit | (1) The Commissioner shall not issue a solicitation permit until the applicant files with him a corporate surety bond in the penalty of five thousand dollars ($5,000), in favor of the Commonwealth of Puerto Rico and for the use and benefit of subscribers or applicants of the proposed organization. The bond shall be con... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-28/2811/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 28 - Organization of Insurers (§§ 2801 — 2820)›§ 2811 - Modification or revocation of permit | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 28 - Organization of Insurers (§§ 2801 — 2820) › § 2811 - Modification or revocation of permit | The Commissioner may, for good cause, modify a solicitation permit, and may, after a hearing, revoke any such permit for violation of any provision of this title, or of the terms of the permit, or of any proper order of the Commissioner, or for failure to account properly for funds, or for misrepresentation.
History —I... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-28/2812/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 28 - Organization of Insurers (§§ 2801 — 2820)›§ 2812 - Expense pending completion | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 28 - Organization of Insurers (§§ 2801 — 2820) › § 2812 - Expense pending completion | (1) The incorporators of any insurer or other corporation, or the persons proposing to form a reciprocal insurer or Lloyd’s insurer, or a syndicate, shall be jointly and severally liable for its debts and liabilities until it has secured a certificate of authority, if an insurer, or has completed its proposed organizat... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-28/2813/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 28 - Organization of Insurers (§§ 2801 — 2820)›§ 2813 - Sales representative’s license | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 28 - Organization of Insurers (§§ 2801 — 2820) › § 2813 - Sales representative’s license | (1) Actual solicitations under a solicitation permit shall be made only by individuals expressly licensed therefor by the Commissioner.
(2) Application for such license shall be made in writing by the applicant setting forth such information concerning the applicant and on such form as the Commissioner shall prescribe ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-28/2814/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 28 - Organization of Insurers (§§ 2801 — 2820)›§ 2814 - Stock and syndicate subscriptions | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 28 - Organization of Insurers (§§ 2801 — 2820) › § 2814 - Stock and syndicate subscriptions | (1) Upon issuance of the solicitation permit and licensing of one or more sales representatives to solicit thereunder, the directors and officers of a stock corporation may open its books for registration of subscriptions to its capital and commence solicitations therefor.
(2) All subscriptions shall be payable and sha... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-28/2815/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 28 - Organization of Insurers (§§ 2801 — 2820)›§ 2815 - Applications for insurance in formation of mutual or reciprocal insurer | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 28 - Organization of Insurers (§§ 2801 — 2820) › § 2815 - Applications for insurance in formation of mutual or reciprocal insurer | (1) Upon issuance of the solicitation permit and licensing of one or more representatives to solicit thereunder as provided in § 2813 of this title, the directors and officers of the proposed mutual or reciprocal insurer may open books for the registration of such requisite applications for insurance policies as they m... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-28/2817/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 28 - Organization of Insurers (§§ 2801 — 2820)›§ 2817 - Subsequent financing | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 28 - Organization of Insurers (§§ 2801 — 2820) › § 2817 - Subsequent financing | (1) No insurer, or insurance holding corporation, or stock corporation for financing operations of a mutual insurer, or attorney-in-fact of a reciprocal or Lloyd’s insurer, or syndicate, after it has received a certificate of authority, if an insurer, or it has completed its initial organization and financing if a corp... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-28/2818/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 28 - Organization of Insurers (§§ 2801 — 2820)›§ 2818 - False exhibits | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 28 - Organization of Insurers (§§ 2801 — 2820) › § 2818 - False exhibits | Every person who, with intent to deceive, knowingly files or exhibits any false account, statement, document, or advertisement, relative to the affairs of any insurer, or of any corporation or syndicate of the kind enumerated in § 2806 of this title, formed or proposed to be formed, shall be guilty of a felony and be s... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-28/2819/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 28 - Organization of Insurers (§§ 2801 — 2820)›§ 2819 - Financing foreign insurers | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 28 - Organization of Insurers (§§ 2801 — 2820) › § 2819 - Financing foreign insurers | (1) No foreign insurer or corporation of the kind enumerated in § 2806 of this title shall offer its securities or solicit capital funds in Puerto Rico without first obtaining permit therefor from the Commissioner.
(2) Application for such permit shall be executed by the applicant’s president and secretary, be authenti... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-28/2820/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 28 - Organization of Insurers (§§ 2801 — 2820)›§ 2820 - Provisions exclusive | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 28 - Organization of Insurers (§§ 2801 — 2820) › § 2820 - Provisions exclusive | Insurers, corporations and syndicates which are subject to the provisions of this chapter, together with their sales representatives pursuant to this chapter, shall not be subject, with respect to the sale of their securities, to other laws of Puerto Rico governing sale of securities of corporations and syndicates in g... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-29/2901/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954)›§ 2901 - Scope; provisions exclusive | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954) › § 2901 - Scope; provisions exclusive | (1) This chapter applies only to domestic stock and mutual insurers.
(2) Domestic incorporated insurers subject to this chapter are not subject to the provisions of the general corporation statutes.
History —Ins. Code § 29.010. |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-29/2902/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954)›§ 2902 - Existing corporations | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954) › § 2902 - Existing corporations | Existing domestic incorporated insurers are governed by the applicable provisions of this chapter.
History —Ins. Code § 29.020. |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-29/2903/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954)›§ 2903 - Stock insurer, defined | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954) › § 2903 - Stock insurer, defined | Stock insurer.— Is an incorporated insurer with capital divided into shares and owned by its shareholders.
History —Ins. Code § 29.030. |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-29/2904/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954)›§ 2904 - Mutual insurer, defined | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954) › § 2904 - Mutual insurer, defined | Mutual insurer.— Is an incorporated insurer without capital stock or shares, and is owned by its policyholders.
History —Ins. Code § 29.040. |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-29/2905/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954)›§ 2905 - General corporate powers | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954) › § 2905 - General corporate powers | Subject to other applicable provisions of this title and of the Constitution of the Commonwealth of Puerto Rico, an incorporated insurer has artificial personality, and has power:
(1) To have succession in its name as an artificial person for the duration of its existence.
(2) To sue and be sued in its own name.
(3) To... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-29/2906/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954)›§ 2906 - Reservation of right by Legislature | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954) › § 2906 - Reservation of right by Legislature | Every such corporation shall comply with all such applicable laws as the Legislature may constitutionally enact. The Legislature reserves the right to make, amend, and repeal laws governing the existence, affairs, and operations of such corporations.
History —Ins. Code § 29.060. |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-29/2907/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954)›§ 2907 - Amendment of articles of incorporat... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954) › § 2907 - Amendment of articles of incorporation | (1) Amendment of articles of incorporation of a domestic insurer changing place of business, changing name, modifying its powers and objectives, and for any other lawful purpose may be made by resolution adopted by a majority vote of its board of directors and by the affirmative vote or written assent of two-thirds of ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-29/2908/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954)›§ 2908 - Bylaws | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954) › § 2908 - Bylaws | (1) The stockholders or members shall have power by majority vote at a valid meeting of stockholders or members to make, adopt, amend, and rescind bylaws regulating corporate procedure and governing conduct of its affairs. Such bylaws, if consistent with law, shall govern:
(a) Number, qualifications, term of office and... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-29/2909/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954)›§ 2909 - Membership in mutuals | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954) › § 2909 - Membership in mutuals | (1) Each policy holder of a mutual insurer, other than as to reinsurance, is a member of such insurer with the rights and obligations of such membership, and each policy issued by such an insurer shall so specify.
(2) Any agency, instrumentality, or public corporation of the People or Commonwealth of Puerto Rico, or an... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-29/2910/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954)›§ 2910 - Rights of stockholders and members ... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954) › § 2910 - Rights of stockholders and members in general | (1) The stockholders are the owners of a stock insurer, and are entitled to participate in the profits thereof, subject to the contract rights of the insurer’s policyholders.
(2) The policyholders are the owners of a mutual insurer, and are entitled to participate in the savings or profits thereof, subject to contract ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-29/2911/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954)›§ 2911 - Voting rights, stockholders | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954) › § 2911 - Voting rights, stockholders | (1) Unless otherwise provided in the insurer’s articles of incorporation, each stockholder shall have as many votes at meetings of stockholders as there are shares registered in his name on the insurer’s books.
(2) Such a vote may be either in person, or, if absent, by mail, or by proxy. No mailed vote shall be valid u... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-29/2912/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954)›§ 2912 - Voting rights, members | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954) › § 2912 - Voting rights, members | (1) Unless otherwise provided in the insurer’s bylaws, each member of a mutual insurer shall have one vote on each matter coming before meetings of members and regardless of the number of policies held by such member.
(2) Such vote may be either in person, or, if absent, by mail or proxy. No mailed vote shall be valid:... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-29/2913/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954)›§ 2913 - First annual meeting of stockholder... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954) › § 2913 - First annual meeting of stockholders or members | (1) As soon as stock to the amount of three-fourths (¾) of the funds required as qualification for its original certificate of authority has been paid for in a stock insurer being formed, or as soon as three-fourths of the total number of qualified applications required as qualification for its original certificate of ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-29/2914/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954)›§ 2914 - Regular and special meetings of sto... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954) › § 2914 - Regular and special meetings of stockholders or members | (1) The regular annual meeting of the stockholders or members of an insurer shall be held in any city or town of Puerto Rico, as stated in the bylaws of the insurer. Notice thereof shall be given at least twenty (20) days before, in the manner provided in the bylaws. The annual meeting shall fill the vacancies existing... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-29/2915/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954)›§ 2915 - Qualifications of directors | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954) › § 2915 - Qualifications of directors | (1) Each Director of an insurer shall meet the following requirements:
(a) Must be a stockholder of the insurer, if a stock insurer, or a member of the insurer, if a mutual insurer.
(b) Must have never been adjudicated a bankrupt or made a general assignment for the benefit of creditors.
(c) Must have never been convic... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-29/2916/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954)›§ 2916 - Election of directors—Supervision, ... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954) › § 2916 - Election of directors—Supervision, terms | (1) Election of directors shall be held annually at the annual meeting of stockholders or members, and shall be subject to the supervision of the Commissioner.
(2) The regular term of office of a director shall be not less than one year nor more than three years as provided in the bylaws. The annual election shall be o... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-29/2917/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954)›§ 2917 - Election of directors—Inspectors | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954) › § 2917 - Election of directors—Inspectors | (1) For every election of directors there shall be appointed in the manner provided by the bylaws, three inspectors of the election from among individuals present at such election.
(2) Such inspectors shall fairly and honestly discharge the following duties and responsibilities:
(a) Receipt and custody of votes sent by... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-29/2918/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954)›§ 2918 - Election of directors—Lists of stoc... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954) › § 2918 - Election of directors—Lists of stockholders or members for inspection | (1) Commencing at least ten days prior to any election of directors, the insurer shall maintain at its principal place of business a complete and true alphabetical record of all its stockholders or members entitled to vote, showing the address and number of votes held by each. Such record shall be in such form as is co... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-29/2919/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954)›§ 2919 - Election of directors—Determining r... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954) › § 2919 - Election of directors—Determining right of stockholder to vote | (1) No person shall be deemed to be a stockholder of a stock insurer for the purposes of election of directors, right to inspect records, or voting at any meeting of stockholders, unless shown to be a stockholder by the insurer’s register of stock subscribed, or issued, or transferred.
(2) The board of directors shall ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-29/2920/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954)›§ 2920 - Control of stock insurer | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954) › § 2920 - Control of stock insurer | (1) No person shall make any offer to acquire or to sell voting stock of a stock insurer issued or outstanding which constitutes ten percent (10%) or more of the total of said stock insurer’s stock issued and outstanding or of the total stock issued or outstanding of a corporation which has control of an insured, witho... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-29/2921/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954)›§ 2921 - Officers, in general | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954) › § 2921 - Officers, in general | (1) The insurer’s officers shall consist of a president, vice president, treasurer, secretary, and such other officers as may be necessary and provided for in the bylaws. All officers shall be elected by the board of directors, and shall have such qualifications, such powers and duties, and serve for such terms as may ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-29/2922/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954)›§ 2922 - Salaries and compensation, authoriz... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954) › § 2922 - Salaries and compensation, authorization | (1) Unless the board of directors had in advance authorized said salary, compensation or emolument, or the contract by virtue of which it has been earned, an insurer shall not pay any salary, compensation or emoluments to any director, officer or employee which in the aggregate exceeds twelve thousand dollars ($12,000)... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-29/2923/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954)›§ 2923 - Prohibited interest of officers and... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954) › § 2923 - Prohibited interest of officers and directors in certain transactions | (1) No director or officer of an insurer shall accept, except for the insurer, or be the beneficiary of any fee, brokerage, gift, or other emolument because of any investment, loan, deposit, purchase, sale, exchange, reinsurance, or other similar transaction made by or for the insurer, or be pecuniarily interested ther... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-29/2924/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954)›§ 2924 - Management and exclusive agency con... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954) › § 2924 - Management and exclusive agency contracts | (1) No cooperative or mutual cooperative stock insurer shall make any contract whereby any person is granted or is to enjoy in fact the management of the insurer or the controlling or preemptive right to produce substantially all insurance business for the insurer, unless such contract is filed with the Commissioner an... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-29/2925/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954)›§ 2925 - Limitation of expenses, mutuals | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954) › § 2925 - Limitation of expenses, mutuals | (1) For any calendar year after its first two full calendar years of operation, no domestic mutual insurer on the cash premium plan, other than an insurer issuing nonassessable policies, shall incur any costs or expense in the writing or administration of disability, property, and casualty insurance (other than boiler ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-29/2926/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954)›§ 2926 - Accounts, vouchers for expenditures | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954) › § 2926 - Accounts, vouchers for expenditures | (1) An insurer shall keep its records and books of account in its principal place of business in Puerto Rico.
(2) An insurer shall not make any disbursement of twenty-five dollars ($25) or more unless evidenced by a voucher correctly describing the consideration for the payment and supported by a check or receipt endor... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-29/2927/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954)›§ 2927 - Stock certificates; transfers | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954) › § 2927 - Stock certificates; transfers | (1) Subject to § 2814(5) of this title as to stock in insurers being formed, each stockholder who has paid in full for the shares to which he has subscribed, shall be entitled to have issued to him by the corporation a stock certificate or certificates representing such shares. The certificate shall be signed by the pr... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-29/2928/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954)›§ 2928 - Stock registers | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954) › § 2928 - Stock registers | (1) A stock insurer shall keep a stock register showing ownership of its shares, and a transfer register showing all transfers of its shares recorded by it. No transfer shall be valid as to the insurer, its other stockholders, and creditors, unless entered upon the transfer register following delivery to the insurer fo... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-29/2929/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954)›§ 2929 - Lien for debt of shareholder or mem... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954) › § 2929 - Lien for debt of shareholder or member | (1) If so provided in the insurer’s articles of incorporation, a stock insurer shall have a lien upon the shares of a stockholder and dividends accruing thereon, as security for payment of obligations owing to the insurer by such stockholder.
(2) If so provided in the policy issued by a mutual insurer, such an insurer ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-29/2930/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954)›§ 2930 - Borrowed funds | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954) › § 2930 - Borrowed funds | (1) A domestic insurer, with the Commissioner’s advance approval and without the pledge of any of its assets, may borrow money to defray the expenses of his organization, provide it with surplus funds or for any purpose required by his business, upon agreement that such money and the interest thereon shall only be paid... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-29/2931/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954)›§ 2931 - Repayment of borrowed funds | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954) › § 2931 - Repayment of borrowed funds | (1) The insurer may repay any loan received pursuant to § 2930 of this title, or any part thereof as approved by the Commissioner, only as provided in the loan agreement. Unless on liquidation of the insurer, no repayment shall be made which reduces the insurer’s assets below the amount reasonably required for continua... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-29/2932/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954)›§ 2932 - Transactions in other countries | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954) › § 2932 - Transactions in other countries | (1) A domestic insurer may transact in another state or country such insurance as it may be authorized to transact in Puerto Rico; and for the purpose thereof may issue policies containing such provisions as may be required or permitted by the laws of such state or country, subject, however, to approval of the Commissi... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-29/2933/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954)›§ 2933 - Participating policies | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954) › § 2933 - Participating policies | (1) If so provided in its articles of incorporation, a domestic stock or mutual insurer may issue any or all of its policies with or without participation in profits, savings, or unabsorbed portions of premiums, may classify policies issued on a participating or nonparticipating basis, and may determine the right to pa... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-29/2934/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954)›§ 2934 - Dividends to stockholders | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954) › § 2934 - Dividends to stockholders | (1) A domestic stock insurer shall not pay any cash dividend to stockholders except out of that part of its available surplus funds which is derived from any realized net profits on its business.
(2) A stock dividend may be paid out of any available surplus funds except funds representing loans to the insurer pursuant ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-29/2935/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954)›§ 2935 - Dividends to mutual policyholders | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954) › § 2935 - Dividends to mutual policyholders | (1) The directors of a domestic mutual insurer may from time to time apportion and pay or credit to its members as entitled thereto under its policies, dividends only out of that part of its surplus funds which represent net realized savings and net realized earnings from its business.
(2) No dividend shall be paid whi... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-29/2936/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954)›§ 2936 - Illegal dividends, penalty | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954) › § 2936 - Illegal dividends, penalty | (1) Any director of a cooperative or mutual stock insurer who votes for or concurs in declaration or payment of dividend prohibited by this title shall be guilty of a misdemeanor, punishable by a fine of up to five hundred dollars ($500) or imprisonment for not more than three (3) months, or by both penalties.
(2) The ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-29/2937/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954)›§ 2937 - Stockholder’s liability for debts o... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954) › § 2937 - Stockholder’s liability for debts of insurer | A stockholder of a stock insurer shall be liable for the insurer’s debts and obligations only to the extent of the amount, if any, remaining unpaid on his stock subscription, but subject to the provisions of § 2812 of this title as to expenses and obligations incurred during organization. A stockholder shall not be rel... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-29/2938/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954)›§ 2938 - Member’s liability for debts of mut... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954) › § 2938 - Member’s liability for debts of mutual insurer | (1) Each member of a domestic mutual insurer, except as otherwise provided in § 2942 of this title, shall have a contingent liability, pro rata and not one for another, for the discharge of its obligations incurred for the period during which the member was a policyholder. The contingent liability shall be in such maxi... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-29/2939/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954)›§ 2939 - Impairment of capital or assets | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954) › § 2939 - Impairment of capital or assets | (1) If the capital stock of a stock insurer, or the assets of a mutual insurer, become impaired, the Commissioner shall at once determine the amount of the deficiency and serve notice upon the insurer to make good the deficiency, either by requiring its stockholders (if a stock insurer) or its members (if a mutual insu... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-29/2940/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954)›§ 2940 - Assessment of stockholders to cure ... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954) › § 2940 - Assessment of stockholders to cure impairment | (1) If authorized by a vote of not less than two-thirds of all outstanding shares (whether nominally voting or non-voting shares) of a stock insurer at a special meeting of all such stockholders called for the purpose, the board of directors may levy a special assessment pro rata upon all outstanding shares of the corp... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-29/2941/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954)›§ 2941 - Assessment to mutual policyholders ... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954) › § 2941 - Assessment to mutual policyholders to cure impairment | (1) If an impairment of assets of a mutual insurer is not cured or to be cured from other sources, the insurer’s board of directors may, with the prior written consent of the Commissioner, make an assessment only on its members who, within the two years immediately preceding the date such assessment was authorized by i... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-29/2942/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954)›§ 2942 - Nonassessable policies | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954) › § 2942 - Nonassessable policies | (1) While it maintains surplus funds in amount not less than the capital required of a domestic stock insurer transacting the same kinds of insurance, a domestic mutual insurer, by resolution of its board of directors approved by the Commissioner, may extinguish the contingent liability of each and all of its policyhol... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-29/2943/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954)›§ 2943 - Mutualization of stock insurer | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954) › § 2943 - Mutualization of stock insurer | (1) A domestic stock insurer may become a domestic mutual insurer pursuant to such plan and procedure as are approved by the Commissioner in advance of such mutualization.
(2) The Commissioner shall not approve any such plan, procedure, or mutualization unless:
(a) It is equitable to both shareholders and policyholders... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-29/2944/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954)›§ 2944 - Converting mutual insurer | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954) › § 2944 - Converting mutual insurer | (1) A domestic mutual insurer may be converted into a domestic stock insurer pursuant to such plan and procedure as are approved by the Commissioner in advance of such conversion.
(2) The Commissioner shall not approve any such plan, procedure, or conversion unless:
(a) It is approved by the vote of not less than three... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-29/2945/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954)›§ 2945 - Reinsurance of mutual insurer | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954) › § 2945 - Reinsurance of mutual insurer | (1) A domestic mutual insurer may be wholly reinsured in and its assets transferred to and its liabilities assumed by another mutual or stock insurer under such terms and conditions as are approved by the Commissioner in advance of such reinsurance.
(2) The Commissioner shall not approve any such reinsurance agreement ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-29/2946/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954)›§ 2946 - Merger or consolidation | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954) › § 2946 - Merger or consolidation | (a) Two or more mutual insurers, or two or more cooperative insurers, or two or more stock insurers, may merge or consolidate subject to the following conditions:
(1) The plan of merger or consolidation and the proposed agreement between the insurers with respect thereto, must be submitted to and approved by the Commis... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-29/2947/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954)›§ 2947 - Effect of merger or consolidation | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954) › § 2947 - Effect of merger or consolidation | (1) Upon a merger or consolidation becoming effectuated as provided in § 2946 of this title, all rights and properties of the nonsurviving corporation shall be considered as transferred to the surviving or new corporation without need of further proceedings or conveyance, and the surviving or new corporation is bound t... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-29/2948/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954)›§ 2948 - Voluntary liquidation and dissoluti... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954) › § 2948 - Voluntary liquidation and dissolution—Preliminary steps | (1) A cooperative or mutual domestic stock insurer, while fully solvent and if not subject to action by the Commissioner pursuant to §§ 4001–4024 of this title, may accomplish its own voluntary liquidation and dissolution by proceeding as provided in §§ 2948–2953 of this title, inclusive.
(2) The insurer shall first no... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-29/2949/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954)›§ 2949 - Voluntary liquidation—Administratio... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954) › § 2949 - Voluntary liquidation—Administration and further procedure | (1) Upon adoption of the resolution provided for in § 2948 of this title, the insurer’s board of directors and officers shall continue to direct and administer its affairs to the end that the liquidation of the insurer’s assets and discharge of all its obligations shall be accomplished without unreasonable delay.
(2) T... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-29/2950/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954)›§ 2950 - Voluntary liquidation—Further power... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954) › § 2950 - Voluntary liquidation—Further powers of Commissioner | (1) The insurer shall continue to be subject to the supervision of the Commissioner throughout the process of voluntary liquidation and dissolution.
(2) If, after a hearing thereon, the Commissioner at any time finds that such process is being conducted unfairly, or dishonestly, or without reasonable diligence, or cont... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-29/2951/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954)›§ 2951 - Voluntary liquidation—Termination o... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954) › § 2951 - Voluntary liquidation—Termination of certificate of authority | After adoption of the resolutions required in § 2948 of this title, the Commissioner may suspend or revoke the insurer’s certificate of authority at such time as he deems advisable for the protection of the public and convenient to the orderly disposition of the insurer’s affairs. No such suspension or revocation shall... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-29/2952/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954)›§ 2952 - Voluntary liquidation—Certificate o... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 29 - Corporate Powers and Procedures of Domestic Stock and Mutual Insurers (§§ 2901 — 2954) › § 2952 - Voluntary liquidation—Certificate of dissolution | (1) After the liquidation of the insurer has been completed, its obligations discharged, its remaining assets have been distributed to its stockholders, partners, or policyholders, and deposit in trust of undelivered funds, if any, has been made as provided in § 2949(6) of this title, the Commissioner shall make such e... |
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