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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-36/3617/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642)›§ 3617 - Beneficiaries | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642) › § 3617 - Beneficiaries | The member shall have the right at all times to change the beneficiary or beneficiaries in accordance with the constitution, laws or rules of the society. Every society by its constitution, laws or rules may limit the scope of beneficiaries and shall provide that no beneficiary shall have or obtain any vested interest ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-36/3618/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642)›§ 3618 - Benefits not attachable | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642) › § 3618 - Benefits not attachable | No money or other benefit, charity, relief or aid to be paid, provided or rendered by any society, shall be liable to attachment, garnishment or other process, or to be seized, taken, appropriated or applied by any legal or equitable process or operation of law to pay any debt or liability of a member or beneficiary, o... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-36/3619/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642)›§ 3619 - The contract | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642) › § 3619 - The contract | Every society authorized to do business in Puerto Rico shall issue to each benefit member a certificate specifying the amount of benefits provided thereby. The certificate, together with any endorsements attached thereto, the charter or articles of incorporation, the constitution and laws of the society, the applicatio... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-36/3620/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642)›§ 3620 - Life benefit certificate provisions, standard and prohibited | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642) › § 3620 - Life benefit certificate provisions, standard and prohibited | After one year from the effective date of this act, no life benefit certificate shall be delivered or issued for delivery in Puerto Rico unless a copy of the form shall have been filed with the Commissioner of Insurance and approved by him as conforming to the requirements of this section and not inconsistent with any ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-36/3621/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642)›§ 3621 - Accident and health insurance and total and permanent disability in... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642) › § 3621 - Accident and health insurance and total and permanent disability insurance certificates | No domestic, foreign or alien society authorized to do business in Puerto Rico shall issue or deliver in Puerto Rico any certificate or other evidence of any contract of accident insurance or health insurance or of any total and permanent disability insurance contract unless and until the form thereof, together with th... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-36/3622/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642)›§ 3622 - Waiver | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642) › § 3622 - Waiver | The constitution and laws of the society may provide that no subordinate body, nor any of its subordinate officers or members shall have the power or authority to waive any of the provisions of the laws and constitution of the society. Such provision shall be binding on the society and every member and beneficiary of a... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-36/3623/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642)›§ 3623 - Reinsurance | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642) › § 3623 - Reinsurance | A domestic society may, by a reinsurance agreement, cede any individual risk or risks in whole or in part to an insurer, other than another fraternal benefit society, having the power to make such reinsurance and authorized to do business in Puerto Rico, or if not so authorized, as established under § 412(c) of this ti... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-36/3624/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642)›§ 3624 - Annual license | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642) › § 3624 - Annual license | Societies which are now authorized to transact business in Puerto Rico may continue such business with no license required within the period of twelve months next succeeding the effective date of this act. The certificates of authority of such societies and all societies hereafter licensed, may thereafter be renewed an... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-36/3625/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642)›§ 3625 - Foreign or alien society—Admission | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642) › § 3625 - Foreign or alien society—Admission | No foreign or alien society shall transact business in Puerto Rico without a license issued by the Commissioner of Insurance. Any such society may be licensed to transact business in Puerto Rico upon filing with the Commissioner of Insurance:
(a) a duly certified copy of its charter or articles of incorporation;
(b) a ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-36/3626/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642)›§ 3626 - Liquidation—Receivership of domestic society | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642) › § 3626 - Liquidation—Receivership of domestic society | (a) When the Commissioner of Insurance upon investigation finds that a domestic society:
(1) Has exceeded its powers.
(2) Has failed to comply with any provision of this chapter.
(3) Is not fulfilling its contracts in good faith.
(4) Has a membership of less than four hundred after an existence of one year or more.
(5)... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-36/3627/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642)›§ 3627 - Suspension, revocation or refusal of license to foreign or alien so... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642) › § 3627 - Suspension, revocation or refusal of license to foreign or alien society | When the Commissioner of Insurance upon investigation finds that a foreign or alien society transacting or applying to transact business in Puerto Rico:
(a) Has exceeded its powers;
(b) has failed to comply with any of the provisions of this chapter;
(c) is not fulfilling its contracts in good faith, or
(d) is conducti... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-36/3628/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642)›§ 3628 - Producer’s license | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642) › § 3628 - Producer’s license | A license shall be issued to the producers of societies pursuant to the provisions of this section:
(a) Insurance producer.— As used in this section means any authorized or acknowledged agent of a society who acts as such in the solicitation, negotiation or procurement or making of a life insurance, accident and health... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-36/3629/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642)›§ 3629 - Service of process | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642) › § 3629 - Service of process | Every society authorized to do business in Puerto Rico shall appoint in writing the Commissioner of Insurance and any successor in office to be its proxy, to whom all lawful process in any action or proceeding against it shall be served, and shall agree in such writing that any lawful process against it which is served... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-36/3630/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642)›§ 3630 - Review | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642) › § 3630 - Review | All decisions and findings of the Commissioner of Insurance made under the provisions of this chapter shall be reviewable by the pertinent part of the Court of First Instance of Puerto Rico.
History —Ins. Code, added as § 36.300 on June 13, 1964, No. 55, p. 122. |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-36/3631/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642)›§ 3631 - Funds | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642) › § 3631 - Funds | All assets shall be held, invested and disbursed for the use and benefit of the society and no member or beneficiary shall have or acquire individual rights therein or become entitled to any apportionment or the surrender of any part thereof, except as provided in the contract.
A society may create, maintain, invest, d... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-36/3632/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642)›§ 3632 - Investments | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642) › § 3632 - Investments | A society shall invest its funds only in such investments as are authorized by the laws of Puerto Rico for the investment of assets of life insurance companies and subject to the limitations thereon. Any foreign or alien society permitted or seeking to do business in Puerto Rico which invests its funds in accordance wi... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-36/3633/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642)›§ 3633 - Reports and valuations | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642) › § 3633 - Reports and valuations | Reports shall be filed and synopses of annual statements shall be published in accordance with the provisions of this section.
(1) Every society transacting business in Puerto Rico shall annually, on or before the 31st day of March, unless such time has been extended by the Commissioner, file with the Commissioner of I... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-36/3634/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642)›§ 3634 - Examination of domestic societies | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642) › § 3634 - Examination of domestic societies | The Commissioner of Insurance, or any person he may appoint, shall have the power of visitation and examination into the affairs of any domestic society and he shall make such examination at least once in every three years. He may employ assistants for the purpose of such examination, and he, or any person he may appoi... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-36/3635/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642)›§ 3635 - Examination of foreign and alien societies | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642) › § 3635 - Examination of foreign and alien societies | The Commissioner of Insurance, or any person whom he may appoint, may examine any foreign or alien society transacting or applying for authorization to transact business in Puerto Rico. He may employ assistants and he, or any person he may appoint, shall have free access to all books, papers and documents that relate t... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-36/3636/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642)›§ 3636 - Adverse publications | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642) › § 3636 - Adverse publications | Pending, during or after an examination or investigation of a society, either domestic, foreign or alien, the Commissioner of Insurance shall make public no financial statement, report or finding, nor shall he permit to become public any financial statement, report or finding affecting the status, standing or rights of... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-36/3637/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642)›§ 3637 - Misrepresentation | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642) › § 3637 - Misrepresentation | No person shall cause or permit to be made, issued or circulated in any form:
(a) Any misrepresentation or false or misleading statement concerning the terms, benefits or advantages of any fraternal insurance contract now issued or to be issued in Puerto Rico, or the financial condition of any society;
(b) any false or... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-36/3638/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642)›§ 3638 - Discrimination and rebates | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642) › § 3638 - Discrimination and rebates | No society doing business in Puerto Rico shall make or permit any unfair discrimination between insured members of the same class and equal expectation of life in the premiums charged for certificates of insurance, in the dividends or other benefits payable thereon or in any other of the terms and conditions of the con... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-36/3639/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642)›§ 3639 - Taxation | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642) › § 3639 - Taxation | Every society organized or licensed under this chapter is hereby declared to be a charitable institution for all tax purposes, and is, therefore, hereby declared exempt from all kinds of taxes.
History —Ins. Code, added as § 36.390 on June 13, 1964, No. 55, p. 122. |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-36/3640/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642)›§ 3640 - Exemptions | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642) › § 3640 - Exemptions | Except as herein provided, societies shall be governed by this chapter and shall be exempt from all other provisions of the Insurance Code.
History —Ins. Code, added as § 36.400 on June 13, 1964, No. 55, p. 122. |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-36/3641/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642)›§ 3641 - Exemption of certain societies | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642) › § 3641 - Exemption of certain societies | Nothing contained in this chapter shall be so construed as to affect or apply to:
(a) Domestic societies which limit their membership to employees of a particular city or town, designated firm, business house or corporation which provide for a death benefit of not more than four hundred dollars ($400) or disability ben... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-36/3642/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642)›§ 3642 - Penalties | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 36 - Insurance—Fraternal Benefit Societies (§§ 3601 — 3642) › § 3642 - Penalties | Any person who willfully makes a false or fraudulent statement in or relating to an application for membership or for the purpose of obtaining money from or a benefit in any society shall upon conviction be fined not less than one hundred dollars ($100) nor more than five hundred dollars ($500), or imprisonment in jail... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-37/3701/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 37 - Joint Underwriting Association for Fire and Allied Lines Insurance (§§ 3701 — 3708)›§ 3701 - Definitions | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 37 - Joint Underwriting Association for Fire and Allied Lines Insurance (§§ 3701 — 3708) › § 3701 - Definitions | As used in this chapter:
(1) Fire and allied lines insurance.— Means the insurance on real or personal property of every kind and interest therein, against loss or damage by any or all hazard or cause, and against losses resulting from such losses or damage other than noncontractual legal liability for any such losses ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-37/3702/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 37 - Joint Underwriting Association for Fire and Allied Lines Insurance (§§ 3701 — 3708)›§ 3702 - Joint Underwriting Association and ope... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 37 - Joint Underwriting Association for Fire and Allied Lines Insurance (§§ 3701 — 3708) › § 3702 - Joint Underwriting Association and operation plan | (1) There is hereby created an Association for the Joint Underwriting, comprised by all the authorized insurers, or those that may be authorized in the future, to write, and which do write in Puerto Rico, directly, fire and allied lines insurance, including the insurers of such hazards through multi-hazards policies (p... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-37/3703/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 37 - Joint Underwriting Association for Fire and Allied Lines Insurance (§§ 3701 — 3708)›§ 3703 - Procedures | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 37 - Joint Underwriting Association for Fire and Allied Lines Insurance (§§ 3701 — 3708) › § 3703 - Procedures | (1)
(a) Every person who has an insurable interest in an insurable property, who shall have diligently made an effort, in the regular insurance market to obtain fire and allied lines insurance from more than one authorized insurer, shall have the right, on or after the date the plan of operation becomes effective, to r... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-37/3704/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 37 - Joint Underwriting Association for Fire and Allied Lines Insurance (§§ 3701 — 3708)›§ 3704 - Participation | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 37 - Joint Underwriting Association for Fire and Allied Lines Insurance (§§ 3701 — 3708) › § 3704 - Participation | (1) Every insurer, member of this Association, shall participate in its underwritings, expenses, profits, losses, and liabilities in the proportion that the net direct premium of each member (excluding the portion of premiums that shall correspond to the operations of the Association), written during the preceding year... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-37/3705/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 37 - Joint Underwriting Association for Fire and Allied Lines Insurance (§§ 3701 — 3708)›§ 3705 - Appeals to the Commissioner | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 37 - Joint Underwriting Association for Fire and Allied Lines Insurance (§§ 3701 — 3708) › § 3705 - Appeals to the Commissioner | Any person who applies for insurance to the Association and any person insured in accordance with this chapter, or his representatives, or any insurer affected, may appeal to the Commissioner within thirty (30) days after being notified of any order, action or decision of or on behalf of the Association.
History —Ins. ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-37/3706/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 37 - Joint Underwriting Association for Fire and Allied Lines Insurance (§§ 3701 — 3708)›§ 3706 - Privileged communications | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 37 - Joint Underwriting Association for Fire and Allied Lines Insurance (§§ 3701 — 3708) › § 3706 - Privileged communications | (1) The reports from inspection made by or on behalf of the Association, shall be available to the members of the Association, the Commissioner and, with respect to their own applications, to the applicant for insurance.
(2) Neither the Association, nor its agents or employees, nor the insurers, nor the Commissioner or... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-37/3707/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 37 - Joint Underwriting Association for Fire and Allied Lines Insurance (§§ 3701 — 3708)›§ 3707 - Reports | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 37 - Joint Underwriting Association for Fire and Allied Lines Insurance (§§ 3701 — 3708) › § 3707 - Reports | The Association shall present annually to the Office of the Commissioner of Insurance, on or before March 31 of each year, or at a later date set by the Commissioner, a report of the transactions, conditions and operations made during the year. This report shall contain the material and information as the Commissioner ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-37/3708/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 37 - Joint Underwriting Association for Fire and Allied Lines Insurance (§§ 3701 — 3708)›§ 3708 - Examinations | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 37 - Joint Underwriting Association for Fire and Allied Lines Insurance (§§ 3701 — 3708) › § 3708 - Examinations | The Commissioner may examine the business of the Association whenever he deems it necessary. These investigations and inspections shall be made in accordance with the methods provided by this Code.
History —Ins. Code, added as § 37.080 on June 14, 1968, No. 85, p. 152. |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-38/3801/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819)›§ 3801 - Content | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819) › § 3801 - Content | This chapter comprises the provisions concerning the Puerto Rico Miscellaneous Insurance Guaranty Association.
History —Ins. Code, added as § 38.010 on Aug. 17, 1991, No. 72, § 1. |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-38/3802/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819)›§ 3802 - Purpose | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819) › § 3802 - Purpose | The purpose of this chapter is to create a mechanism for the payment of covered claims under certain insurance policies in order to prevent excessive delays in payment, avoid financial losses to claimants or policyholders as a result of the insolvency of an insurer, help to detect and prevent the insolvency of insurers... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-38/3803/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819)›§ 3803 - Coverages | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819) › § 3803 - Coverages | This chapter shall apply to all types of insurance, except reinsurance, but shall not apply to:
(1) Life or disability insurance.
(2) Mortgage guaranty, financial guaranty and other forms of insurance that offer protection against investment risks.
(3) Guaranty insurance, except fidelity bonds which secure the probity ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-38/3804/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819)›§ 3804 - Interpretation | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819) › § 3804 - Interpretation | This chapter shall be liberally construed to attain the purpose established in § 3802 of this title, which shall serve as an aid and guide in the interpretation of this chapter.
History —Ins. Code, added as § 38.040 on Aug. 17, 1991, No. 72, § 1. |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-38/3805/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819)›§ 3805 - Definitions | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819) › § 3805 - Definitions | As used in this chapter:
(1) Account.— Means any of the two accounts created by § 3806 of this title.
(2) Affiliate.— Means a person who, directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under the common control of an insolvent insurer as of December 31 of the year immediate... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-38/3806/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819)›§ 3806 - Association—Creation | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819) › § 3806 - Association—Creation | A nonprofit legal entity is hereby created which shall be known as the Puerto Rico Miscellaneous Insurance Guaranty Association. All insurers defined as member insurers in § 3805(9) of this title, shall be and shall continue to be members of the Association as a condition to transact insurance in Puerto Rico. The Assoc... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-38/3807/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819)›§ 3807 - Association—Board of Directors | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819) › § 3807 - Association—Board of Directors | (1) The Board of Directors of the Association shall consist of at least five (5) and not more than nine (9) member insurers, who shall serve for the terms established in the plan of operations. The Board members shall be selected by the member insurers, subject to the Commissioner’s approval. The President of the Board... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-38/3808/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819)›§ 3808 - Association—Powers and duties | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819) › § 3808 - Association—Powers and duties | (a) The Association:
(1) Shall be bound to pay all the covered claims existing before the determination of insolvency and those which may arise before the earliest of the following dates:
(A) The end of the thirty (30)-day period following the determination of insolvency;
(B) the expiration date of the policy, or
(C) t... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-38/3809/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819)›§ 3809 - Association—Operating plan | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819) › § 3809 - Association—Operating plan | (1) The Association shall submit to the Commissioner for his/her consideration an adequate plan of operations for an efficient administration of the Association.
The plan of operations shall be subject to the approval of the Commissioner and shall take effect ten (10) days after his approval. If the Commissioner disapp... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-38/3810/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819)›§ 3810 - Association—Duties and powers of the Commissioner | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819) › § 3810 - Association—Duties and powers of the Commissioner | (1) The Commissioner:
(a) Shall notify the Association of the existence of an insolvent insurer not later than three days after receiving notice of the determination of insolvency. The Association shall be entitled to a copy of any action seeking an order of liquidation due to insolvency against a member insurer, at th... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-38/3811/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819)›§ 3811 - Association—Effect of paid claims | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819) › § 3811 - Association—Effect of paid claims | (1) Any person who recovers under the terms of this chapter is deemed to have ceded to the Association his/her rights under his/her policy to the extent of his recovery from the Association. Every insured or claimant who seeks the protection of this chapter shall cooperate with the Association to the extent to which su... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-38/3812/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819)›§ 3812 - Association—Duplication of recovery | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819) › § 3812 - Association—Duplication of recovery | (1) Any person having a claim against an insurer under any provision of a policy other than a policy of an insolvent insurer, and which is also a covered claim, shall be required to first exhaust his/her rights under said policy. Any amount payable in a covered claim under this chapter shall be reduced in the amount of... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-38/3813/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819)›§ 3813 - Association—Prevention of insolvency | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819) › § 3813 - Association—Prevention of insolvency | To help in the detection and prevention of insolvency of insurers:
(1) The Board of Directors shall:
(a) Make, from time to time, recommendations to the Commissioner for the detection and prevention of the insolvencies of insurers, and
(b) respond to requests from the Commissioner to discuss and make recommendations on... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-38/3814/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819)›§ 3814 - Association—Examination | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819) › § 3814 - Association—Examination | The Association shall be subject to examination and to regulation by the Commissioner. The Board of Directors shall submit, no later than March 30 of each year, a financial report for the preceding calendar year in the form approved by the Commissioner.
History —Ins. Code, added as § 38.140 on Aug. 17, 1991, No. 72, § ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-38/3815/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819)›§ 3815 - Association—Tax exemption | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819) › § 3815 - Association—Tax exemption | The Association shall be exempt from the payment of any fee, duty or tax levied by the Commonwealth or any of its instrumentalities, except for taxes levied on real and personal property.
History —Ins. Code, added as § 38.150 on Aug. 17, 1991, No. 72, § 1. |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-38/3816/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819)›§ 3816 - Association—Acknowledgment of assessments in the tariffs | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819) › § 3816 - Association—Acknowledgment of assessments in the tariffs | The rates and premiums charged on insurance policies to which this chapter applies shall include that portion which is sufficient to recover an amount equal to the sums which the member insurer pays the Association, less any amounts which the Association may return to the member insurer, and such rates shall not be dee... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-38/3817/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819)›§ 3817 - Association—Immunity | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819) › § 3817 - Association—Immunity | No civil liability shall be attached to, and no cause of action of any nature shall be established against any member insurer, the Association or its agents or employees, the Board of Directors or its representatives or the Commissioner or his/her representatives, for any action taken by them, or omission, in the disch... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-38/3818/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819)›§ 3818 - Association—Temporary stay of procedures | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819) › § 3818 - Association—Temporary stay of procedures | All procedures in which the insolvent insurer is a party or is bound to defend a party before the courts of Puerto Rico, shall be stayed for a period of up to six (6) months, and for any additional time granted by the court, from the date the insolvency was determined, or an ancillary procedure was instituted in Puerto... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-38/3819/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819)›§ 3819 - Association—Prohibited advertisements | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819) › § 3819 - Association—Prohibited advertisements | No person, including an insurer, agent or affiliate of an insurer shall make, publish, disseminate, circulate or present to the public or shall cause directly or indirectly to be made, published, disseminated, circulated or present to the public, in any newspaper, magazine or other publication, or in the form of a noti... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-39/3901/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918)›§ 3901 - Content | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918) › § 3901 - Content | This chapter includes the provisions regarding the Puerto Rico Life and Disability Insurance Guaranty Association.
History —Ins. Code, added as § 39.010 on Aug. 17, 1991, No. 72, § 1. |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-39/3902/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918)›§ 3902 - Purpose | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918) › § 3902 - Purpose | (1) The purpose of this chapter is to protect, subject to certain limitations, those persons specified in § 3903(a) against noncompliance of contractual obligations under life and disability insurance policies, specified in § 3903(b), due to implement or insolvency of the member insurer who issued them.
(2) To provide ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-39/3903/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918)›§ 3903 - Coverage and limitations | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918) › § 3903 - Coverage and limitations | (a) This chapter shall provide coverage under the policies and contracts specified in subsection (b) of this section:
(1) To persons who, regardless of where they reside, (with the exception of nonresident certificate holders under group policies or contracts), are the beneficiaries, assignees, or payees of the persons... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-39/3904/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918)›§ 3904 - Interpretation | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918) › § 3904 - Interpretation | This chapter shall be liberally construed to attain the purpose established in § 3902 of this title, which shall serve as an aid and guide for its interpretation. However, none of the provisions of this chapter shall be construed as interfering or impairing any of the powers, faculties and duties conferred upon the Com... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-39/3905/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918)›§ 3905 - Definitions | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918) › § 3905 - Definitions | As used in this chapter:
(1) Account.— Means any of the accounts created by § 3906 of this title.
(2) Association.— Means the Life and Disability Insurance Guaranty Association of Puerto Rico created by virtue of § 3906 of this title.
(3) Contractual obligation.— Means any obligation under a policy or contract, or cert... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-39/3906/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918)›§ 3906 - Association—Creation | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918) › § 3906 - Association—Creation | (1) A nonprofit legal entity is hereby created which shall be known as the Life and Disability Insurance Guaranty Association of Puerto Rico. All member insurers shall be and will continue to be members of the Association as a condition for retaining their authority to transact insurance in Puerto Rico. The Association... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-39/3907/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918)›§ 3907 - Association—Board of Directors | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918) › § 3907 - Association—Board of Directors | (1) The Board of Directors of the Association shall consist of not less than five (5) nor more than nine (9) member insurers, who shall serve for the terms established in the plan of operations. The Board members shall be selected by the member insurers subject to the approval of the Commissioner. The President of the ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-39/3908/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918)›§ 3908 - Association—Powers and duties | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918) › § 3908 - Association—Powers and duties | (a) If a member insurer is an impaired domestic insurer, the Association may, at its discretion and subject to any conditions imposed by the Association and approved by the Commissioner which do not impair the contractual obligations of said insurer, and which, except in the case of a rehabilitation or conservation pro... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-39/3909/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918)›§ 3909 - Association—Assessments | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918) › § 3909 - Association—Assessments | (1) In order to provide the funds needed to execute the powers and duties of the Association, the Board of Directors shall impose on the member insurers separate assessments for each account when and for the amounts it deems necessary. The assessments shall be payable within thirty (30) days from when prior written not... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-39/3910/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918)›§ 3910 - Association—Plan of operations | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918) › § 3910 - Association—Plan of operations | (1) The Association shall submit to the Commissioner a plan of operations and any amendments to [the] same which may be necessary and adequate to attain the fair, reasonable and equitable administration of the Association. The plan of operations and any amendments thereto, shall become effective when approved by the Co... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-39/3911/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918)›§ 3911 - Association—Duties and powers of the Commissioner | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918) › § 3911 - Association—Duties and powers of the Commissioner | In addition to the powers and duties listed in other parts of this chapter:
(1) The Commissioner:
(a) Shall provide for the Association, by request of the Board of Directors, a list of the premiums of each member insurer in Puerto Rico and in any other corresponding state.
(b) Shall require the insurer to cover an impa... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-39/3912/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918)›§ 3912 - Association—Prevention of insolvencies | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918) › § 3912 - Association—Prevention of insolvencies | To aid in the detection and prevention of insolvencies or impairment of capital:
(a) It shall be the duty of the Commissioner:
(1) to notify Commissioners of all other states, territories of the United States and the District of Columbia when he/she takes any of the following actions against a member insurer:
(A) Revoc... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-39/3913/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918)›§ 3913 - Association—General provisions | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918) › § 3913 - Association—General provisions | (1) Nothing provided in this chapter shall be construed to limit the liability for the payment of unpaid assessments of the insured of an impaired or insolvent insurer who operates under an assessment plan.
(2) Records shall be kept of all negotiations and meetings in which the Association or its representatives interv... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-39/3914/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918)›§ 3914 - Association—Examination; annual report | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918) › § 3914 - Association—Examination; annual report | The Association shall be subject to examination and regulation by the Commissioner. Each year, the Board of Directors shall submit to the Commissioner no later than one hundred and twenty (120) days after the close of the fiscal year of the Association, a financial report in the form prescribed by the Commissioner, and... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-39/3915/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918)›§ 3915 - Association—Tax exemption | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918) › § 3915 - Association—Tax exemption | The Association shall be exempt from payment of all fees and taxes levied in Puerto Rico or any of its subdivisions, with the exception of those on real property.
History —Ins. Code, added as § 39.150 on Aug. 17, 1991, No. 72, § 1. |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-39/3916/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918)›§ 3916 - Association—Immunity | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918) › § 3916 - Association—Immunity | There shall be no liability on the part of, nor shall any cause of action of any nature be instituted against a member insurer or its producers or employees, the Association or its producers or employees, the members of the Board of Directors, or the Commissioner or his/her representatives for any of their actions or o... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-39/3917/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918)›§ 3917 - Association—Temporary stay of proceedings; reopening o... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918) › § 3917 - Association—Temporary stay of proceedings; reopening of judgments by default | All proceedings in which the insolvent insurer is a party in any court of Puerto Rico, shall be stayed for a term of one hundred and eighty (180) days from the date an order for liquidation, rehabilitation or conservation is final in order to allow the Association to take the corresponding legal action with regard to m... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-39/3918/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918)›§ 3918 - Prohibited advertisements—Notice to policy owners | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 39 - Life and Disability Insurance Guaranty Association (§§ 3901 — 3918) › § 3918 - Prohibited advertisements—Notice to policy owners | (a) No person, including a insurer, agent or affiliate of an insurer shall make, publish, disseminate, circulate or place in public view or cause to be made, published, disseminated, circulated or placed in public view, directly or indirectly, in any newspaper, magazine or other publication or as a notice, circular, pa... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4001/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4001 - Interpretation and purpose | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4001 - Interpretation and purpose | (1) This chapter comprises the provisions regarding the rehabilitation and liquidation of insurers.
(2) This chapter does not limit the powers granted to the Commissioner by other provisions of this title or any special law.
(3) This chapter shall be liberally construed to attain the purpose established in subsection (... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4002/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4002 - Persons covered | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4002 - Persons covered | The proceedings authorized by this chapter may be applied to:
(1) Any insurer who through an existing authorization granted by the Commissioner is transacting, or has transacted insurance business in or from Puerto Rico, and against whom claims arising from that business may exist now or in the future.
(2) Any insurer ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4003/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4003 - Definitions | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4003 - Definitions | For the purposes of this chapter:
(1) Creditor or claimant.— Means a person having a claim, whether matured or not, liquidated or not, secured or not, absolute, fixed or contingent.
(2) General assets.— Means all property, real, personal, or otherwise, not specifically mortgaged, pledged, deposited or otherwise encumbe... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4004/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4004 - Jurisdiction and venue | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4004 - Jurisdiction and venue | (1) No receivership proceeding shall be initiated under this chapter by anyone other than the Commissioner and no court shall have jurisdiction to entertain, hear, or determine any proceeding initiated by any other person.
(2) No court of Puerto Rico shall have jurisdiction to entertain, hear or determine any complaint... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4005/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4005 - Injunctions and orders | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4005 - Injunctions and orders | (1) An administrator appointed in a proceeding in accordance with this chapter may at any time request, and any court of general jurisdiction may issue stay orders, preliminary and permanent injunctions, and other orders as may be deemed necessary and proper to carry out the purposes of this chapter, to prevent among o... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4006/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4006 - Cooperation of officers, owners and employees | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4006 - Cooperation of officers, owners and employees | (1) Any officer, manager, director, trustee, owner, employee or authorized representative of an insurer and any other person with authority over, or in charge of any segment of the insurer’s affairs, shall cooperate with the Commissioner in any proceeding under this chapter or in any investigation preliminary to the pr... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4007/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4007 - Immunity | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4007 - Immunity | There shall be no civil liability on the part of, and no cause of action of any nature shall arise against, the Commissioner or his/her representatives for any action or omission by them in the discharge of their powers and duties under this chapter.
History —Ins. Code, added as § 40.070 on Aug. 17, 1991, No. 72, § 1; ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4008/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4008 - Continuation of receivership proceedings | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4008 - Continuation of receivership proceedings | (1) The provisions of this chapter shall not apply to the receivership proceedings commenced before the date of effectiveness of this act, unless the Receivership Court, by request of the Commissioner, and after notice and holding of a hearing to show cause, directs that all or part of this chapter be applicable to suc... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4009/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4009 - Rehabilitation—Grounds | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4009 - Rehabilitation—Grounds | The Commissioner may request the Court of First Instance, San Juan Part, to issue an order authorizing him/her to rehabilitate a domestic insurer or an alien insurer domiciled in Puerto Rico on any one or more of the following grounds:
(1) The financial condition of the insurer is such that further business transaction... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4010/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4010 - Rehabilitation—Orders | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4010 - Rehabilitation—Orders | (1) An order to rehabilitate the business of a domestic insurer or a foreign insurer domiciled in Puerto Rico, shall appoint the Commissioner and his/her successors in office as the rehabilitator, and shall direct the rehabilitator forthwith to take possession of the assets of the insurer and to administer them under t... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4011/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4011 - Rehabilitation—Powers and duties | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4011 - Rehabilitation—Powers and duties | (1) The Commissioner, as rehabilitator, may appoint one or more special deputy commissioners, who shall have all the powers and responsibilities granted to the rehabilitator under this section, and the Commissioner may appoint such counsel, clerks and assistants as deemed necessary. The remuneration of the special depu... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4011a/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4011a - Rehabilitation—Plan | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4011a - Rehabilitation—Plan | (1) The rehabilitator shall prepare and file a plan to effect rehabilitation with the Receivership Court within one (1) year after the date on which the rehabilitation order is entered or subsequently if the Receivership Court should so allow. After having filed the plan for approval and after the notice and hearings t... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4012/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4012 - Rehabilitation—Actions by and against the rehabilitator | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4012 - Rehabilitation—Actions by and against the rehabilitator | (1) Any court of Puerto Rico before which any action or proceeding in which the insurer is a party, or is obliged to defend a party, is pending when a rehabilitation order against the insurer is entered, shall stay the action or proceeding for ninety (90) days or for such additional time as may be necessary for the reh... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4013/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4013 - Rehabilitation—Termination | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4013 - Rehabilitation—Termination | (1) Whenever the Commissioner believes that further efforts to rehabilitate an insurer would substantially increase the risk of loss to policyholders, creditors or the general public, or that the same would be futile, he/she may petition the Receivership Court for a liquidation order. A petition under this paragraph sh... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4014/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4014 - Liquidation—Grounds | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4014 - Liquidation—Grounds | The Commissioner may petition the Court of First Instance for an order authorizing him/her to liquidate a domestic insurer or an alien insurer domiciled in Puerto Rico based on:
(1) Any grounds for a rehabilitation order as specified in § 4009 of this title, except for subsections (6), (13), (14), and (15) thereof, whe... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4015/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4015 - Liquidation—Orders | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4015 - Liquidation—Orders | (1) An order to liquidate the business of a domestic insurer shall appoint the Commissioner or any successor in office as the liquidator and authorize him/her to take immediate possession of the assets of the insurer and administer the same under the exclusive general supervision of the Receivership Court. The liquidat... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4016/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4016 - Liquidation—Continuation of coverage | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4016 - Liquidation—Continuation of coverage | (1) All policies, other than life or disability insurance in effect at the time of issuance of an order of liquidation, shall only continue in effect for the lesser of the following periods:
(a) Thirty (30) days from the date of the liquidation order;
(b) the expiration of the policy coverage;
(c) the date in which the... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4017/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4017 - Liquidation—Dissolution | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4017 - Liquidation—Dissolution | (1) The Commissioner may petition for an order to dissolve the corporate existence of a domestic insurer or the branch of an alien insurer domiciled in Puerto Rico at the time he/she applies for liquidation. The court shall order the dissolution of the insurer by petition of the Commissioner at the time or after the li... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4018/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4018 - Liquidation—Powers | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4018 - Liquidation—Powers | (1) The liquidator shall be empowered to:
(a) Appoint an Assistant Liquidator to act for him/her under this chapter. The Assistant Liquidator shall have all the powers granted by this section to the liquidator. The Assistant Liquidator shall serve for as long as the liquidator may wish.
(b) Contract employees and agent... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4019/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4019 - Liquidation—Notice | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4019 - Liquidation—Notice | (1) Unless the Receivership Court otherwise directs, the liquidator shall give or cause to be given notice of the liquidation order as soon as possible:
(a) By first-class mail or other speedy printed means of communication, by telephone or electronic mail to the Insurance Commissioner of every jurisdiction where the i... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4020/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4020 - Liquidation—General agents authorized representatives and producers; dutie... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4020 - Liquidation—General agents authorized representatives and producers; duties | (1) Any person who receives a notice in the manner prescribed in § 4019(1)(c) of this title to the effect that an insurer with which he/she placed business as a general agent, authorized representative or producer is subject to a liquidation order, shall give notice of the liquidation order within thirty (30) days foll... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4021/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4021 - Liquidation—Actions by and against the liquidator | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4021 - Liquidation—Actions by and against the liquidator | (1) Upon issuance of an order appointing a liquidator of a domestic insurer or of an alien insurer domiciled in Puerto Rico, no action at law shall be brought against the insurer or the liquidator, whether in Puerto Rico or elsewhere, nor shall an action of that nature be maintained or entered after issuance of such or... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4022/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4022 - Liquidation—Collection and list of assets | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4022 - Liquidation—Collection and list of assets | (1) As soon as feasible, after a liquidation order, but not later than one hundred and eighty (180) days thereafter, the liquidator shall prepare in duplicate a financial report of the insurer which includes at least a balance sheet and an income and expense report. This report shall be continually submitted to the Rec... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4023/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4023 - Liquidation—Fraudulent transfers prior to petition | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4023 - Liquidation—Fraudulent transfers prior to petition | (1) Any transfer made and completed and any obligation incurred by an insurer within two (2) years prior to successfully filing a petition for rehabilitation or liquidation pursuant to this chapter, is fraudulent as to then existing and future creditors if made or incurred without just cause or with an actual intent to... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4024/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4024 - Liquidation—Fraudulent transfers after the petition | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4024 - Liquidation—Fraudulent transfers after the petition | (1) After a petition for rehabilitation or liquidation has been filed, the transfer of any of the real property of the insurer to a bona fide purchaser shall be valid against the receiver if fair value was paid, and if fair value was not paid, the transferee or purchaser shall retain a lien on the property up to the va... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4025/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4025 - Liquidation—Voidable preferences and liens | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4025 - Liquidation—Voidable preferences and liens | (1)
(a) A preference is the transfer of any property or interest on a property of an insurer to or for the benefit of a creditor, for or on account of an antecedent debt made or accepted by the insurer within one (1) year prior to filing a successful petition for liquidation pursuant to this chapter, whose effect may b... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4026/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4026 - Liquidation—Claims of holders of void or voidable rights | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4026 - Liquidation—Claims of holders of void or voidable rights | (1) No claim of a creditor who has received or acquired a preference, lien, transfer, assignment or encumbrance which is voidable under this chapter shall be allowed, unless said creditor surrenders such a preference, lien, transfer, assignment or encumbrance. If the voidance is effected by a proceeding in which a fina... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4027/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4027 - Liquidation—Set-offs and counterclaims | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4027 - Liquidation—Set-offs and counterclaims | (1) Mutual debts or mutual credits between the insurer and another person in relation to any action or proceeding pursuant to this chapter shall be set-off and the balance shall only be allowed or paid as provided in subsection (2) of this section and § 4030 of this title.
(2) No setoff or counterclaim shall be allowed... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4028/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4028 - Liquidation—Assessments | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4028 - Liquidation—Assessments | (1) As soon as possible, but no later than two years after the date of an order of liquidation under § 4015 of this title of an insurer who issues assessable policies, the liquidator shall present a report to the court setting forth:
(a) The reasonable value of the assets of the insurer;
(b) the probable total liabilit... |
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