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https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4029/ | PR | Justia›US Law›US Codes 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)›§ 4029 - Liquidation—Reinsurer; liability | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4029 - Liquidation—Reinsurer; liability | (1) The amounts that are to be recovered by the liquidator from the reinsurers shall not be reduced as a result of the receivership proceedings, notwithstanding the fact that it be so provided in the reinsurance contract or in any other agreement, or that nothing was provided on the matter. A payment made directly by t... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4029a/ | PR | Justia›US Law›US Codes 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)›§ 4029a - Liquidation—Life and health reinsurance | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4029a - Liquidation—Life and health reinsurance | (1) A contract reinsuring a life, physical disability or long-term care insurance policy or annuities issued by a ceding insurer subject to a rehabilitation proceeding under this chapter shall be continued or terminated pursuant to their terms and conditions as well as to the provisions of this subsection.
(2) A contra... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4030/ | PR | Justia›US Law›US Codes 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)›§ 4030 - Liquidation—Recovery of premiums owed | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4030 - Liquidation—Recovery of premiums owed | (1)
(a) Every general agent, authorized representative, producer, proxy, premium financing company or any other person other than the insured party responsible for the payment of a premium, shall be obligated to pay to the liquidator any amount due to the insurer on account of the portion of the premiums earned at the ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4031/ | PR | Justia›US Law›US Codes 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)›§ 4031 - Liquidation—Distribution of assets, proposal | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4031 - Liquidation—Distribution of assets, proposal | (1) Within one hundred and twenty days of a final determination of insolvency of an insurer by the Receivership Court, the liquidator shall petition the court to approve a proposal to disburse assets, from time to time, out of marshalled accrued assets as they become available, to a guaranty association or a foreign gu... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4032/ | PR | Justia›US Law›US Codes 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)›§ 4032 - Liquidation—Filing of claims | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4032 - Liquidation—Filing of claims | (1) The liquidator shall be given proof of every claim, in the form required by § 4033 of this title on or before the last day for filing specified in the notice required pursuant to § 4019 of this title, except that it shall not be necessary to present proof of claims for cash surrender values or other investment valu... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4033/ | PR | Justia›US Law›US Codes 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)›§ 4033 - Liquidation—Claims form | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4033 - Liquidation—Claims form | (1) The claims form shall consist of a statement sworn to and signed by the claimant which includes all of the following when applicable:
(a) The particulars of the claim, including the consideration given for it;
(b) identification and amount of the security involved in the claim;
(c) payments made on the debt, if any... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4034/ | PR | Justia›US Law›US Codes 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)›§ 4034 - Liquidation—Special claims | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4034 - Liquidation—Special claims | (1) The claim of a third party claimant which is contingent only on his/her first obtaining a judgment against the insured shall be considered and allowed as if there were no such contingency.
(2) A claim may be allowed, even if contingent, if it is filed in accordance with § 4032 of this title. It may be allowed and m... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4035/ | PR | Justia›US Law›US Codes 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)›§ 4035 - Liquidation—Third party claimants | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4035 - Liquidation—Third party claimants | (1) When a third party claimant asserts a cause of action against an insured party of an insurer in liquidation, the third party claimant may file a claim with the liquidator.
(2) The insured may present a claim in favor of the third party claimant regardless of whether the aforesaid files the claim or not. If the insu... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4036/ | PR | Justia›US Law›US Codes 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)›§ 4036 - Liquidation—Evaluation of claims | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4036 - Liquidation—Evaluation of claims | (1) When a claim is denied in whole or in part by the liquidator, written notice of the determination shall be given to the claimant or his/her representative by first-class mail at the address shown [on] the claims form. Within thirty (30) days after the notice has been mailed, the claimant may file his/her objections... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4037/ | PR | Justia›US Law›US Codes 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)›§ 4037 - Liquidation—Claims of surety | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4037 - Liquidation—Claims of surety | Whenever a creditor whose claim is secured, in whole or in part, by the undertaking of another person, fails to prove and file the claim, the other person may do so in the creditor’s name and shall be subrogated to the rights of the creditor, when the claim has been filed by the creditor or by the other party in the cr... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4038/ | PR | Justia›US Law›US Codes 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)›§ 4038 - Liquidation—Secured creditor’s claims | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4038 - Liquidation—Secured creditor’s claims | (1) The value of any security held by a secured creditor shall be determined in one of the following ways, as the court may direct:
(a) By converting the same into money according to the terms of the agreement pursuant to which the security was delivered to such creditors, or
(b) by agreement, arbitration, settlement o... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4039/ | PR | Justia›US Law›US Codes 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)›§ 4039 - Liquidation—Distribution, priority | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4039 - Liquidation—Distribution, priority | The priority in the distribution of claims from the insurer’s estate shall be in accordance with the order in which each class of claims is set forth in this section. All claims in each class shall be paid in full or sufficient funds shall be retained for such payment before the members of the next class receive any pa... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4040/ | PR | Justia›US Law›US Codes 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)›§ 4040 - Liquidation—Recommendations to the court | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4040 - Liquidation—Recommendations to the court | (1) The liquidator shall review all claims duly filed in the liquidation and shall make such further investigations as deemed necessary. He/she may adjust, settle or otherwise negotiate the amounts for which claims shall be recommended to the court except when the liquidator is required by law to accept claims as settl... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4041/ | PR | Justia›US Law›US Codes 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)›§ 4041 - Liquidation—Distribution 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) › § 4041 - Liquidation—Distribution of assets | Under the supervision of the Receivership Court, the liquidator shall pay the distributions in such a way that they will ensure the proper acknowledgement of priorities and create a reasonable balance between the prompt completion of the liquidation and the protection of unliquidated and undetermined claims, including ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4042/ | PR | Justia›US Law›US Codes 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)›§ 4042 - Liquidation—Unclaimed and withheld funds | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4042 - Liquidation—Unclaimed and withheld funds | (1) Unclaimed funds subject to distribution remaining in possession of the liquidator after the final distribution, shall be deposited in an unclaimed fund account under the custody of the Commissioner. If the person entitled to said funds presents satisfactory proof of ownership of said right within two years after th... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4042a/ | PR | Justia›US Law›US Codes 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)›§ 4042a - Liquidation—Conditions for release from 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) › § 4042a - Liquidation—Conditions for release from receivership proceedings | Unless otherwise provided in a plan approved by a guaranty association, until all payments on account of the insurer’s contractual obligations are repaid to the guaranty associations, plus expenses and interest incurred by the same, the insurer that is subject to a receivership proceeding may not:
(1) Solicit or accept... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4043/ | PR | Justia›US Law›US Codes 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)›§ 4043 - Liquidation—Termination of 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) › § 4043 - Liquidation—Termination of proceedings | (1) The liquidator shall petition the court for discharge of the liquidation once all the assets that justify collection and distribution expenses have been collected and distributed pursuant to this chapter. The court may grant the discharge and issue any other orders, including an order for the transfer of any remain... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4043a/ | PR | Justia›US Law›US Codes 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)›§ 4043a - Liquidation—Reopening | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4043a - Liquidation—Reopening | After liquidation proceedings are completed and the Receivership Court grants the discharge of the liquidation, the Commissioner may petition the Receivership Court to reopen the liquidation proceedings for just cause, including for the fact that additional property belonging to said estate has been discovered. If the ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4044/ | PR | Justia›US Law›US Codes 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)›§ 4044 - Liquidation—Disposition of records during and after | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4044 - Liquidation—Disposition of records during and after | (1) When the Commissioner, acting as liquidator of an insolvent insurer, deems that the records, documents and books of an insurer undergoing the process of liquidation or finally liquidated, are of no use whatsoever, he/she may recommend to the court and the court shall determine which records, documents and books sha... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4045/ | PR | Justia›US Law›US Codes 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)›§ 4045 - Liquidation—External audit of the administrator’s books | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4045 - Liquidation—External audit of the administrator’s books | The Receivership Court may order audits to be conducted on the books of the rehabilitation and liquidation proceedings established pursuant to this chapter and a copy of the audit report shall be filed with the Commissioner and another with the Receivership Court. The books, records and other documents of the administr... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4046/ | PR | Justia›US Law›US Codes 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)›§ 4046 - Liquidation—Custody of property of foreign or alien insurers | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4046 - Liquidation—Custody of property of foreign or alien insurers | (1) If a domiciliary liquidator has not been appointed, the Commissioner may request by verified petition that the Court of First Instance issue an order for the Commissioner to act as conservator of the property in Puerto Rico of an alien insurer not domiciled in Puerto Rico or a foreign insurer on one or more of the ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4047/ | PR | Justia›US Law›US Codes 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)›§ 4047 - Liquidation—Property of foreign or alien insurers located in 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) › § 4047 - Liquidation—Property of foreign or alien insurers located in Puerto Rico | (1) If no domiciliary administrator has been appointed, the Commissioner may petition to the Court of First Instance, by verified petition, to issue an order directing him/her to liquidate the assets located in Puerto Rico of a foreign insurer or an alien insurer not domiciled in Puerto Rico, on any of the following gr... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4048/ | PR | Justia›US Law›US Codes 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)›§ 4048 - Liquidation—Liquidators domiciled in other states | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4048 - Liquidation—Liquidators domiciled in other states | (1) The domiciliary liquidator of an insurer domiciled in a reciprocal state shall be vested, except regarding special deposits and security on secured claims pursuant to § 4049(3) of this title, with the title to all the assets, property, contracts, rights of action, balances of authorized representatives and all the ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4049/ | PR | Justia›US Law›US Codes 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)›§ 4049 - Liquidation—Formal ancillary proceeding | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4049 - Liquidation—Formal ancillary proceeding | (1) If a domiciliary liquidator has been appointed for an insurer not domiciled in Puerto Rico, the Commissioner may request that the Court of First Instance appoint him/her as ancillary administrator in Puerto Rico:
(a) If he finds that there are sufficient assets of the insurer located in Puerto Rico to justify the a... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4050/ | PR | Justia›US Law›US Codes 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)›§ 4050 - Liquidation—Claims of nonresidents against insurers domiciled in Puerto Ri... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4050 - Liquidation—Claims of nonresidents against insurers domiciled in Puerto Rico | (1) In a liquidation proceeding initiated in Puerto Rico against an insurer domiciled in Puerto Rico, claimants residing in foreign countries or in states that do not grant reciprocity to Puerto Rico, shall file their claims in Puerto Rico, and the claimants who reside in reciprocal states may do so with the ancillary ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4051/ | PR | Justia›US Law›US Codes 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)›§ 4051 - Liquidation—Claims of residents against insurers domiciled in reciprocal s... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4051 - Liquidation—Claims of residents against insurers domiciled in reciprocal states | (1) In a liquidation proceeding in a reciprocal state against an insurer domiciled in that state, claimants against the insurer who reside in Puerto Rico may present their claims with the ancillary receiver in Puerto Rico, if any, or with the domiciliary liquidator. Claims must be filed on or before the final date set ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4052/ | PR | Justia›US Law›US Codes 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)›§ 4052 - Liquidation—Garnishment, attachment and writ of execution | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4052 - Liquidation—Garnishment, attachment and writ of execution | While liquidation proceedings are pending in Puerto Rico or in any other state, be they denominated as such or not, no action or proceeding in the nature of a garnishment, attachment or writ of execution shall be commenced or maintained in Puerto Rico against the insurer or his/her assets.
History —Ins. Code, added as ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4053/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4053 - Liquidation—Interstate priorities | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4053 - Liquidation—Interstate priorities | (1) In a liquidation proceeding in Puerto Rico involving one or more reciprocal states, the order of distribution issued in the domiciliary state shall prevail in regard to all the claims of the residents of Puerto Rico and the reciprocal states. All the claims of residents of reciprocal states shall be given equal pri... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-40/4054/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054)›§ 4054 - Liquidation—Noncooperation, subordination of claims | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 40 - Rehabilitation and Liquidation (§§ 4001 — 4054) › § 4054 - Liquidation—Noncooperation, subordination of claims | (1) If an ancillary receiver in another state or foreign country, whether named as such or not, fails to transfer to the domiciliary liquidator in Puerto Rico any assets within his/her control other than special deposits, reduced only by the expenses of the ancillary receivership, if any, the claims filed with the anci... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-41/4101/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 41 - Medical-Hospital Professional Liability Insurance (§§ 4101 — 4111)›§ 4101 - Program | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 41 - Medical-Hospital Professional Liability Insurance (§§ 4101 — 4111) › § 4101 - Program | A medical-hospital professional liability insurance program is hereby established in the Commonwealth of Puerto Rico, which shall be implemented pursuant to the provisions of this chapter. Said program and its activities shall be carried out by insurers licensed to contract accident insurance in Puerto Rico and an Insu... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-41/4102/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 41 - Medical-Hospital Professional Liability Insurance (§§ 4101 — 4111)›§ 4102 - Definitions | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 41 - Medical-Hospital Professional Liability Insurance (§§ 4101 — 4111) › § 4102 - Definitions | For the purposes of this chapter, the following terms and phrases shall have the meaning set forth below:
(1) Health care or service.— Means any act, action or treatment provided or which should have been provided to a patient by a health service professional or a health care institution.
(2) Damage for malpractice.— M... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-41/4103/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 41 - Medical-Hospital Professional Liability Insurance (§§ 4101 — 4111)›§ 4103 - Insurers—Compulsory participation | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 41 - Medical-Hospital Professional Liability Insurance (§§ 4101 — 4111) › § 4103 - Insurers—Compulsory participation | Every insurer licensed in Puerto Rico to contract any type of insurance as defined in §§ 404–409 of this title shall participate through the Syndicate in issuing policies as contemplated in this program to cover the financial responsibility which is required hereinafter of the health service professionals and the healt... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-41/4104/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 41 - Medical-Hospital Professional Liability Insurance (§§ 4101 — 4111)›§ 4104 - Insurers—Syndicate; operating plan | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 41 - Medical-Hospital Professional Liability Insurance (§§ 4101 — 4111) › § 4104 - Insurers—Syndicate; operating plan | A Medical/Hospital Malpractice Insurance Joint Underwriters Syndicate is hereby created to provide such insurance to qualified applicants. The Syndicate shall be composed of all insurers in Puerto Rico authorized to contract any type of insurance as defined in §§ 404–409 of this title. Said insurers shall be members of... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-41/4105/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 41 - Medical-Hospital Professional Liability Insurance (§§ 4101 — 4111)›§ 4105 - Financial responsibility | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 41 - Medical-Hospital Professional Liability Insurance (§§ 4101 — 4111) › § 4105 - Financial responsibility | Every health service professional and healthcare institution shall annually file proof of his/her or its financial liability in the amount of one hundred thousand dollars ($100,000) per incident or up to an aggregate of three hundred thousand dollars ($300,000) per year. The Commissioner may require limits for a maximu... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-41/4105a/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 41 - Medical-Hospital Professional Liability Insurance (§§ 4101 — 4111)›§ 4105a - Incorporation of naturopaths into the insurance progra... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 41 - Medical-Hospital Professional Liability Insurance (§§ 4101 — 4111) › § 4105a - Incorporation of naturopaths into the insurance program | The Insurer’s Syndicate created by § 4104 of this title, shall establish the measures needed to incorporate the naturopaths and Doctors in Naturopathy to the medico-hospital professional liability insurance program, in such a way that the naturopaths and doctors in naturopathy may begin to apply for coverage in the pro... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-41/4106/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 41 - Medical-Hospital Professional Liability Insurance (§§ 4101 — 4111)›§ 4106 - Reports—To the Commissioner | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 41 - Medical-Hospital Professional Liability Insurance (§§ 4101 — 4111) › § 4106 - Reports—To the Commissioner | The insurers who participate in the open market, as well as the Syndicate shall submit to the Office of the Insurance Commissioner on the form required by him semiannual reports of each and every one of the malpractice claims, court resolutions, adjudications and judicial and extrajudicial transactions which are filed.... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-41/4107/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 41 - Medical-Hospital Professional Liability Insurance (§§ 4101 — 4111)›§ 4107 - Reports—To the Legislature | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 41 - Medical-Hospital Professional Liability Insurance (§§ 4101 — 4111) › § 4107 - Reports—To the Legislature | In view of the public interest which invests medicohospital liability insurance, the Commissioner shall file a report each year before the legislature on the operational results in this line of insurance individually and aggregately of the insurers who participate on the open market and the Syndicate. Said report shall... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-41/4108/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 41 - Medical-Hospital Professional Liability Insurance (§§ 4101 — 4111)›§ 4108 - Claims—Complaint | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 41 - Medical-Hospital Professional Liability Insurance (§§ 4101 — 4111) › § 4108 - Claims—Complaint | Any civil suit that arises from a claim for damages due to fault or negligence in professional medicohospital malpractice shall be initiated by filing a complaint in the part of the competent court. In these civil suits, the court will have discretion to submit the claim to arbitration as provided in § 4109 of this tit... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-41/4109/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 41 - Medical-Hospital Professional Liability Insurance (§§ 4101 — 4111)›§ 4109 - Claims—Arbitration panel | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 41 - Medical-Hospital Professional Liability Insurance (§§ 4101 — 4111) › § 4109 - Claims—Arbitration panel | The judge of the Court of First Instance before whom a claim is filed for damages for fault or negligence for medico-hospital professional malpractice, may designate an arbitration panel thirty days after the answer to the complaint is filed, or at any other later time when he/she deems it convenient to expedite the pr... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-41/4110/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 41 - Medical-Hospital Professional Liability Insurance (§§ 4101 — 4111)›§ 4110 - Claims—Judgments; payments in installments | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 41 - Medical-Hospital Professional Liability Insurance (§§ 4101 — 4111) › § 4110 - Claims—Judgments; payments in installments | In judgments on civil actions for fault or negligence due to medical-hospital professional malpractice in which a compensation that exceeds one hundred thousand dollars ($100,000) is adjudicated, the court, after due petition of the party which justifies its necessity and convenience, or by stipulation, shall order or ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-41/4111/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 41 - Medical-Hospital Professional Liability Insurance (§§ 4101 — 4111)›§ 4111 - Claims—Contingent fees; limit | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 41 - Medical-Hospital Professional Liability Insurance (§§ 4101 — 4111) › § 4111 - Claims—Contingent fees; limit | The term “contingent fees” as used in this chapter means any agreement regarding fees under which the compensation is determined, in whole or in part, with the results obtained in the suit for damages for fault or negligence due to medicohospital professional malpractice against a health care professional or a health c... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-42/4201/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 42 - Charitable Annuities (§§ 4201 — 4210)›§ 4201 - Charitable organizations—Definition | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 42 - Charitable Annuities (§§ 4201 — 4210) › § 4201 - Charitable organizations—Definition | Any corporation or organization that is constituted pursuant to the laws of Puerto Rico, or a corporation or organization that is constituted pursuant to the laws of any state of the union or a foreign country that is duly authorized to do business in Puerto Rico, without capital shares, created as non-profitable, and ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-42/4202/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 42 - Charitable Annuities (§§ 4201 — 4210)›§ 4202 - Special license | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 42 - Charitable Annuities (§§ 4201 — 4210) › § 4202 - Special license | The Commissioner may, at his discretion, issue a special license to charitable organizations to subscribe life annuity agreements known as annuities, with donors in Puerto Rico. The license will authorize the charitable organization to receive cash donations or properties, conditioned to or in exchange for an agreement... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-42/4203/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 42 - Charitable Annuities (§§ 4201 — 4210)›§ 4203 - Requirements to obtain a special license | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 42 - Charitable Annuities (§§ 4201 — 4210) › § 4203 - Requirements to obtain a special license | Every charitable organization that requests a special license pursuant to the provisions of this Code shall file the following documents in the Office of the Commissioner:
(1) Certified copies of the [in]corporation charter, [in]corporat[ion] articles, and regulations. Foreign corporations shall also file a certified c... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-42/4204/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 42 - Charitable Annuities (§§ 4201 — 4210)›§ 4204 - Required funds | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 42 - Charitable Annuities (§§ 4201 — 4210) › § 4204 - Required funds | The charitable organization shall possess and keep on deposit, assets for a value equal to the total of its reserves on annuity contracts in effect, plus a minimum surplus of ten percent (10%) of said reserves.
Upon determining said reserves, a deduction for the total or any portion of the risks of the annuities that a... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-42/4205/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 42 - Charitable Annuities (§§ 4201 — 4210)›§ 4205 - Annual reports | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 42 - Charitable Annuities (§§ 4201 — 4210) › § 4205 - Annual reports | The charitable organization shall present an annual report to the Insurance Commissioner before March 31 of each year on the financial condition of the segregated fund of the charitable organization, in the form and with the general contents approved by the Commissioner of Insurance, unless the Commissioner extends sai... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-42/4206/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 42 - Charitable Annuities (§§ 4201 — 4210)›§ 4206 - Revocation or suspension of license | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 42 - Charitable Annuities (§§ 4201 — 4210) › § 4206 - Revocation or suspension of license | The Commissioner may investigate the operations of the charitable annuity programs of the charitable organizations holding special licenses, as empowered by §§ 201–232 of this title. If the Commissioner determines, after due notice and hearing, that a charitable organization holding a special license has not complied w... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-42/4207/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 42 - Charitable Annuities (§§ 4201 — 4210)›§ 4207 - Exemptions | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 42 - Charitable Annuities (§§ 4201 — 4210) › § 4207 - Exemptions | Every charitable organization that obtains and maintains a special license shall be governed by the provisions of §§ 4201–4210 of this title, and those provisions of this Code that, because of their nature, are compatible with the purpose and scope of said sections.
History —Ins. Code, added as § 42.070 on Aug. 12, 199... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-42/4208/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 42 - Charitable Annuities (§§ 4201 — 4210)›§ 4208 - Solicitation, negotiation, acquisition or subscription of annuity contracts | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 42 - Charitable Annuities (§§ 4201 — 4210) › § 4208 - Solicitation, negotiation, acquisition or subscription of annuity contracts | (1) The solicitation, negotiation, acquisition or subscription of annuity contracts shall be done directly by the charitable organization, its officers, salaried employees, and volunteers, and not by agents or other intermediaries.
(2) The charitable organizations mentioned in §§ 4201–4210 of this title, shall submit a... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-42/4209/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 42 - Charitable Annuities (§§ 4201 — 4210)›§ 4209 - Personal liability | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 42 - Charitable Annuities (§§ 4201 — 4210) › § 4209 - Personal liability | No director, official or employee of the charitable organization shall be liable for the payment of any benefit provided by the annuity contract.
(1) No charitable organization shall discriminate or allow unreasonable discrimination between beneficiaries with the same life expectancy under life annuities of the same cl... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-42/4210/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 42 - Charitable Annuities (§§ 4201 — 4210)›§ 4210 - Rules and regulations | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 42 - Charitable Annuities (§§ 4201 — 4210) › § 4210 - Rules and regulations | The Commissioner may issue reasonable rules and regulations that will put any provisions of §§ 4201–4210 of this title into effect pursuant to § 204 of this title.
History —Ins. Code, added as § 42.110 on Aug. 12, 1999, No. 230, § 2. |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-42a/4221/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 42A - Viatical Settlements (§§ 4221 — 4235)›§ 4221 - Definitions | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 42A - Viatical Settlements (§§ 4221 — 4235) › § 4221 - Definitions | (a) Fraudulent viatical settlement acts.— Include:
(1) Acts or omissions committed by any person who, knowingly or with intent to defraud, for the purpose of depriving another of property or for profit, commits, or permits its employees or its agents to engage in acts including:
(A) Presenting, causing to be presented ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-42a/4222/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 42A - Viatical Settlements (§§ 4221 — 4235)›§ 4222 - License—Requirements | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 42A - Viatical Settlements (§§ 4221 — 4235) › § 4222 - License—Requirements | (a) Regarding viators residing in Puerto Rico, a person shall not operate as a viatical settlement broker without first obtaining a license from the Insurance Commissioner of Puerto Rico. The annual fees for the viatical settlement broker license shall not be greater than the cost of the annual fees required from a lif... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-42a/4223/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 42A - Viatical Settlements (§§ 4221 — 4235)›§ 4223 - License—Revocation and denial | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 42A - Viatical Settlements (§§ 4221 — 4235) › § 4223 - License—Revocation and denial | (a) The Commissioner may refuse to issue, suspend, revoke or refuse to renew the license of a viatical settlement provider, or viatical settlement broker if the Commissioner finds that the authorized person or entity:
(1) Made any material misrepresentation of an essential fact in the application for the license;
(2) t... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-42a/4224/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 42A - Viatical Settlements (§§ 4221 — 4235)›§ 4224 - Approval of viatical settlements and disclosure statements | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 42A - Viatical Settlements (§§ 4221 — 4235) › § 4224 - Approval of viatical settlements and disclosure statements | No person shall use a viatical settlement executed in the Commonwealth of Puerto Rico or provide to a viator a disclosure statement form in Puerto Rico unless they have been filed with the Commissioner for his/her approval. The Commissioner shall approve or deny the forms within sixty (60) days after being filed, unles... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-42a/4225/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 42A - Viatical Settlements (§§ 4221 — 4235)›§ 4225 - Reporting requirements and privacy | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 42A - Viatical Settlements (§§ 4221 — 4235) › § 4225 - Reporting requirements and privacy | (a) Every authorized person or entity shall file with the Commissioner on or before March 1 of each year an annual statement containing such information as the Commissioner may prescribe by regulation.
(b) Except as otherwise allowed or required by law, a viatical settlement provider, viatical settlement broker, insura... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-42a/4226/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 42A - Viatical Settlements (§§ 4221 — 4235)›§ 4226 - Examinations or investigations | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 42A - Viatical Settlements (§§ 4221 — 4235) › § 4226 - Examinations or investigations | (a) Authority, scope and scheduling of examinations.—
(1) The Commissioner may conduct an examination under this chapter of an authorized person or entity as often as the Commissioner in his or her sole discretion deems appropriate.
(2) For purposes of completing an examination of an authorized person or entity under t... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-42a/4227/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 42A - Viatical Settlements (§§ 4221 — 4235)›§ 4227 - Disclosures | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 42A - Viatical Settlements (§§ 4221 — 4235) › § 4227 - Disclosures | (a) With each application for a viatical settlement, a viatical settlement provider or viatical settlement broker shall provide the viator with at least the following disclosures no later than the time the application for the viatical settlement is signed by all parties. The disclosures shall be provided in a separate ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-42a/4228/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 42A - Viatical Settlements (§§ 4221 — 4235)›§ 4228 - General rules | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 42A - Viatical Settlements (§§ 4221 — 4235) › § 4228 - General rules | (a)
(1) A viatical settlement provider executing a viatical settlement shall first obtain:
(A) If the viator is the insured, a written statement from a attending physician with license in effect, that the viator is of sound mind and under no constraint or undue influence to enter into a viatical settlement, and
(B) A d... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-42a/4229/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 42A - Viatical Settlements (§§ 4221 — 4235)›§ 4229 - Prohibited practices | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 42A - Viatical Settlements (§§ 4221 — 4235) › § 4229 - Prohibited practices | It is a violation of this chapter for any person to enter into a viatical settlement within a two-year period commencing with the date of issuance of the insurance policy or certificate unless the viator certifies to the viatical settlement provider that one or more of the following conditions have been met within the ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-42a/4230/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 42A - Viatical Settlements (§§ 4221 — 4235)›§ 4230 - Advertising | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 42A - Viatical Settlements (§§ 4221 — 4235) › § 4230 - Advertising | The purpose of this section is to provide prospective viators with clear and unambiguous statements in the advertisement of viatical settlements and to assure the clear, truthful and adequate disclosure of the benefits, risks, limitations and exclusions of any viatical settlement. This purpose is intended to be accompl... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-42a/4231/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 42A - Viatical Settlements (§§ 4221 — 4235)›§ 4231 - Fraud prevention and control | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 42A - Viatical Settlements (§§ 4221 — 4235) › § 4231 - Fraud prevention and control | (a) [Prohibition].— Fraudulent viatical settlement acts or practices, interference and participation of convicted felons are hereby prohibited.
(1) A person shall not commit a fraudulent viatical settlement act.
(2) A person shall not knowingly or intentionally interfere with the enforcement of the provisions of this c... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-42a/4232/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 42A - Viatical Settlements (§§ 4221 — 4235)›§ 4232 - Injunctions; cease and desist; other civil remedies | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 42A - Viatical Settlements (§§ 4221 — 4235) › § 4232 - Injunctions; cease and desist; other civil remedies | (a) In addition to the penalties and other enforcement provisions of this chapter, if any person violates this chapter or any regulation pursuant to this chapter, the Commissioner may seek an injunction in a Court of First Instance and may apply for temporary and permanent orders that the Commissioner determines are ne... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-42a/4233/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 42A - Viatical Settlements (§§ 4221 — 4235)›§ 4233 - Unfair trade practices and fraud | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 42A - Viatical Settlements (§§ 4221 — 4235) › § 4233 - Unfair trade practices and fraud | A violation of this chapter shall be considered an unfair trade practice and subject to the penalties provided in §§ 2701–2740 of this title.
History —Ins. Code, added as § 43.130 on Dec. 28, 2005, No. 164, § 2, eff. 90 days after Dec. 28, 2005. |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-42a/4234/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 42A - Viatical Settlements (§§ 4221 — 4235)›§ 4234 - Authority to promulgate regulations | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 42A - Viatical Settlements (§§ 4221 — 4235) › § 4234 - Authority to promulgate regulations | The Commissioner shall have the authority to:
(a) Promulgate regulations within 180 days following the approval of this act.
(b) Establish standards for evaluating fairness of payments under viatical settlements for persons who are terminally or chronically ill. This authority includes, but is not limited to, regulatio... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-42a/4235/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 42A - Viatical Settlements (§§ 4221 — 4235)›§ 4235 - Jurisdiction | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 42A - Viatical Settlements (§§ 4221 — 4235) › § 4235 - Jurisdiction | The Office of the Insurance Commissioner of Puerto Rico shall have exclusive jurisdiction to oversee viatical settlement transactions and viatical settlement purchase contract transactions.
History —Ins. Code, added as § 43.150 on Aug. 4, 2006, No. 147, § 31; Nov. 7, 2010, No. 166, § 7, eff. 90 days after Nov. 7, 2010. |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-43/4301/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327)›§ 4301 - Purpose | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327) › § 4301 - Purpose | This chapter shall be known as the “International Insurers and Reinsurers Act of Puerto Rico”, which purpose is the establishment of the legal basis to develop Puerto Rico as an International Insurance Center, through which insurers and reinsurers shall export and import insurance and services related to the insurance ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-43/4302/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327)›§ 4302 - Definitions | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327) › § 4302 - Definitions | (1) Assets.— Shall include:
(a) Cash and deposits;
(b) investments, such as credit instruments or preferential debts, capital securities and of other types, tangible personal property subject to lease, mortgage loans and real property loans, securities loans, repurchase transactions, reverse repurchase transactions, do... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-43/4303/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327)›§ 4303 - Applicability of other laws | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327) › § 4303 - Applicability of other laws | (1) An international insurer shall be exempted from all the provisions of this Code, with the exception of those that are expressly provided in this chapter or the specific provisions referred to in this chapter.
(2) Without it being construed as a limitation, such exemption shall include the following:
(a) No internat... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-43/4304/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327)›§ 4304 - International insurer holding companies | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327) › § 4304 - International insurer holding companies | “International insurer holding company” means any legal entity organized under the laws of Puerto Rico:
(1) That holds stocks or other securities issued by an international insurer or by another international insurer holding company, and
(2) whose assets, other than such securities, consist solely of:
(a) Stock or othe... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-43/4305/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327)›§ 4305 - Authorization requirements for international insurers | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327) › § 4305 - Authorization requirements for international insurers | (1) Subject to the provisions of this chapter, after the filing of an application to such effects and the payment of the corresponding fees, the Commissioner may authorize an international insurer to contract with Class 1 Authority, Class 2 Authority, Class 3 Authority, Class 4 Authority, Class 5 Authority insurance, o... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-43/4306/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327)›§ 4306 - Grounds for non-renewal, revocation or suspension of the certificat... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327) › § 4306 - Grounds for non-renewal, revocation or suspension of the certificate of authority | (1) The Commissioner shall refuse to renew, revoke or suspend the authorization of an international insurer:
(a) If it is a branch and does not qualify or meet the requirements for such authorization.
(b) If it is an insurer organized under this chapter and ceases to cover any capital deficiency, as required by the Com... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-43/4307/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327)›§ 4307 - Business name | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327) › § 4307 - Business name | The international insurer shall be governed by the provisions set forth in § 325 of this title, as may apply.
History —Ins. Code, added as § 61.070 on Sept. 22, 2004, No. 399, § 1, eff. 180 days after Sept. 22, 2004. |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-43/4308/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327)›§ 4308 - Minimum capital and surplus; deposits | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327) › § 4308 - Minimum capital and surplus; deposits | (1) No certificate of authority shall be issued to any international insurer, unless it possesses and maintains intact capital and surplus:
(a) Of not less than five hundred thousand dollars ($500,000) in the case of a Class 1 Authority insurer;
(b) of not less than seven hundred fifty thousand dollars ($750,000) in th... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-43/4309/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327)›§ 4309 - Premium ratio; liquidity ratio | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327) › § 4309 - Premium ratio; liquidity ratio | The international insurer shall maintain, at all times, sufficient liquid assets, capital and surplus to satisfy the premium and liquidity ratios required in this chapter, and any other ratio or standard that the Commissioner may require by regulations or orders.
History —Ins. Code, added as § 61.090 on Sept. 22, 2004,... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-43/4310/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327)›§ 4310 - Annual report | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327) › § 4310 - Annual report | (1) The international insurer shall prepare an annual statement of its true financial condition and its business transactions at the closing of the preceding fiscal year (the annual report):
(a) The annual report shall be prepared using the generally accepted accounting principles, provided that the notes of said repor... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-43/4311/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327)›§ 4311 - Investments | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327) › § 4311 - Investments | The investments of the international insurer may include, without limitation, assets, credit or preferential debt instruments, capital stock and other securities, tangible personal property subject to lease, mortgage loans and real property loans, loans on securities, repurchase transactions, reverse repurchase transac... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-43/4312/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327)›§ 4312 - Dividends | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327) › § 4312 - Dividends | (1) No international insurer shall declare or pay dividends during a given fiscal year if such declaration or disbursement should cause said insurer to fail to comply with its premium or liquidity ratio. Any international insurer that fails to comply with such ratios at the closing of a given fiscal year shall declare ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-43/4313/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327)›§ 4313 - Reinsurance | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327) › § 4313 - Reinsurance | (1) The international insurer may reinsure its risks, or any part thereof, with any insurer or other person, by contract or transaction transferring or protecting against the risk, and in such a case said contract shall be accounted for as a deduction from liabilities, pursuant to the provisions of Article 5.060(2) of ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-43/4314/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327)›§ 4314 - Insolvency | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327) › § 4314 - Insolvency | The international insurer shall be subject to the provisions set forth in §§ 4001-4054 of this title, except that with respect to a Branch, only the assets in trust shall be considered as the estate of the insurer. Provided, That none of the aforementioned provisions with respect to a Branch shall be construed as a lim... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-43/4315/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327)›§ 4315 - Intermediaries | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327) › § 4315 - Intermediaries | No person shall act as an intermediary with respect to an international insurer, and in relation to its risks in Puerto Rico, unless said person receives prior authorization from the Commissioner, pursuant to Chapter 9 of this Code and to the provisions established by the Commissioner by rules or regulations.
History —... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-43/4316/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327)›§ 4316 - Segregated assets plan | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327) › § 4316 - Segregated assets plan | (1) With prior approval from the Commissioner, an international insurer may establish and operate one or more segregated assets plans. The international insurer shall submit to the Commissioner, not less than sixty (60) days in advance, the operational plan it intends to use with respect to the creation and administrat... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-43/4317/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327)›§ 4317 - Principal representative | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327) › § 4317 - Principal representative | (1) If the principal representative of the international insurer determines or becomes aware of the probability of the insolvency of said insurer or that any of the event described in subsection (2) of this section have occurred, the principal representative shall notify the Commissioner thereof, in writing, within thi... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-43/4318/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327)›§ 4318 - Requirements for branch operations | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327) › § 4318 - Requirements for branch operations | (1) A branch shall maintain a main office in Puerto Rico.
(2) An international insurer operating through a branch in Puerto Rico shall segregate assets under a trust constituted pursuant to the laws of the Commonwealth of Puerto Rico for the benefit of all the policyholders and creditors in an amount at least equal to ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-43/4319/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327)›§ 4319 - Corporate organization and powers of international insurers | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327) › § 4319 - Corporate organization and powers of international insurers | This section shall only apply to those international insurers organized under this Code.
International insurers shall organize pursuant to the provisions in §§ 2801–2810, 2901–2954 and 3301–3328 of this title, as may apply, subject to the following:
(1) It shall not be required that a minimum of the incorporators, orga... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-43/4320/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327)›§ 4320 - Redomestication | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327) › § 4320 - Redomestication | (1) An insurer organized pursuant to the laws of a state of the United States or of any foreign jurisdiction may be converted into an international insurer organized under the laws of Puerto Rico, provided that the international insurer is organized under the provisions of this Code and merges its operations with such ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-43/4321/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327)›§ 4321 - Prohibited transactions with officers and directors | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327) › § 4321 - Prohibited transactions with officers and directors | (1) Subject to the provisions set forth in subsection (2) of this section, an international insurer may not, directly or indirectly:
(a) Grant a loan to an officer of the insurer, or the spouse or child of such director or officer, or
(b) guarantee or provide a guarantee with respect to a loan made by another person to... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-43/4322/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327)›§ 4322 - Advertising | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327) › § 4322 - Advertising | The international insurer shall be subject to the provisions set forth in § 1004 of this title.
History —Ins. Code, added as § 61.220 on Sept. 22, 2004, No. 399, § 1, eff. 180 days after Sept. 22, 2004. |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-43/4323/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327)›§ 4323 - Fees and charges | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327) › § 4323 - Fees and charges | The Commissioner shall collect the following fees and charges:
(1) The filing fees of an application for a certificate of authority to act as an international insurer shall be three hundred fifty dollars ($350). Furthermore, the international insurer shall pay the following certificate of authority application fees acc... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-43/4324/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327)›§ 4324 - Tax treatment | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327) › § 4324 - Tax treatment | (1) Except as provided in subsection (16) of this section, the income derived by the international insurer or by an international insurer holding company that complies with § 4304 of this title shall not be included in the gross income of such entities and shall be exempt from the taxes imposed under §§ 30011 et seq. o... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-43/4324a/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327)›§ 4324a - Benefits exempt from seizure | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327) › § 4324a - Benefits exempt from seizure | (1) Except as provided by subsection (3), any benefits (including the cash value and proceeds) to be provide to the owner, insured or beneficiary under a life insurance or annuity contract issued by an international insurer shall:
(a) Inure exclusively to the benefit of the person for whose use and benefit the insuranc... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-43/4324b/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327)›§ 4324b - Special Fund for the Development of Services for Export | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327) › § 4324b - Special Fund for the Development of Services for Export | Ten percent (10%) of the revenues proceeding from the income tax paid by international insurers that hold a decree under this chapter shall be covered into the Special Fund for the Development of Services for Export, as created by the Act to Promote the Export of Services.
History —Ins. Code, added as § 61.242 on Jan. ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-43/4325/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327)›§ 4325 - Confidentiality | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327) › § 4325 - Confidentiality | (1) The information submitted to the Commissioner according to this chapter, and the regulations adopted thereunder by the Commissioner, shall be maintained confidential, except:
(a) When the disclosure of said information is required by law or court order, or
(b) by formal request from a domestic or foreign government... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-43/4326/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327)›§ 4326 - Powers of the Commissioner | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327) › § 4326 - Powers of the Commissioner | (1) The Division of International Insurers and Reinsurers of the Office of the Commissioner of Insurance is hereby created for purposes of the administration of the provisions [of] this chapter, under the supervision of the Commissioner.
(2) The Commissioner may establish regulations and, from time to time, amend them,... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-43/4327/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327)›§ 4327 - Summons | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 43 - International Insurers and Reinsurers (§§ 4301 — 4327) › § 4327 - Summons | International insurers shall be summoned pursuant to §§ 327 and 328 of this title.
History —Ins. Code, added as § 61.270 on Sept. 22, 2004, No. 399, § 1, eff. 180 days after Sept. 22, 2004. |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-44/4401/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 44 - Insurance Holding Company System Regulatory Act (§§ 4401 — 4414)›§ 4401 - Definitions | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 44 - Insurance Holding Company System Regulatory Act (§§ 4401 — 4414) › § 4401 - Definitions | As used in this chapter, the following terms shall have the meanings stated below, unless the context implies otherwise:
(a) Security holder.— A “security holder” of a specified juridical person is one who owns any security of such person, including common stock, preferred stock, debt obligations, or any other security... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-44/4402/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 44 - Insurance Holding Company System Regulatory Act (§§ 4401 — 4414)›§ 4402 - Subsidiaries of insurers or health services organizations | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 44 - Insurance Holding Company System Regulatory Act (§§ 4401 — 4414) › § 4402 - Subsidiaries of insurers or health services organizations | (a) Authorization.— Insurers or health service organizations in Puerto Rico, either by themselves or in cooperation with one or more persons, may organize or acquire one or more subsidiaries. The subsidiaries may conduct any kind of business or businesses and their authority to do so shall not be limited by reason of t... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-44/4403/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 44 - Insurance Holding Company System Regulatory Act (§§ 4401 — 4414)›§ 4403 - Acquisition of control of or merger with domestic insurer... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 44 - Insurance Holding Company System Regulatory Act (§§ 4401 — 4414) › § 4403 - Acquisition of control of or merger with domestic insurer or health service organization | (a) Filing requirements.—
(1) No person other than the issuer shall make a tender offer for or a request or invitation for tenders of, or enter into any agreement to exchange securities for, seek to acquire, or acquire, in the open market or otherwise, any voting security of a domestic insurer or health service organiz... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-44/4404/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 44 - Insurance Holding Company System Regulatory Act (§§ 4401 — 4414)›§ 4404 - Acquisitions involving other insurers and health service ... | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 44 - Insurance Holding Company System Regulatory Act (§§ 4401 — 4414) › § 4404 - Acquisitions involving other insurers and health service organizations | (a) Definitions.— The following definitions shall apply for the purposes of this section only:
(1) “Acquisition” means any agreement, arrangement, or activity the consummation of which results in a person acquiring directly or indirectly the control of another person, and includes but is not limited to the acquisition ... |
https://law.justia.com/codes/puerto-rico/title-twenty-six/subtitle-1/chapter-44/4405/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE TWENTY-SIX - Insurance (§§ 101 — 10377)›Subtitle 1 - Insurance Generally (§§ 101 — 4513)›Chapter 44 - Insurance Holding Company System Regulatory Act (§§ 4401 — 4414)›§ 4405 - Registration of insurers or health service organizations | 2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 44 - Insurance Holding Company System Regulatory Act (§§ 4401 — 4414) › § 4405 - Registration of insurers or health service organizations | (a) Registration.— Every insurer and health service organization which is authorized to do business in Puerto Rico and which is a member of an insurance holding company system shall register with the Commissioner, except a foreign insurer subject to registration requirements and standards adopted by statutes and regula... |
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