P.R. Laws tit. 7, § 1334j
The shares and deposits insurance of the Corporation shall provide to guarantee the shares and deposits of the members and depositaries of the cooperatives against the risk of loss for insolvency, up to the maximum limit of one hundred thousand dollars ($100,000.00). Provided, however, That with regard to the Cooperative Bank of Puerto Rico, the insurance of the Corporation may only guarantee its deposits from the risk of financial insolvency. In view of the special nature of the Cooperative Bank, the Board of the Corporation shall adopt, through regulations, the norms that shall govern the coverage applicable to the deposits of the Bank as well as the computation of the corresponding premium, thus avoiding the multiple imposition of premiums on deposits that originate from the insured cooperatives.
After the corresponding actuarial studies, and with the prior approval of two thirds ( 2 / 3 ) of the Board of Directors, the Corporation may raise the maximum insurance limit taking into account the following factors:
(1) Financial capacity of the Corporation to answer for the increased coverage.
(2) Financial situation of the insured cooperatives.
(3) Insurance limits in effect under the federal deposit and/or stock insurance programs.
In addition to the basic coverage matched to the federal programs, the Corporation may decree supplementary, additional or special coverage for certain types of deposits and/or stock, for which supplementary premiums shall be defined, if necessary.
Every increase in coverage, whether it be general, supplementary, additional or special, must be based on and supported by actuarial and financial studies that demonstrate the capacity of the Corporation to assume the extended coverage. In every case, in which an increase in the maximum combined amount of insurable shares and deposits is decreed, the Corporation shall establish the procedures in order to make the pertinent adjustments in the insurance premiums that are needed.
History —Aug. 17, 2001, No. 114, § 12.