P.R. Laws tit. 7, § 1334l
The shares and deposits insurance premium to be paid by each insured cooperative shall be computed on the basis of its total shares and deposits as of June 30 of the year preceding that in which the premium shall be paid. At the beginning of the year to which the premium corresponds and, at least fifteen (15) days prior to the deadline for the payment of the premium established in this chapter, each insured cooperative shall submit a certified statement to the Corporation of the number of shares and deposits of its members and depositaries as of the abovementioned date so that the Corporation can determine the total amount of the insurance premium to be paid. For the purposes of this section, in order to comply with the certification requirement, it shall suffice that said statement be signed by the Chairperson of the Board of Directors of the insured cooperative or by any other member thereof duly authorized by the Board, who can attest to the fact that the numbers set forth in the report are true, correct and have been determined pursuant to this chapter and the applicable regulations. The insured cooperatives that submit the certified statement required in this chapter to the Corporation within the term established above shall not have to file the shares and deposits statement described above.
The cooperatives that are admitted for the first time to the shares and deposits insurance shall make an estimate of the shares and deposits for the months corresponding to their first year of operations, and pay a provisional premium based on said estimate, which shall be readjusted taking the real figures as of June 30 of the year in which it started operations as a base.
In any year in which an increase in the maximum limit of the shares and deposits insurance takes effect as provided in this chapter, the Corporation shall charge an additional provisional premium for the increase in shares and deposits that can be foreseen as a result of said increase. At the end of said year, the corresponding adjustments shall be made on said provisional premium, taking the real figures of the increase in shares and deposits for the year, as a base that can be attributed to the increase in the maximum limit of the insurance.
History —Aug. 17, 2001, No. 114, § 14.