P.R. Laws tit. 7, § 1334x
All moneys of the Corporation, including its income from regular and special premiums, capital contributions, the income from investments, administrative fines, capital gains, loans, recovery of losses and any others, shall be deposited in the Fund. Disbursements chargeable to said Fund may only be made for the purposes established in this chapter, and, in every case, by request of the Executive President of the Corporation or of the officials authorized to do so, in the form and under the guarantees provided by law and in its regulations.
The Corporation shall establish to the extent possible, an accounting system in accordance with the generally accepted accounting principles (GAAP) for insurance companies in the public practice of accounting. Said system shall provide for the adequate identification of the source of the income and capital contributions as well as the nature of the charges against income.
All operating expenses of the Corporation, plus losses incurred, shall be charged annually against the income of the year from regular or special premiums, administrative fines, interest, and any other charges that are imposed pursuant to this chapter. If said income is not sufficient to cover the operating expenses plus the claims, up to twenty-five percent (25%) of the reserves shall be initially used to cover the deficiency. If the deficiency exceeds twenty-five percent (25%) of the reserves, action shall be taken as provided in § 1334w of this title.
The Corporation shall keep accounts that reflect the individual balance and aggregate of the capital contributed by the insured cooperatives and of the regular and special premiums paid by them, as well as the balance of the line of credit with the Government of the Commonwealth of Puerto Rico and with private institutions, if any.
History —Aug. 17, 2001, No. 114, § 26.