P.R. Laws tit. 6, § 53
The voluntary liquidation and dissolution of an association subject to the provisions of this chapter shall be made under the supervision of the Commissioner of Insurance of Puerto Rico. However, when a voluntary liquidation is conducted for the sole purpose of having the association become incorporated as a stock insurer governed by the applicable provisions of §§ 101 et seq. of Title 26, said liquidation and incorporation shall also comply with the requirements established in §§ 54—58 of this title. Provided, further, That when, as a result of an investigation made by the Commissioner of Insurance, he/she is convinced that said association has violated the law or its regulations in such a way that its business is prejudicial to its subscribers, or to the hospital or group of hospitals and/or doctors with which it may have contracted, the Commissioner may then resort to the Part of the Court of First Instance with jurisdiction, to request its liquidation and dissolution through the appointment of a receiver or trustee who, in the exercise of his trust, shall be bound to discharge the rights and obligations imposed by the court that ordered the liquidation and dissolution.
History —May 9, 1942, No. 152, p. 828, § 13; June 21, 1968, No. 109, p. 219, § 1; July 13, 1998, No. 122, § 1.