P.R. Laws tit. 6, § 53d
Once the Commissioner of Insurance has approved the incorporation of the stock insurer which shall succeed a voluntarily liquidated association, and verified its financial competency, the dissolution of the association shall take place through the transfer of the assets, the business in effect, the liabilities, the contractual obligations, the accounts, files, and equipment and any other property of the association, at which time it shall be authorized to contract insurance business pursuant to the certificate of authority granted by the Commissioner of Insurance for said purpose. None of the above shall be understood to exempt the aforementioned insurer from complying with the requirements of filing with, and obtaining the prior approval of the Commissioner of Insurance, in all those acts which require such filing and approval. Throughout this whole process the Commissioner of Insurance shall ensure that any offer of financial competency be considered which, pursuant to the provisions of § 53b of this title, he/she may refer to the incorporated stock insurer. However, this shall not interfere with the power of the aforementioned insurer to select the offer of financial competency which it may deem to be in its best corporate interests and present the same to the Commissioner of Insurance. The voluntary liquidation and dissolution of the association and its subsequent incorporation as a stock insurer, as well as all the transactions needed to execute said transformation shall not be deemed to be events subject to tax levies in the Commonwealth of Puerto Rico.
History —May 9, 1942, No. 152, p. 828, added as § 17 on July 13, 1998, No. 122, § 2.