P.R. Laws tit. 6, § 53e
The stock insurer succeeding an association voluntarily liquidated for such purposes shall be subject to the provisions of §§ 101 et seq. of Title 26. The provisions of this chapter shall complement said provisions in all matters that are not incompatible. The Commissioner of Insurance shall be the official in charge of ensuring compliance with this chapter.
Provided, That should an association in the process of being voluntarily liquidated so that it may be incorporated as a stock insurer fails to comply with any of the provisions of this chapter with regard to said process, the Commissioner of Insurance shall be empowered to stop the incorporation process of said insurer and proceed with a voluntary liquidation.
History —May 9, 1942, No. 152, p. 828, added as § 18 on July 13, 1998, No. 122, § 2.