P.R. Laws tit. 26, § 1209
Upon written application by the insurer, stating the reasons therefor, filed with and approved by the Commissioner, a rate in excess of that provided by a filing otherwise applicable may be used on any specific risk.
Every insurer who decides to use on any specific risk a rate in excess of that provided by a filing which is otherwise applicable must submit evidence showing that the procurement of such coverage was not obtainable at normal rates from insurers authorized to underwrite the risk, as determined by the Commissioner. An insurer may, without the prior approval of the Commissioner, temporarily use on any specific risk, a rate in excess of that provided by a filing which is otherwise applicable, provided that within thirty (30) days from the date on which said excess rate was used for the first time, a filing is submitted for the consideration and approval of the Commissioner, pursuant to the provisions of this chapter. If the Commissioner finds that said filing does not comply with the provisions of this title, the insurer shall be obliged to amend each and every one of the contracts thus issued from the date said rate was first used, and shall advise the Commissioner of such action. Any cancellation of the contract shall be done according to the rates in effect at the time of the presentation, except that if there were a loss while the temporary rate is being used, the cancellation shall be made according to the rates presented by the insurer.
This section shall not apply to rates to be used in master policies and certified ones.
History —Ins. Code § 12.090; July 23, 1974, No. 133, Part 1, p. 598, § 9; Feb. 16, 1979, No. 15, p. 28, § 10; June 18, 1980, No. 151, p. 678, § 5.