P.R. Laws tit. 26, § 1348
There shall be a provision that the policy may be reinstated at any time within three (3) years after the date of default in the payment of any premium, unless the policy has been surrendered for its cash value, or the period of any extended insurance provided by the policy has expired, upon evidence of insurability, including good health, satisfactory to the insurer, and the payment of all overdue premiums, and payment (or, within the limits permitted by the then cash surrender value of the policy upon reinstatement) of any other indebtedness to the insurer upon the policy, with interest as to both premiums and indebtedness at a rate not exceeding six percent (6%) per annum compounded annually.
(1) With respect to statements made in an application for reinstatement, the policy shall be incontestable after having been in force during the lifetime of the insured for a period not exceeding two (2) years from its issuance date, beginning on the date of reinstatement. The contestable period shall be based only on statements in the reinstatement application, unless the original contestable period has not yet expired.
(2) The suicide exclusion shall not exceed two (2) years from the date of reinstatement.
History —Ins. Code, added as § 13.140 on Nov. 9, 2007, No. 165, § 1, eff. 90 days after Nov. 9, 2007.