P.R. Laws tit. 26, § 1362
A life insurer shall have the power to retain under agreement the proceeds of any policy issued by it, upon such terms and restrictions as to revocation by the policyholder and control by beneficiaries, and with such exemptions from the claims of creditors of beneficiaries, other than the policyholder, as set forth in the policy or as agreed to in writing by the insurer and the policyholder. Upon maturity of a policy, in the event the policyholder has made no such agreement, the insurer shall have the power to retain the proceeds of the policy under an agreement with the beneficiaries. The insurer may retain such proceeds as part of its general assets.
History —Ins. Code, added as § 13.280 on Nov. 9, 2007, No. 165, § 1, eff. 90 days after Nov. 9, 2007.