P.R. Laws tit. 26, § 1367
A local insurer can establish one or more separate accounts, and may place assets in them (including, without being limited to the products applied in agreement with the settlement options method or in agreement with dividend options) to be used for life insurances or annuities (and incidental benefits), payable in fixed or variable amounts or both, subject to the following:
(1) The income, earnings or losses, realized or unrealized, on assets placed in a separate account shall be credited to, or charged against the account, and shall neither affect nor be affected by other income, earnings, or loss of the insurance company.
(2) Except as provided with regards to guaranteed benefits reserves and funds referred to in § 1375 of this title:
(a) Assets placed in a separate account and accruals thereon may be invested and reinvested, notwithstanding the requirements or limitations prescribed by this title regulating investments of life insurers.
(b) Investments of a separate account or accounts shall not be taken into account in the application of the investment limitations otherwise applicable to the insurer’s investments.
(3) No insurer may sell, exchange or otherwise transfer assets between any of his/her separate accounts or between any other investments account and one or more of his/her separate accounts, unless, in case of a transfer to a separate account, said transfer is only made to establish the account or support the operation of the contracts with respect to the separate account to which the transfer is made, and unless such transfer, either to or from a separate account, is made: (a) through the transfer of assets, or (b) through the transfer of securities that have a market value easy to determine, as long as said transfer of securities is approved by the Commissioner. The Commissioner may authorize other transfers between said accounts, if, in his/her opinion, said transfers are equitable.
History —Ins. Code, added as § 13.330 on Nov. 9, 2007, No. 165, § 1, eff. 90 days after Nov. 9, 2007.