P.R. Laws tit. 26, § 1369
(1) No insurer may render or issue variable contracts for delivery in Puerto Rico, unless he/she is authorized to contract life insurance and annuities in Puerto Rico, and the Commissioner is satisfied that his/her operating state or method with regard to the issuance of said contracts and the maintenance of the separate account do not constitute a danger for the public or policy holders in Puerto Rico. With regard to the foregoing, the Commissioner shall take into consideration, among others, the following factors:
(a) History and financial state of the insurer;
(b) character, responsibility and competence of the officers and directors of the insurer as well as of his/her agents in Puerto Rico, and
(c) laws and regulations under which the insurer has been authorized in his/her state of residence to issue variable contracts.
(2) If the insurer is a subsidiary of an authorized life insurer in Puerto Rico, or if he/she is affiliated to such insurer authorized by shareholders or common administration, the Commissioner may deem that the provisions on the state or operating method of this section has been complied with if any of the two (2) insurers has complied with said provisions.
History —Ins. Code, added as § 13.350 on Nov. 9, 2007, No. 165, § 1, eff. 90 days after Nov. 9, 2007.