P.R. Laws tit. 26, § 1403
No policy of group life insurance shall be issued to be delivered in Puerto Rico unless it contains in substance the provisions of §§ 1404–1411 of this title, inclusive, or provisions which in the opinion of the Commissioner are more favorable to the persons insured, or at least as favorable to the person insured and more favorable to the policyholder; Provided, however, That:
(a) Sections 1408–1410 inclusive shall not apply to policies issued to a creditor to insure debtors of such creditor;
(b) the standard provisions required for individual life insurance policies shall not apply to group life insurance policies, and
(c) if the group life insurance policy is on a plan of insurance other than the term plan, it shall contain a nonforfeiture provision or provisions which in the opinion of the Commissioner is or are equitable to the insured persons and to the policyholder, but nothing herein shall be construed to require that group life insurance policies contain the same nonforfeiture provisions as are required for individual life insurance policies.
History —Ins. Code, added as § 14.030 on June 6, 1960, No. 64.