P.R. Laws tit. 26, § 2509
2019-02-20 00:00:00+00
If a native insurer does not establish the reserve for catastrophic insurance losses or does not deposit the corresponding amounts of money in the trust pursuant to the requirements of §§ 2503 and 2504 of this title, it shall be subject to an administrative fine amounting to the unestablished reserve or the amount of money not deposited in the trust, in addition to complying with said sections.
The second and subsequent violations of this nature shall entail the revoking of the authorization certificate of the native insurer, which shall not be reinstated for a period of at least one (1) year after the date of revocation.
History —Ins. Code, added as § 25.090 on Aug. 12, 1994, No. 73, § 1.