P.R. Laws tit. 26, § 2603
(1) For the purposes of this chapter, the following terms shall have the meanings set forth hereinbelow:
(a) Insurer.— Means any insurer including a fraternal benefit society, as defined in § 3601 of this title, who carries out all kinds of insurance transactions in Puerto Rico.
(b) Unclaimed funds.— Means the money held and owed, including unearned premiums by any insurer doing business in Puerto Rico, unclaimed and unpaid for more than five (5) years after the moneys became due and payable under any insurance policy as established from the records of the insurer, or the general agent, manager, or authorized representative thereof.
(2) In the case of a life insurance policy which has not become due because of the conclusive evidence of the previous death of the insured shall be considered as due and the corresponding benefits shall be considered due and payable within the meaning of this chapter, if the policy is in effect when the insured has attained the age limit, under the mortality rate on which the reserve is based.
(3) Moneys otherwise admitted due and not paid shall be considered as “withheld and indebted” within the meaning of this chapter even when the policy or contract has not been delivered as required.
History —Ins. Code, added as § 26.030 on May 30, 1970, No. 61, p. 159; July 23, 1974, No. 133, Part 1, p. 598, § 13; Jan. 19, 2006, No. 10, § 9, eff. 120 days after Jan. 19, 2006; Aug. 22, 2012, No. 199, § 1.