P.R. Laws tit. 26, § 2710
(1) No person shall provide as an incentive to buy insurance, or after having underwritten an insurance, or in connection with any insurance transaction in any policy, or shall offer, sell, buy, or offer or promise to buy, sell, give, promise, or allow, to the present or prospective insured nor to any other person, in his behalf, in any manner whatsoever:
(a) Any rebate, discount, abatement, credit or reduction of the premium stipulated in a policy.
(b) Any special favor or advantage in the dividends or other benefits to accrue in a policy.
(c) Any other valuable consideration including money, prizes, goods, wares, merchandise, shares or any other securities issued or to be issued, or any interest therein or rights thereto.
(d) Any incentive such as employment, advisory contract or agreement or similar which offers or promises special profits or returns.
(e) Commissions or compensations on a policy in excess of the maximum commission fixed by the approved rating classification filed for the class, or subdivision, of the corresponding type of insurance, or in excess of the maximum commission fixed by the Commissioner for such type of subdivision, except as provided for in § 949k of this title.
(2) No insured named in a policy, nor any employee or representative thereof, shall receive or accept, directly or indirectly, any such rebate, discount, abatement or reduction of premium, or special favor or advantage or valuable consideration or incentive.
(3) Any person who participates in an unlawful rebate or incentive shall be punished by an administrative fine which shall not exceed ten thousand dollars ($10,000) for each violation. In addition, he/she shall pay restitution for the total amount of the rebate, commission or profit and shall revoke, from the beginning, any prerogative, favor, advantage, profit, lucrative employment, position or any other valuable consideration involved, whether for the benefactor or the beneficiary.
(4) None of the provisions in this section shall apply to life or disability insurance. Except as expressly provided by law, no insurer, employee, representative, general agent, producer, authorized representative or solicitor shall permit or offer to make, nor shall make any life insurance, life annuity, or disability insurance contract or agreement as to such contract other than as is clearly expressed in the contract issued thereon, nor pay, nor allow or give nor offer to pay, allow or give, directly or indirectly, as incentive to such insurance, or annuity, any rebate of premiums payable on the contract, nor any special favor or advantage in the dividends or other benefits thereon, nor any other valuable consideration or incentive whatsoever not stipulated in the contract.
History —Ins. Code § 27.100; June 4, 1983, No. 89, p. 211, § 9; Jan. 19, 2006, No. 10, § 9; Aug. 9, 2008, No. 230, § 8, eff. 90 days after Aug. 9, 2008.