P.R. Laws tit. 26, § 2804
(1) This section applies to insurers hereafter incorporated in Puerto Rico.
(2) Five or more individuals of age of twenty-one years or more may incorporate a stock insurer; ten or more such individuals may incorporate a mutual insurer. A majority of the incorporators shall be citizens of the United States residing in Puerto Rico.
(3) The incorporators shall subscribe and acknowledge articles of incorporation in triplicate before a notary public.
(4) If the articles comply with law as to form, the Commissioner shall endorse his approval thereon to that effect, and one copy shall be filed in the office of the Secretary of State, one copy shall be filed in the office of the Commissioner, and the third copy returned to the insurer. Upon completion of such filings incorporation shall be deemed effectuated.
(5) Fees for such filings shall be as provided in § 701 of this title, and no additional fee shall be charged by the Secretary of State therefor.
History —Ins. Code § 28.040.