P.R. Laws tit. 26, § 2806
(1) No corporation formed for the purpose of becoming an insurer, and no person forming or proposing to form an insurer, or insurance holding corporation, or corporation to finance an insurer, or corporation to manage an insurer, or corporation to be attorney-in-fact for a reciprocal insurer or Lloyd’s insurer, or a syndicate for any of such purposes, shall advertise or solicit or receive any funds, agreement, stock subscription, or membership on account thereof unless a solicitation permit therefor, following application, has been issued by the Commissioner. This provision shall not apply with respect to funds, subscriptions, and agreements involving exclusively the incorporators, and of an amount and character reasonably necessary to cover the actual costs, expenses, and minimum arrangements for incorporation.
(2) Any person violating this section shall be subject to a fine of not more than ten thousand dollars ($10,000) or imprisonment for not more than five (5) years, or both penalties.
History —Ins. Code § 28.060.