P.R. Laws tit. 26, § 2807
(1) Application for a solicitation permit shall be in writing filed with the Commissioner, executed by or on behalf of the applicant, and if the applicant is a newly formed corporation, the application shall likewise be signed by the incorporators. The application shall be verified under oath by the applicant, or, if the applicant is a corporation, under oath of the applicant’s president and secretary.
(2) The application shall show:
(a) Name, type, and purpose of insurer, corporation, or syndicate as to which solicitations are to be made;
(b) names, addresses, and business records of each individual associated or to be associated in the formation of the proposed insurer, corporation, or syndicate;
(c) full disclosure of the terms of all understandings and agreements existing or proposed among persons so associated relative to the proposed insurer, corporation, or syndicate, or the formation thereof;
(d) the plan according to which solicitations are to be made;
(e) proposed budget setting forth principal uses to be made of funds secured through such solicitation;
(f) proposed managing personnel of proposed insurer, and insurance experience of each, and
(g) any additional information reasonably required by the Commissioner.
(3) With the application the applicant shall file with the Commissioner such of the following documents as may not already be so on file:
(a) Copy of articles of incorporation and bylaws, or syndicate agreement, or if the proposed insurer is to be a reciprocal, copy of proposed subscribers’ agreement and power of attorney; or if the proposed insurer is to be a Lloyd’s, copy of underwriter’s agreement and power of attorney;
(b) copy of any security proposed to be issued, and copy of application or subscription agreement therefor;
(c) if to be a mutual or reciprocal insurer, copy of any insurance policy proposed to be offered, copy of application therefor, and schedule of rates; and
(d) copy of any prospectus, advertising, or literature proposed to be used.
(e) At time of filing the application, the applicant shall pay to the Commissioner the fee therefor as specified in § 701 of this title.
History —Ins. Code § 28.070.