P.R. Laws tit. 26, § 2808
The Commissioner shall expeditiously examine the application for a solicitation permit and make any investigation relative thereto deemed necessary. If the Commissioner finds that the application is complete, that the documents filed therewith are equitable in terms and proper in form, that the agreements made or proposed are equitable to present and future shareholders, subscribers, members, or policyholders, and that the proposed use of funds is fair and reasonable, he shall give notice to the applicant that he will issue a solicitation permit, stating the terms to be contained therein, upon the filing of the bond required by § 2810 of this title and upon completion of any arrangements to be required in the permit for the impounding of funds.
If the Commissioner does not so find, or if he finds that any of the individuals named in the application or known to him as being associated or to be associated in the proposed insurer, corporation or syndicate are untrustworthy, he shall deny the application for a solicitation permit and so notify the applicant, stating the grounds for the denial.
History —Ins. Code § 28.080.