P.R. Laws tit. 26, § 2810
(1) The Commissioner shall not issue a solicitation permit until the applicant files with him a corporate surety bond in the penalty of five thousand dollars ($5,000), in favor of the Commonwealth of Puerto Rico and for the use and benefit of subscribers or applicants of the proposed organization. The bond shall be conditioned upon a full accounting for funds received in accordance with the terms of the solicitation permit.
(2) In lieu of such surety bond, the applicant may deposit with the Commissioner five thousand dollars ($5,000) in cash or in bonds of the People or Commonwealth of Puerto Rico or of the United States, at par value, to be held in trust upon the same conditions as required for the bond.
(3) The Commissioner may waive the requirement for a bond or deposit if any of the following circumstances exist and if the solicitation permit so provides:
(a) If the proposed securities are to be distributed solely and finally to those few persons who are the active promoter intimate to the formation of the insurer, or other corporation or syndicate.
(b) If the securities are to be issued by a corporation possessed of such assets as to make such bond or deposit reasonably unnecessary for the protection of the public.
(4) Any bond filed, or deposit or remaining portion thereof held under this section, shall be released and discharged upon settlement or termination of all liabilities against it.
History —Ins. Code § 28.100.