P.R. Laws tit. 26, § 2812
2019-02-20 00:00:00+00
(1) The incorporators of any insurer or other corporation, or the persons proposing to form a reciprocal insurer or Lloyd’s insurer, or a syndicate, shall be jointly and severally liable for its debts and liabilities until it has secured a certificate of authority, if an insurer, or has completed its proposed organization if a corporation other than an insurer, or a syndicate.
(2) Any portion of funds received on account of stock or syndicate subscriptions which is allowed therefor under the solicitation permit, may be applied concurrently toward payment of promotion and organization expense incurred.
History —Ins. Code § 28.120.