P.R. Laws tit. 26, § 2815
(1) Upon issuance of the solicitation permit and licensing of one or more representatives to solicit thereunder as provided in § 2813 of this title, the directors and officers of the proposed mutual or reciprocal insurer may open books for the registration of such requisite applications for insurance policies as they may accept, and may receive deposits of premiums thereon.
(2) All such applications for insurance shall be in writing, on such forms and according to such reasonable terms as may be approved by the Commissioner consistent with this title.
(3) All such applications shall provide that:
(a) Issuance of the policy is contingent upon completion of organization of the insurer and issuance to it of a proper certificate of authority; and
(b) no insurance is provided until the policy has been so issued, and
(c) the prepaid premium or deposit will be refunded in full to the applicant if the organization is not completed and certificate of authority issued prior to termination of the solicitation permit.
History —Ins. Code § 28.150.