P.R. Laws tit. 26, § 2923
(1) No director or officer of an insurer shall accept, except for the insurer, or be the beneficiary of any fee, brokerage, gift, or other emolument because of any investment, loan, deposit, purchase, sale, exchange, reinsurance, or other similar transaction made by or for the insurer, or be pecuniarily interested therein in any capacity except on behalf of the insurer.
(2) This section does not prohibit such a director or officer from becoming a policyholder of the insurer and enjoying thereunder all the rights and privileges usually and customarily provided therein for holders of such policies in general. This section shall not apply with respect to bona fide insurance agency contracts to which any such director or officer is a party on his own account or on account of parties other than the insurer.
History —Ins. Code § 29.230.