P.R. Laws tit. 26, § 3401
2019-02-20 00:00:00+00
This chapter applies only to domestic insurance cooperatives.
The purpose of insurance cooperatives is to promote the general wellbeing of the community through the development of insurance contracts that satisfy the need for protection against risks of its members, sponsors and the general public, in harmony with the cooperativism philosophy. With this purpose, [they] shall educate and disclose information on the need for and benefits of insurance and shall allocate funds for the purposes of cooperative education.
History —Ins. Code, added as § 34.010 on June 26, 1959, No. 84, p. 220, § 1; Nov. 12, 2007, No. 174, § 1, eff. 30 days after Nov. 12, 2007.