P.R. Laws tit. 26, § 3412a
The directors of the insurance cooperative shall discharge their duties with the degree of care appropriate to the fiduciary relations they have toward the insurance cooperative. This fiduciary duty includes the duty of diligence and loyalty toward the insurance cooperative, as well as the duty to supervise and to give care as a good father of a family for the assets and the operations of the insurance cooperative.
No director or officer of an insurance cooperative shall accept, except for the insurer, nor shall he/she be the beneficiary of any fees, brokerage, donation or any other emolument by reason of any investment, loan, deposit, purchase, sale, exchange, reinsurance or any other transaction made by the insurance cooperative, or for himself/herself, nor shall he/she have any financial interest in said transactions in any capacity, except in representing the insurance cooperative.
This section does not prohibit said director or officer from becoming a policyholder of the insurance cooperative and enjoying, in accordance with the policy, all the rights and privileges commonly and usually provided therein for the policyholders in general.
When the directors and officers of the Board have personal or representation interests in matters that somehow affect the insurance cooperative, they shall be subject to the duty of loyalty that compels them to act ethically and in harmony with the bylaws and norms of the insurance cooperative with respect to matters concerning the latter.
History —Ins. Code, added as § 34.121 on Nov. 12, 2007, No. 174, § 14, eff. 30 days after Nov. 12, 2007.