P.R. Laws tit. 26, § 3413
(1) The Board shall elect its officers. Provided, That any director who is elected for the first time and who has no experience or studies in the field of insurance shall not be an officer of the Board.
(2) The chief executive officer of the administration of the insurance cooperative does not have to be a member of an affiliate cooperative, but if he/she is, he/she may not be a proxy thereof at the same time. Provided, That such person shall not at the same time be a director of the Board of Directors of the insurance cooperative.
(3) No director may receive any compensation or bonus as such director, beyond the assigned travel expenses and per diems during the days in which he/she may attend Board meetings or activities related to the insurance cooperative by direction of the Board itself, be it in the insurance area, or because of its nature as a cooperative. The directors shall be entitled to be reimbursed of the necessary expenses incurred by them in the performance of their officer duties. They shall also receive per diems for each meeting they attend or for each day they engage in activities thereof. The per diem to be received by the directors shall be established in the bylaws established by the Board for such purposes. The directors may be granted such life insurance or other insurance that shall protect the cooperative as well as the officer in his/her functions, without it being understood to a compensation or bonus.
(4) No person may act as a director, an administration officer and an employee of the insurance cooperative at the same time.
(5) Every administration officer or employee who in the performance of his/her duty intervenes with or handles cash shall furnish a bond. The amount of the bond shall be determined by the Board of Directors. The premium or cost of the bond shall be defrayed by the insurance cooperative.
History —Ins. Code, added as § 34.130 on June 26, 1959, No. 84, p. 220, § 1; July 20, 1979, No. 165, p. 420, § 11; Dec. 13, 1990, No. 36, p. 1545, § 5; Nov. 12, 2007, No. 174, § 15, eff. 30 days after Nov. 12, 2007.