P.R. Laws tit. 26, § 3419b
(1) If the assets of an insurance cooperative suffer impairment, the Commissioner shall immediately determine the amount of the deficiency and so notify the insurance cooperative to cover it, whether by requiring its members to make an additional contribution or in any other way, within ninety (90) days after being notified.
(2) The deficiency shall be made up with cash or eligible assets pursuant to this Code for the investment of the funds of the insurance cooperative.
(3) For the purposes of this section, an insurance cooperative shall be considered as having impaired assets to the extent that its liabilities exceed its assets, both to be determined as provided in Chapter 5 of this Code, but including as liability any minimum surplus fund required to be maintained as authorization to transact the kinds of insurance underwritten.
(4) If the deficiency is not covered, offering proof thereof to the Commissioner, within such ninety (90)-day term, the insurance cooperative shall be considered insolvent and proceeded against pursuant to the provisions of this Code.
(5) If the deficiency is not made up, the insurer may not issue or deliver any policy after the expiration of such ninety (90)-day term. Any officer or director of the Board violating this provision or knowingly permitting the same to be violated shall incur a fine of not more than one thousand dollars ($1,000) for each violation.
History —Ins. Code, added as § 34.192 on June 25, 1965, No. 86, p. 200, § 9; Nov. 12, 2007, No. 174, § 22, eff. 30 days after Nov. 12, 2007.