P.R. Laws tit. 26, § 3422
The provisions in §§ 2801–2820 of this title, which regulate the organization of insurers, shall not apply to insurance cooperatives, with the exception of the section that establishes a prohibition on constituting an insurer that depends on the payment of assessments, premiums for assessments or contributions made among its policyholders or members. Neither shall the provisions of §§ 2901–2954 of this title which regulate on [sic]the corporate powers and procedures of domestic stock and mutual insurers apply, with the exception of the sections on general corporate powers, on regular and special assemblies, on management and exclusive agency; contracts, on limitation of expenses, mutuals, on accounts, vouchers for expenditures, on borrowed funds, on repayment of borrowed funds, on transactions in other countries, on illegal dividends, penalties, on merger or consolidation, on effect of merger or consolidation, on voluntary liquidation and dissolution, on voluntary liquidation; administration, on voluntary liquidation; powers of the Commissioner, on voluntary liquidation; certificate of authority, on voluntary liquidation, certificate of dissolution, and on filing of certificate; effective date of dissolution, inclusive.
Insurance cooperatives shall not be subject to the provisions of the General Corporation Law, §§ 2601 et seq. of Title 14.
History —Ins. Code, added as § 34.220 on June 26, 1959, No. 84, p. 220, § 1; June 25, 1965, No. 86, p. 200, § 11; Nov. 12, 2007, No. 174, § 26, eff. 30 days after Nov. 12, 2007.