P.R. Laws tit. 26, § 3505
(1) A domestic Lloyd’s may be authorized to transact insurance while it maintains on deposit in trust for the benefit of its policyholders and creditors, with the Secretary of the Treasury through the office of the Commissioner, surplus funds in amount equal to the paid-in capital required of a domestic stock insurer transacting like kinds of insurance.
(2) The insurer must be comprised of not less than twenty-five individual underwriters or insurers, each of whom must be worth in his own right not less than twenty-five thousand dollars ($25,000) over and above all his liabilities.
(3) In addition to the requirements of § 317 of this title, when applying for a certificate of authority for a domestic Lloyd’s insurer the attorney-in-fact shall file with the Commissioner a financial statement of recent date as to each component underwriter or insurer.
History —Ins. Code § 35.050.