P.R. Laws tit. 26, § 3506
(1) Notwithstanding the provisions of § 3505 of this title, when for any reason hurricane insurance on crops and plantations in Puerto Rico cannot be secured through other authorized insurers, or as surplus line coverage under §§ 1001–1020 of this title, or cannot be so secured at reasonable rates or on reasonable terms and conditions of coverage, the Commissioner is empowered to facilitate the obtaining of such insurance by agriculturists, through a special temporary authorization which he may grant at the request of any group of individual insurers under the Lloyd’s plan, made through the Secretary of Agriculture, and approved by the Governor.
(2) The Commissioner shall issue such authority for such period and upon compliance with such terms and conditions as he deems reasonable in view of the circumstances then existing. Such insurer shall not transact any insurance except against windstorm, hurricane, and related risks.
(3) The provisions of §§ 2801–2820 of this title (organization of domestic insurers) shall not apply with respect to an insurer formed pursuant to this section. The Commissioner may waive such other provisions of this title as are, in his opinion, not reasonably or practically applicable to such an insurer.
History —Ins. Code § 35.060.