P.R. Laws tit. 26, § 3510
(1) The surplus of a Lloyd’s insurer shall be deemed to be impaired when the amount of its assets is less than the amount of its liabilities, including as a liability, for the purposes of this provision, the amount of its surplus required under this title for authority to transact the kinds of insurance it is authorized to transact.
(2) If the Commissioner at any time finds that sich an impairment of surplus exists, he shall give the attorney-in-fact written notice thereof and demand that the deficiency be cured within ninety days after the date of the notice. If the deficiency is not so cured, the Commissioner shall, upon expiration of such ninety-day period, revoke the insurer’s certificate of authority and proceed against it as an insolvent insurer pursuant to the provisions of §§ 4001–4024 of this title.
History —Ins. Code § 35.100.