P.R. Laws tit. 26, § 3641

2019-02-20 00:00:00+00
§ 3641. Exemption of certain societies

Nothing contained in this chapter shall be so construed as to affect or apply to:

(a) Domestic societies which limit their membership to employees of a particular city or town, designated firm, business house or corporation which provide for a death benefit of not more than four hundred dollars ($400) or disability benefits of not more than three hundred fifty dollars ($350) to any person in any one (1) year, or both, or

(b) domestic societies or associations of a purely religious, charitable or benevolent description, which provide for a death benefit of not more than four hundred dollars ($400) or for disability benefits of not more than three hundred fifty dollars ($350) to any one (1) person in any one (1) year, or both.

Any such society or association described in subsection (a) or (b) supra which provides for death or disability benefits for which benefit certificates are issued, and any such society or association included in subsection (b) which has more than one thousand members, shall not be exempted from the provisions of this chapter, but shall comply with all requirements thereof.

No society which, by the provisions of this section, is exempt from the requirements of this chapter, shall give or allow, or promise to give or allow to any person any compensation for procuring new members.

Every society which provides for benefits in case of death or disability resulting solely from accident, and which does not obligate itself to pay natural death or sick benefits shall have all of the privileges and be subject to all the applicable provisions and regulations of this chapter, except that the provisions thereof relating to medical examination, valuations of benefit certificates, and incontestability, shall not apply to such society.

The Commissioner of Insurance may require from any society or association, by examination or otherwise, such information as will enable him to determine whether such society or association is exempt from the provisions of this chapter.

Societies exempted under the provisions of this section shall also be exempt from all other provisions of the insurance laws of Puerto Rico.

History —Ins. Code, added as § 36.410 on June 13, 1964, No. 55, p. 122.