P.R. Laws tit. 26, § 3911
In addition to the powers and duties listed in other parts of this chapter:
(1) The Commissioner:
(a) Shall provide for the Association, by request of the Board of Directors, a list of the premiums of each member insurer in Puerto Rico and in any other corresponding state.
(b) Shall require the insurer to cover an impairment when declared and the amount thereof is determined, within the term specified in § 2939 of this title. Notice to the insurer shall be deemed as a notice to the stockholders, if any. Failure of the insurer to comply with said requirement shall not be an excuse for the Association to stop exercising its powers and duties established in this chapter.
(c) Shall be designated as liquidator or rehabilitator in any liquidation or rehabilitation proceeding of a domestic insurer.
(2) The Commissioner shall suspend or revoke, after notice and hearing, the certificate of authority to transact insurance in Puerto Rico of any member insurer who fails to pay an assessment due, or fails to comply with the plan of operations. As an alternative, the Commissioner may impose a penality on any member insurer who fails to pay an assessment due. This penalty shall not exceed five percent (5%) per month of the assessment due, but no penalty shall be less than one hundred dollars ($100) a month.
(3) Any member insurer may appeal any action of the Board of Directors or of the Association before the Commissioner, if the appeal is made within thirty (30) days following the final action appealed. If a member insurer appeals an assessment, the amount of the assessment shall be paid to the Association and shall be available for the Association to cover its obligations while the appeal is pending. If the appeal on the assessment is sustained, the amount paid erroneously or in excess shall be reimbursed to the member insurer. Any final action or order of the Commissioner shall be subject to judicial review by a court of competent jurisdiction.
(4) The liquidator, rehabilitator or conservator of an impaired insurer may notify all interested persons as to the effects of this chapter.
History —Ins. Code, added as § 39.110 on Aug. 17, 1991, No. 72, § 1.