P.R. Laws tit. 26, § 411
2019-02-20 00:00:00+00
(1) An authorized insurer shall accept reinsurance only of those kinds of insurance which it is authorized to transact direct in Puerto Rico or elsewhere.
(2) No authorized insurer shall accept reinsurance in whole or in part of any risk resident, located, or to be performed in Puerto Rico which was insured as direct insurance by an insurer not then authorized to transact such insurance in Puerto Rico. This provision shall not apply with respect to life insurance or disability insurance or to surplus line insurance written pursuant to §§ 1001–1020 of this title.
History —Ins. Code § 4.110.