P.R. Laws tit. 26, § 415
(1) Any authorized insurer, except the life insurance insurer, and as provided in the following subsection (2), shall keep, at all times, a ratio or rate between the net premiums underwritten, to their surplus, for policyholders, as defined in § 414(4) of this title, which shall not be greater than the rate established by the Commissioner through regulations.
(2) Nevertheless, the rate to be established by the Commissioner shall not be less than three dollars ($3) of underwritten premium for each dollar of surplus for the policyholders, except when due to prevailing circumstances in the insurance business of the country, the need to establish a smaller ratio between the premiums underwritten and the surplus arises, in which case the Commissioner shall hold a hearing, after a ten (10) day advance notice thereof, shall hear the interested parties, shall identify and evaluate the factors which affect the adequate direction of the index, and within thirty (30) days after the conclusion of the hearing, shall dictate the regulations which are in order, which shall be effective, pursuant to the provisions of § 204 of this title.
(3) The insurer who finds that he will exceed the limits established in subsection (2) of this section shall file a written petition before the Commissioner stating his arguments, and including the statistical evidence needed for the Commissioner to make an adequate determination as to whether he allows a larger rate or not.
History —Ins. Code, added as § 4.150 on May 6, 1983, No. 34, p. 57, § 2.