P.R. Laws tit. 26, § 4202
The Commissioner may, at his discretion, issue a special license to charitable organizations to subscribe life annuity agreements known as annuities, with donors in Puerto Rico. The license will authorize the charitable organization to receive cash donations or properties, conditioned to or in exchange for an agreement to pay a life annuity or annuity payments to the donor or to the person designated by the donor, and to issue and execute said annuity contract. It shall also submit evidence that it has been duly registered in the Department of State of Puerto Rico.
No charitable organization may make or issue an annuity contract in Puerto Rico before obtaining a special license issued according to the provisions of this Code.
History —Ins. Code, added as § 42.020 on Aug. 12, 1999, No. 230, § 2.