P.R. Laws tit. 26, § 4209
No director, official or employee of the charitable organization shall be liable for the payment of any benefit provided by the annuity contract.
(1) No charitable organization shall discriminate or allow unreasonable discrimination between beneficiaries with the same life expectancy under life annuities of the same class when establishing the terms and conditions of the annuity contracts it issues.
(2) No charitable organization, per se or through others, shall give, offer, promise, grant, establish or pay, directly or indirectly, any asset or incentive to a donor to accept an annuity contract whose clauses and conditions are not those stated in the annuity certificate.
(3) The provisions of this Code shall be governed, as may be relevant, according to the provisions of the Civil Code of Puerto Rico concerning donations.
History —Ins. Code, added as § 42.090 on Aug. 12, 1999, No. 230, § 2.