P.R. Laws tit. 26, § 4224
No person shall use a viatical settlement executed in the Commonwealth of Puerto Rico or provide to a viator a disclosure statement form in Puerto Rico unless they have been filed with the Commissioner for his/her approval. The Commissioner shall approve or deny the forms within sixty (60) days after being filed, unless said term is extended for an additional sixty (60) days, if the Commissioner notifies said extension within the initial sixty (60) days. Once the initial term has elapsed, if the Commissioner failed to notify the extension thereof, or the additional term without the Commissioner having denied the forms, it shall be understood that the same are approved. The Commissioner shall disapprove a viatical settlement form or disclosure statement form if, in the Commissioner’s opinion, the contract or provisions contained therein are unreasonable, contrary to the interests of the public, or otherwise misleading or unfair to the viator. At the Commissioner’s discretion, the Commissioner may require, through regulations, the submission of advertising material regarding the viatical settlements.
The provider shall submit to the Office of the Insurance Commissioner the viatical settlement purchase agreements solely for knowledge and information purposes.
History —Ins. Code, added as § 43.040 on Dec. 28, 2005, No. 164, § 2; Aug. 4, 2006, No. 147, § 24.