P.R. Laws tit. 26, § 4234
The Commissioner shall have the authority to:
(a) Promulgate regulations within 180 days following the approval of this act.
(b) Establish standards for evaluating fairness of payments under viatical settlements for persons who are terminally or chronically ill. This authority includes, but is not limited to, regulation of discount rates used to determine the amount paid in exchange for assignment, transfer, sale, devise or bequest of a benefit under a life insurance policy.
(c) Establish appropriate licensing requirements, fees and standards to obtain and renew a license for viatical settlement providers and brokers.
(d) Require a mechanism for accountability of negligent acts to viatical settlement providers and brokers.
(e) Adopt rules governing the relationship and responsibilities of both insurers and viatical settlement providers and brokers during the viatication of a life insurance policy or certificate.
(f) Adopt rules governing the relationship and responsibilities of both viatical settlement investment providers and brokers during the purchase, sale or transfer process of viatical settlements.
History —Ins. Code, added as § 43.140 on Dec. 28, 2005, No. 164, § 2; Aug. 4, 2006, No. 147, § 30; Nov. 7, 2010, No. 166, § 6, eff. 90 days after Nov. 7, 2010.