P.R. Laws tit. 26, § 4306
(1) The Commissioner shall refuse to renew, revoke or suspend the authorization of an international insurer:
(a) If it is a branch and does not qualify or meet the requirements for such authorization.
(b) If it is an insurer organized under this chapter and ceases to cover any capital deficiency, as required by the Commissioner.
(c) If the international insurer knowingly acted beyond the powers stated in the articles of incorporation or its certificate of authority.
(2) The Commissioner may refuse to renew, revoke or suspend the authorization certificate of an international insurer if:
(a) The insurer fails to comply with or contravenes any of the provisions in this chapter, apart from the provisions with respect to which the refusal to renew, suspension or revocation is mandatory in case of noncompliance or contravention;
(b) there is failure to comply with any regulation approved pursuant to this chapter or with any order of the Commissioner, duly notified in said order, within the term granted thereto, or
(c) for any of the reasons provided in subsections (3) and (6) of § 321 of this title.
(3) An international insurer organized under the provisions of this Code, whose authorization is revoked and who maintains a solvent financial situation shall be liquidated, pursuant to the voluntary liquidation procedures provided in §§ 2948–2953 of this title, as may apply; Provided, That:
(a) The notification required by § 2948(2) of this title shall be deemed as issued on the date of the revocation of the certificate of authority.
(b) Until the certificate of dissolution provided in § 2953 of this title is submitted, the international insurer shall continue to enjoy any tax exemption conferred upon it by virtue of this chapter.
(4) Any trust constituted pursuant to the provisions of § 4318 of this title, by an international insurer that operates as a branch to which the certificate of authority is revoked and which maintains a solvent financial situation, shall be liquidated according to the procedure established in the deed of trust. Provided, That said insurer shall continue to enjoy any tax exemption conferred upon it by virtue of this chapter until the liquidation procedures provided herein are concluded.
History —Ins. Code, added as § 61.060 on Sept. 22, 2004, No. 399, § 1, eff. 180 days after Sept. 22, 2004.