P.R. Laws tit. 26, § 4308
(1) No certificate of authority shall be issued to any international insurer, unless it possesses and maintains intact capital and surplus:
(a) Of not less than five hundred thousand dollars ($500,000) in the case of a Class 1 Authority insurer;
(b) of not less than seven hundred fifty thousand dollars ($750,000) in the case of a Class 2 Authority insurer;
(c) of not less than one million five hundred thousand dollars ($1,500,000) in the case of a Class 3 Authority insurer;
(d) of not less than one hundred million dollars ($100,000,000) in the case of a Class 4 Authority insurer, and
(e) in the case of a Class 5 Authority insurer, not less than seven hundred fifty thousand dollars ($750,000) of capital and surplus, in addition to the requirements for other classes of authority.
(2) With respect to the sums provided in subsection (1) of this section, the insurer shall have and maintain a minimum capital of:
(a) Not less than five hundred thousand dollars ($500,000) in the case of a Class 1, Class 2 or Class 3 Authority insurer;
(b) not less than two million dollars ($2,000,000) in the case of a Class 4 Authority insurer;
(c) in the case of a Class 5 Authority insurer, not less than seven hundred fifty thousand dollars ($750,000) of capital in addition to any other capital required for another authority class.
(3) The Commissioner may prescribe additional sums of capital and surplus according to the type, volume and nature of the insurance transactions to be carried out.
(4) The portion corresponding to capital shall be maintained in assets, as defined in this chapter. Provided, That, subject to the approval of the Commissioner, the capital may be maintained in an irrevocable letter of credit in the amount and in compliance with the requirements established by the Commissioner by rules or regulations.
(5) The portion corresponding to surplus may be held in assets as defined in this chapter or in an irrevocable letter of credit, issued by a Puerto Rico bank or a bank that is a member of the Federal Reserve System, and approved by the Commissioner. The Commissioner may establish through regulations the requirements for accepting letters of credit to be used for this purpose.
(6) In Puerto Rico, at all times, an international insurer shall maintain whichever is less among the following:
(a) The capital and surplus it is required to maintain pursuant to subsection (1) of this section, or
(b) five million dollars ($5,000,000).
History —Ins. Code, added as § 61.080 on Sept. 22, 2004, No. 399, § 1, eff. 180 days after Sept. 22, 2004.