P.R. Laws tit. 26, § 4310
(1) The international insurer shall prepare an annual statement of its true financial condition and its business transactions at the closing of the preceding fiscal year (the annual report):
(a) The annual report shall be prepared using the generally accepted accounting principles, provided that the notes of said report include a reconciliation of the difference between the net profit and the capital and surplus as stated in the annual report filed based upon statutory accounting principles. The Commissioner may establish through regulation the statutory accounting standards that may apply to international insurers.
(b) The annual report shall be audited by an independent certified public accountant, approved by the Commissioner and shall be authenticated with the sworn statement of at least two (2) of the principal officers of the international insurer or its attorney-in-fact in the case of a reciprocal international insurer.
(2) The international insurer shall file before the Commissioner a copy of its annual report, together with the notes thereto, before the last day of the fourth month following the international insurer’s preceding fiscal year. The Commissioner may, upon presentation of a just cause, approve the filing of the annual report in a fiscal year other than the one set forth in this chapter or grant a reasonable time extension for filing the annual report.
(3) In the case of the Class 2 Authority international insurer, the annual report shall be accompanied with the opinion of an actuary with respect to the adequacy of the reserves for losses and adjustment expenses at least once every two years, beginning with the first year of operations.
(4) In the case of a Class 3 or Class 4 Authority international insurer, the annual report shall always be accompanied with the opinion of an actuary with respect to the adequacy of the reserves for losses and adjustment expenses.
(5) All Class 5 Authority international insurers shall file in the manner provided by the Commissioner, together with its annual report, its actuary’s certification of its outstanding obligations with respect to the business transacted according to its Class 5 Authority.
(6) The international insurer may keep its books and records in currency other than United States dollars, provided that its annual report is converted to its equivalent in United States dollars.
(7) All international insurers shall also be subject to the provisions set forth in § 333 of this title.
(8) The international insurer may list its reserves in the annual report on a discounted basis, with the approval of the Commissioner.
History —Ins. Code, added as § 61.100 on Sept. 22, 2004, No. 399, § 1, eff. 180 days after Sept. 22, 2004.