P.R. Laws tit. 26, § 4314
The international insurer shall be subject to the provisions set forth in §§ 4001-4054 of this title, except that with respect to a Branch, only the assets in trust shall be considered as the estate of the insurer. Provided, That none of the aforementioned provisions with respect to a Branch shall be construed as a limitation on the power of the Commissioner as liquidator to establish claims against the insurer’s assets.
The protection provided by the insurance guaranty associations under §§ 3801-3819 and 3901-3918 of this title shall not apply to the international insurer, notwithstanding any reference made in §§ 4001–4054 of this title. Provided, further, That in the event of the insolvency of an international insurer, the definition of “assets” that appears in this chapter shall apply.
If a financial institution has granted financing to an international insurer, taking as guarantee or collateral securities or accounts in pledge, the liquidation of such securities or accounts by the financial institution as a set-off mutual credit in accordance with the financing contract to settle the debts of the international insurer, if it meets the requirements of § 4027(2) of this title, shall be subject to the exception provided in § 4005(5)(d) of this title with regard to the stay provided in § 4005(3) of this title.
History —Ins. Code, added as § 61.140 on Sept. 22, 2004, No. 399, § 1, eff. 180 days after Sept. 22, 2004; June 20, 2011, No. 98, § 1.