P.R. Laws tit. 26, § 4317
(1) If the principal representative of the international insurer determines or becomes aware of the probability of the insolvency of said insurer or that any of the event described in subsection (2) of this section have occurred, the principal representative shall notify the Commissioner thereof, in writing, within thirty (30) days, as of the date in which the principal representative made such determination or became aware of such probability.
(2) The events referred to in subsection (1) of this section and for which the notification by the principal representative is required are the following:
(a) If the international insurer:
(i) Substantially fails to comply with a condition imposed by the Commissioner with respect to the premium ratio, the liquidity ratio or any other ration of the insurer, or
(ii) fails to comply with any aspect of any other condition that is not related to such ratios.
(b) If the international insurer becomes involved in criminal proceedings in any jurisdiction.
(c) If the international insurer ceases to transact insurance.
(3) Any principal representative who fails to comply with his/her duties pursuant to this section shall incur in a violation of the provisions of this Code.
(4) The international insurer may not terminate the relationship with its principal representative without first having obtained permission to do so in writing from the Commissioner. The principal representative may not resign, unless he/she notifies the international insurer and the Commissioner in writing at least thirty (30) days in advance of the date on which such resignation shall take effect.
History —Ins. Code, added as § 61.170 on Sept. 22, 2004, No. 399, § 1, eff. 180 days after Sept. 22, 2004.