P.R. Laws tit. 26, § 4319
This section shall only apply to those international insurers organized under this Code.
International insurers shall organize pursuant to the provisions in §§ 2801–2810, 2901–2954 and 3301–3328 of this title, as may apply, subject to the following:
(1) It shall not be required that a minimum of the incorporators, organizers, directors, members or officers of any international insurer, as provided in §§ 2801–2810, 2901–2954 and 3301–3328 of this title, be citizens or residents of the United States or residents of Puerto Rico, unless it is so required by the articles of incorporation, the bylaws or other organizational document of the international insurer.
(2) Any meeting of the shareholders, incorporators, organizers, directors or members of the international insurer that is required to be held in Puerto Rico due to any provision in §§ 2801–2810, 2901–2954 and 3301–3328 of this title, may be held outside of Puerto Rico or via telephone, if so provided in the articles of incorporation, bylaws or other organizational document of said insurer.
(3) No incorporator, organizer, director, member or officer of an international insurer shall be prevented from being selected or acting in such capacity under any provision in §§ 2801–2810, 2901–2954 and 3301–3328 of this title solely for the reason that such person owns an interest or has any relationship with a financial firm, a securities brokerage or a business of any other type, whether as director, employee or in any other capacity.
(4) It shall not be required that any director or officer of an international insurer, due to any provision in §§ 2801–2810, 2901–2954 and 3301–3328 of this title, be a shareholder or member, in the case of a mutual insurer, of the international insurer, unless it is so required in the articles of incorporation, bylaws or any other organizational document of the international insurer.
(5) The articles of incorporation, the certificate of authority or any other statement or evidence of the authority of the international insurer shall state the class or classes of authority, as provided in § 4302 of this title, for which the international insurer is authorized, and shall not be limited by the classes of insurance defined in §§ 401–415 of this title.
(6) An international insurer that is a stock corporation may be incorporated by one or more incorporators.
(7) The par value of the stock of the international insurer may not be less than the equivalent of one dollar ($1). Provided, That, upon prior authorization from the Commissioner, the articles of incorporation may be amended to reduce the par value of the shares.
(8) The requirement of prior approval from the Commissioner established in §§ 2930 and 2931 of this title for unsecured loans and the repayment thereof shall not apply to the international insurer, but the Commissioner may impose such a requirement by regulations.
(9) Sections 2806–2817 of this title shall apply to the international insurer solely with respect to solicitation or subscriptions of Puerto Rico residents.
(10) Sections 2803, 2907(1) (last sentence), 2920(6), 2922, 2925, 2926(2), 2932, 2933(2), 2934, 2935, 2938(1) (final phrase beginning with “but not less than”), 2939(5) (the words “sections 501 through 515 of”), 2946(b) and 3307(2)(k) shall not apply to the international insurer. Provided, however, That the prohibition for officers and directors contained in § 2923 shall not apply to the international insurers, provided that the articles of incorporation, bylaws or any other organizational document provide for such transactions to be carried out.
History —Ins. Code, added as § 61.190 on Sept. 22, 2004, No. 399, § 1, eff. 180 days after Sept. 22, 2004.