P.R. Laws tit. 26, § 4320
(1) An insurer organized pursuant to the laws of a state of the United States or of any foreign jurisdiction may be converted into an international insurer organized under the laws of Puerto Rico, provided that the international insurer is organized under the provisions of this Code and merges its operations with such insurer, pursuant to the provisions in §§ 2901–2954 of this title.
(2) The international insurer organized under this Code may, upon prior authorization from the Commissioner, transfer its domicile to a state of the United States or any other foreign jurisdiction to transact insurance business; Provided, That upon carrying out such a transfer, it shall cease to be an international insurer organized in Puerto Rico, and may be authorized in Puerto Rico if it meets the requirements of a branch. The Commissioner shall approve the proposed transfer, unless he/she determines that the transfer would be contrary to the interests of the policyholders of the international insurer or the sound administration of the insurer.
(3) The certificate of authority in effect at the time in which an international insurer transfers its corporate domicile to any state of the United States or to any other foreign jurisdiction by means of a merger, consolidation or any other legal method, at the discretion of the Commissioner, shall continue to be in full force and effect while the transfer is carried out if the international insurer is duly authorized to transact insurance in the jurisdiction to which its corporate domicile is transferred. All policies of the insurer being transferred that are in effect shall remain in full force and effect and shall not have to be endorsed with the new name or location of the insurer, unless so ordered by the Commissioner. All international insurers who transfer shall notify the Commissioner in advance of the details of the transfer and shall expedite the filing of all amendments to the corporate documents filed with, or required to be filed by, the Commissioner.
(4) The Commissioner may promulgate the regulations necessary for the implementation of the purposes of this section.
History —Ins. Code, added as § 61.200 on Sept. 22, 2004, No. 399, § 1, eff. 180 days after Sept. 22, 2004.