P.R. Laws tit. 26, § 4503
(1) By or before March 31 of every year, all local insurers shall prepare and submit before the Commissioner, a report on their risk based capital level at the close of the preceding calendar year, with such information and in such a manner as required in the risk based capital instructions. Furthermore, all local insurers shall submit their risk based capital report:
(a) Before the NAIC pursuant to the risk based capital instructions, and
(b) before the Insurance Commissioner in any state in which the insurer is authorized to underwrite insurance policies, if said Insurance Commissioner has given written notice of his/her request to the insurer, in which case the insurer shall submit its risk based capital report by or before the later date between:
(i) Fifteen (15) days as of the date of receipt of the notice of the requirement of submitting the risk based capital report before said state, or
(ii) on March 31.
(2) If the local insurer submits before the Commissioner, a risk based capital which, in the judgment of the Commissioner, is inaccurate, the Commissioner shall adjust said report to correct the deficiency and shall notify the insurer of the adjustment and the reason therefor. The report that has been so adjusted shall be denominated “revised risk based capital report” or “revised report”.
History —Ins. Code, added as § 45.030 on Mar. 18, 2008, No. 32, § 1, eff. 1 year after Mar. 18, 2008.