P.R. Laws tit. 26, § 4510
(1) The Commissioner may approve regulations as he/she deems necessary to adequately implement this chapter.
(2) The Commissioner shall have discretion, on a case-by-case basis, to exempt a local insurer from any of the provisions of this chapter, if the reason for which such insurer fails to comply with the risk based capital levels responds to compliance with other practices allowed under other provisions of the Code.
Property and casualty insurers may also be exempted if they meet the following criteria:
(a) They underwrite direct premiums only in Puerto Rico;
(b) they underwrite direct annual premiums for $2,000,000 or less, and
(c) they do not assume reinsurance greater than five percent (5%) of the annual direct premiums they have underwritten.
(3) Regulations shall establish a transition period whereby the Insurance Commissioner shall establish a staggered term, within a five (5)-year period and contingent upon the volume of premiums underwritten, for compliance with this act. Said term shall begin to transpire at the time this act is rendered effective.
History —Ins. Code, added as § 45.100 on Mar. 18, 2008, No. 32, § 1, eff. 1 year after Mar. 18, 2008.