P.R. Laws tit. 26, § 4511
(1) When the Commissioner so requests in writing, any foreign insurer shall submit before the Commissioner, a risk based capital report for the close of the preceding calendar year, by or before:
(a) The date on which, pursuant to § 4503 of this title, it is required that a local insurer submit a risk based capital report, or
(b) fifteen (15) days as of the date of notice by the Commissioner to the foreign insurer, requesting such a report.
Any foreign insurer shall, upon written request by the Commissioner, expeditiously submit before the Commissioner, a copy of any risk based capital plans submitted before the Insurance Commissioner of any other state.
(2) The Commissioner may require that the foreign insurer submit a risk based capital plan in the occurrence of an insurer action level event, a regulatory action level event, or an authorized control level event, as established in the legal provisions relative to risk based capital of the jurisdiction where the insurer is domiciled, or in its default, under the provisions of this chapter. In those cases in which the Commissioner of the jurisdiction of domicile does not so require from the foreign insurer, in contravention of the applicable legal provisions, the Commissioner may require that the foreign insurer submit a risk based capital plan. If in the judgment of the Commissioner, the foreign insurer fails to meet said requirement, such a failure shall be sufficient grounds to order the insurer to cease and desist from underwriting new policies in Puerto Rico.
(3) In the occurrence of a mandatory control level event in connection with a foreign insurer, if no liquidator has been appointed in the jurisdiction of domicile, in contravention of the legal provisions on liquidation and rehabilitation of insurers, the Commissioner may revoke the authorization of the foreign insurer.
History —Ins. Code, added as § 45.110 on Mar. 18, 2008, No. 32, § 1, eff. 1 year after Mar. 18, 2008.