P.R. Laws tit. 26, § 654
(1) Credit instruments or preferential debt.— An insurer may invest up to one hundred percent (100%) of its allowed assets in credit instruments issued, assumed, secured or insured by the United States or Puerto Rico; or a public agency, dependency, instrumentality or corporation of Puerto Rico or the United States; or a political subdivision or municipality of Puerto Rico; a State or enterprise sponsored by the governments of the United States, or any State, or Puerto Rico, if such instruments are assumed, secured or insured by the full faith and credit of said governments; or an enterprise that has been sponsored by the government of the United States, if such instruments maintain a triple AAA rating by a nationally recognized statistics rating entity; in obligations that are one hundred percent (100%) collateralized by the previously described credit instruments; or in stock and obligations issued by a Class One Bond Mutual Fund.
(2) Canadian credit instruments.— Subject to the limitations indicated in § 653(4) of this title, an insurer may invest up to twenty percent (20%) of its allowed assets in rated credit or debt instruments that have been issued, assumed, secured or insured by:
(a) Canada, or
(b) an enterprise sponsored by the government of Canada, if such instruments are assumed, guaranteed or secured by Canada or backed or secured by the full faith and credit of Canada.
(3) Other rated credit instruments and obligations.— Subject to the limitations indicated in § 653 of this title, an insurer may invest in the following rated credit instruments:
(a) Issued by a money market mutual fund of the government of the United States, or a Class One Money Market Mutual Fund;
(b) issued, assumed, guaranteed or secured by an enterprise sponsored by the government of the United States or Puerto Rico, other than those that qualify under subsection (1) of this section;
(c) issued, assumed, guaranteed or secured by a State of the United States, if the instruments are general obligations of the State;
(d) issued by a multilateral development bank, or
(e) issued, assumed, guaranteed or secured by an existing corporation under the laws of Puerto Rico or the United States, including, without being limited to obligations collateralized by mortgage loans and other obligations.
History —Ins. Code, added as § 6.080 on May 16, 2003, No. 130, § 1.