P.R. Laws tit. 26, § 801
(1) The Secretary shall accept and hold in trust, when made through the Commissioner, deposits of securities or funds physically or electronically made by insurers; as follows:
(a) Deposits required for authority to transact insurance in Puerto Rico.
(b) Deposits of domestic or foreign insurers when made pursuant to the laws of other states, provinces, or countries as prerequisite for authority to transact insurance in such states, provinces or countries.
(c) Deposits in such additional amounts as are permitted to be made by § 806 of this title.
(2) All such deposits shall be held for the purposes specified in the law pursuant to which the deposit is made, or as specified in the Commissioner’s order if the deposit is made pursuant to the provisions of reciprocity contained in § 335 of this title.
(3) In order to make electronic deposits, a written agreement by the bank, the Secretary, the Commissioner, and the insurer shall be executed.
History —Ins. Code § 8.010; Aug. 4, 2008, No. 155, § 1.