P.R. Laws tit. 26, § 8084
The Commission shall have the following powers and duties:
(a) To promulgate regulations pursuant to § 8087 of this title that shall have the force of law and bind the subscribing states as provided in the present Compact.
(b) To establish regulations and uniform standards for the products covered by the present Compact and their publicity; these shall have the force of law and bind the subscribing states only concerning the products introduced at the Commission; Provided, That the subscribing states shall be entitled to being excluded from said standard pursuant to § 8087 of this title. All standards established by the Commission for long-term care insurance products may offer greater protection to the consumers, but not less than the protection provided by the “Long-term Care Insurance Model Act” and the “Long-term Care Insurance Model Regulation of the National Association of Insurance Commissioners” (N.A.I.C.), respectively, adopted as of the year 2001. The Commission shall evaluate whether according to the subsequent amendments introduced to the “Long-term Care Insurance Model Act” and the “Long-term Care Insurance Model Regulation” of the N.A.I.C. it is necessary to amend the standards introduced by the Commission for long-term care insurance products.
(c) To receive, review and expeditiously approve the products and rates introduced at the Commission for disability compensation and long-term care insurance products according to the applicable uniform standard. Said approval shall have full force of law and bind the subscribing states.
(d) To receive and expeditiously approve all publicity material that meets the applicable uniform standard related to long-term care insurance products for which the Commission has adopted standards. The Commission shall be authorized to demand that the insurer present the totality or part of its publicity material for its review or approval as regards the products covered by the present Compact, besides the long-term insurance products. Should the Commission determine that the product is of such a nature that the publicity material related to said product might tend to deceive the citizenry, said material must be approved prior to its being used. The actions of the Commission shall have the force of law and bind the subscribing states.
(e) To regulate and designate the publicity products and material subject to a certification process conducted by those that issue said products and materials without the need for the prior approval of the Commission.
(f) To promulgate operating procedures pursuant to § 8087 of this title; these shall be of an obligatory nature with regard to the subscribing states.
(g) To initiate judicial actions on behalf of the Commission; Provided, That the active legitimacy of the state insurance commissioners shall not be affected to initiate suits or be sued pursuant to the applicable laws.
(h) To issue summons for appearance and witness testimonies and the introduction of evidence.
(i) To establish and maintain offices.
(j) To purchase and maintain insurance and bonds.
(k) To borrow, accept and contract personnel services, including but not limited to, employees of the subscribing state.
(l) To contract employees, professionals and specialists, select and appoint officers, fix their compensation, define their duties and grant them the suitable authority to implement the purposes of the present Compact, as well as to determine their qualification; establish the personnel standards of the Commission and the programs related to conflicts of interest, salary schedules and personnel qualifications, among other matters.
(m) To accept any donations and grants of money, equipment, supplies, materials and services and receive, use and dispose of the same; Provided, That the Commission shall avoid the appearance of irregularities.
(n) To lease, purchase and accept suitable donations of real, personal or mixed property and possess, own, improve or use the same; Provided, That the Commission shall avoid the appearance of irregularities.
(o) To sell, transfer, mortgage, assign, rent, exchange, abandon or otherwise dispose of any real, personal or mixed property.
(p) To pay the introduction fees of the subscribing states, as provided in the statutes, regulations or operating procedures.
(q) To ensure compliance by the subscribing states with the regulations, the uniform standards, the operating procedures and the statutes.
(r) To provide for the resolution of controversies among the subscribing states.
(s) To advise the subscribing states on matters related to the domiciled insurers or to those that operate in jurisdictions of the non-subscribing states, consistent with the purposes of this Compact.
(t) To provide advisory and training services to the personnel of the state insurance commissioners who are in charge of the review of the products and to serve as a resource for the state insurance commissioners.
(u) To establish a budget and make disbursements.
(v) To borrow money.
(w) To appoint commissions, including a consulting committee constituted by the state insurance commissioners, the legislators or their representatives, representatives of the insurance industry and of the consumers and any other interested persons that may be designated in the statutes.
(x) To provide and receive information from the agencies and cooperate with said agencies.
(y) [To] adopt a corporate seal.
(z) [To] conduct any other functions needed to achieve the purposes of the present Compact pursuant to state regulations for the insurance business.
History —Dec. 22, 2005, No. 161, art. 1.4.