P.R. Laws tit. 26, § 8092
The Commission shall pay or provide for the payment of reasonable expenses incurred for its establishment and organization. In order to subsidize the cost of its initial operations, the Commission may accept contributions and other types of subsidies from the National Association of Insurance Commissioners, the subscribing states and other sources. The contributions and other types of subsidies from other sources shall be of such a nature that the independence of the Commission with respect to the performance of its duties shall not be in doubt.
The Commission shall collect introduction fees from any insurer or third party intermediary that introduces a produce before the Commission and its personnel, whose total shall be sufficient to cover the annual budget of the Commission.
The budget for the Commission for the fiscal year shall not be approved until it has been presented and discussed as provided in § 8087 of this title.
The Commission shall be exempt from any taxation in the subscribing states or taxation exercised by these.
The Commission shall not pledge the credit of any subscribing state except if the Commission is given the corresponding legal authority by said subscribing state.
The Commission shall keep an account of all internal revenues, including subsidies and donations as well as of the disbursement of all funds under its control. The internal financial accounts of the Commission shall be subject to the accounting procedures provided in the statutes. The financial accounts and reports, including the internal control systems and procedures of the Commission, shall be audited annually by an independent certified public accountant. At least every three (3) years said accountant shall include an administrative and performance audit of the Commission. The Commission shall present an annual report to the Governor and to the Legislatures of the subscribing states that shall include a report of the independent audit. The internal accounts of the Commission shall not be confidential and all documents must be shared with the Commissioners who subscribe this Compact once these request them; Provided, That only those work documents related to internal or independent audits, to individual personal information and to the confidential information of the insurers, including business secrets, shall remain confidential.
No subscribing state shall be entitled to present a claim for or reclaim the title of any property of the Commission over which the Commission has a vested right nor any of the funds of the Commission possesses pursuant to the provisions of the present Compact.
History —Dec. 22, 2005, No. 161, art. 1.12.