P.R. Laws tit. 26, § 9275
(a) The Commissioner shall issue or deny a certificate of authority to any applicant that files an application pursuant to § 9274 of this title. The Commissioner shall issue a certificate of authority provided that the following conditions are met:
(1) The requirements of § 9274 of this title have been fulfilled.
(2) The individuals responsible for conducting the applicant's affairs are competent, trustworthy, and possess good reputations, and have had appropriate experience, training, or education.
(3) The applicant is financially sound. In making this determination, the Commissioner may consider:
(A) The financial soundness of the applicant's arrangements for the provision of limited health services, and the minimum standard rates, deductibles, copayments, and other patient charges used in connection therewith;
(B) the adequacy of working capital, other sources of funding, and provisions for contingencies;
(C) any agreement for paying the cost of the limited health services or for alternative coverage in the event of insolvency of the limited health service organization, and
(D) the manner in which the requirements of § 9288 of this title will be fulfilled.
(4) The agreements with providers for the provision of limited health services contain the provisions required by § 9287 of this title.
(5) Any deficiencies identified by the Commissioner have been corrected.
(b) If the certificate of authority is denied, the Commissioner shall notify the applicant and shall specify the reasons for denial in the notice. The applicant shall have twenty (20) days from the date of receipt of the notice to request a hearing before the Commissioner.
History —Aug. 29, 2011, No. 194, added as § 16.050 on Aug. 23, 2012, No. 203, § 2, eff. 90 days after Aug. 23, 2012.