P.R. Laws tit. 11, § 30
The Board shall adopt, within ninety (90) days following the date of its creation, the norms, criteria and procedures for the investment of the resources of the Corporation. For the adoption of such norms, criteria and procedures, the Board shall take into consideration the fiduciary nature of the functions of the Corporation attributable to its condition as insurer, its obligation to preserve the reserve funds so that they are available for suitable purposes, and the possibility of the Corporation being forced to liquidate investments in order to make special disbursements on account of benefits and to meet unexpected liquidity needs. The norms adopted thereof shall, in addition, establish the internal control systems that shall be observed for the execution of transactions related to the investment of the Corporation’s funds; the criteria, requirements and conditions for the selection and contracting of the fund administrators and bank custodians that shall effect the investments authorized by this chapter; and the evaluation of the investment transactions and objectives. The Board shall modify these norms from time to time, as required by market circumstances and the needs of the Corporation. The adoption of the norms, criteria and procedures for the investment of the Corporation’s resources shall follow the guidelines specified in this chapter.
History —Apr. 18, 1935, No. 45, p. 250, § 29; Apr. 22, 1942, No. 43, p. 454, § 1; Apr. 26, 1950, No. 124, p. 324, § 1; June 13, 1964, No. 50, p. 117, § 1; June 15, 1966, No. 47, p. 183, § 1; October 29, 1992, No. 83, § 3; renumbered as § 27 on July 1, 1996, No. 63, § 3.