P.R. Laws tit. 13, § 10
The income generated as a result of the provisions in § 9 of this title shall be used to defray the regular operating expenses of the Office of the Insurance Commissioner. It shall also be used to defray expenses related to job improvement; information systems; educational programs; scholarships for technical training of employees; the creation, through regulations to such effect, of internship programs in the OIC through the contracting of university students; additional compensation to assistants or employees of said OIC for professional or official services rendered in addition to their regular workday and the regular functions of said assistant or employee; and to carry out research and studies in the insurance field, collect statistics, create a unit to adequately supervise insurance companies and health services organizations, file legal actions, or intervene before judicial forums in cases vested with substantial public interest, sponsor lectures on the insurance field and initiatives of similar nature incurred by the Insurance Commissioner to effectively serve the insurance industry, protect the public interest, and maintain the highest level of excellence and professional competence in supervision and regulation.
Since the annual fee established in former § 207a and § 701, both of Title 26, may only be amended every five (5) years. At the end of each fiscal year the Commissioner shall retain any surplus remaining in the Insurance Industry Investigation and Examination Fund to defray the budgetary needs of the Office of the Insurance Commissioner when the Fund’s income is not sufficient to cover them. For Fiscal Year 2010-2011, the sum of thirteen million five hundred fourteen thousand dollars ($13,514,000) shall be transferred from the Insurance Industry Supervision and Regulation Fund to the Puerto Rico Economic and Social Support Fund. Furthermore, for Fiscal Year 2011-2012, the sum of eight million dollars ($8,000,000) shall be transferred from this Fund to the 2011-2012 Budget Support Fund. Provided, further, That for Fiscal Year 2016-2017, the sum of one million, two hundred thousand dollars ($1,200,000) in account number 0220000-239-081-1998 of the Department of the Treasury’s accounting system shall be transferred from this Fund to the “Special Education Students Service and Therapy Fund”, created by Act No. 73-2014. Provided, further, That for Fiscal Year 2016-2017, the sum of one million, five hundred thousand dollars ($1,500,000) shall be transferred from account 0220000-239-081-1998 or any other account created for the same purposes in the Department of the Treasury’s accounting system to the “Elections Support Fund”.
History —May 27, 1976, No. 66, § 2; July 26, 1979, No. 2, § 2; July 23, 1992, No. 36, § 3; June 29, 1996, No. 62, §§ 13, 14; June 30, 2008, No. 104, § 4; Aug. 1, 2010, No. 119, § 5; July 1, 2011, No. 109, § 1; July 22, 2016, No. 81, § 10.