P.R. Laws tit. 13, § 11
The Commissioner is hereby authorized to lend funds to syndicates or joint underwriting associations created pursuant to the Puerto Rico Insurance Code or other special legislation, from the unencumbered resources in the budget authorized to cover operating expenses of the Office of the Insurance Commissioner in existence in the funds and accounts created by §§ 9 et seq. of this title, those funds that, according to said official’s criteria and upon petition by any syndicate or joint underwriting association, are required to strengthen the economic solvency of a syndicate or joint underwriting association and comply with the purposes for which they were established, or to assist the Insurance Commissioner in conducting studies on the insurance issues to promote the development and growth of the insurance industry in Puerto Rico. The loans thus granted shall be made with no guarantee from the assets of the syndicate or joint underwriting association, and shall comply with the provisions of § 2930 of Title 26. The amounts disbursed shall be returned to the Commissioner, when he/she deems that the financial situation of the syndicate or joint underwriting association allows it, and allowing the reimbursement to be made in partial installments. The Board of Directors of the syndicate or joint underwriting association to which a loan had been granted pursuant to this legislation, shall determine, together with the Commissioner, the manner and time in which said partial installments shall be made.
Likewise, the Insurance Commissioner is empowered to make contributions from the unencumbered resources in the budget authorized to cover operating expenses of the Office of the Insurance Commissioner in existence in the funds and accounts created by §§ 9 et seq. of this title, in favor of the “Workers Provisional Group Insurance Fund”, with the purpose of increasing the resources available to provide assistance to the Puerto Rican workers served by the fund. Said contributions shall not exceed, the contributions made by the Department of Labor and Human Resources to the fund in any fiscal year.
History —May 27, 1976, No. 66, added as § 3 on Sept. 2, 2000, No. 374, § 1.