P.R. Laws tit. 13, § 9
There is hereby created in the books of the Secretary of the Treasury a special account denominated “Insurance Industry Supervision and Regulation Fund”, hereinafter known as the “Fund”, and it is directed that there be covered into said special account the monies paid by every entity, body or person to the Secretary of the Treasury on account of the following: (1) examination expenses and fees, analysis and investigation of the Insurance Industry operations conducted by the Insurance Commissioner pursuant to the legislation in force or approved thereafter, including the fines and interest imposed, as well as every other expense incurred by the Office of the Insurance Commissioner as a result of said examinations and investigations; (2) presentation and registration fees of basic insurance policy forms, application forms, endorsement or rider forms, rate manuals, schedules of rate, classification of risks and rating plans which are subject to approval or registration in accordance with §§ 1111, 1205 and 1908 of Title 26; (3) publications sold by the Insurance Commissioner; (4) fees for participation in courses and seminars offered by the Office of the Insurance Commissioner; pursuant to Rule LII of the Rules and Regulations of the Insurance Code for Puerto Rico, any regulations approved to such effects, and (5) every income generated by the payment of presentation fees, licenses and others, provided in § 701 of Title 26.
The Insurance Commissioner is hereby authorized to adopt adequate rules and regulations to fix the filing and registration fees, and the fees on account of participation in the seminars and courses mentioned in the preceding paragraph. Nevertheless, the fees for participating in seminars and courses shall never be higher than those fixed by the insurance industry for similar seminars and courses.
The moneys appropriated by the Commonwealth of Puerto Rico to the Office of the Insurance Commissioner shall also be covered into the Fund.
History —May 27, 1976, No. 66, p. 186, § 1; July 26, 1979, No. 2, p. 918, § 2; June 4, 1983, No. 90, p. 218, § 2; June 19, 1987, No. 43, p. 143, § 2; July 23, 1992, No. 36, § 2.