P.R. Laws tit. 26, § 1813
(1) Any consumer credit insurance sold or issued with regard to loans or any other credit transaction shall be subject to the provisions of this chapter, except:
(a) Insurance subscribed in relation to a credit transaction that is secured by a first mortgage or deed of trust, and made to finance the purchase of real property or the construction of a residence on said property, or to refinance a previous credit transaction made for such purpose.
(b) Insurance sold as an independent transaction by an insurer and not related to an agreement or plan to insure the debtors of a creditor.
(c) Insurance for which a debtor is not charged separately and identifiably, as defined below.
(d) Collectable account insurance.
(2) The provisions of §§ 1401–1411 of this title shall also apply to credit life insurance, in all that which is not in conflict with the provisions of this chapter.
(3) The provisions of §§ 1701–1705 of this title shall also apply to credit disability insurance in all matters not in conflict with the provisions of this chapter.
History —Ins. Code, added as § 18.020 on Jan. 9, 1999, No. 15, § 2; Feb. 25, 2008, No. 19, § 1, eff. 90 days after Feb. 25, 2008.