P.R. Laws tit. 26, § 2819
(1) No foreign insurer or corporation of the kind enumerated in § 2806 of this title shall offer its securities or solicit capital funds in Puerto Rico without first obtaining permit therefor from the Commissioner.
(2) Application for such permit shall be executed by the applicant’s president and secretary, be authenticated by its corporate seal, and shall state:
(a) Applicant’s domicile, and date of organization.
(b) Full description of securities proposed to be sold, and price thereof.
(c) Reasonable detail as to uses to be made of proceeds.
(d) Compensation to selling agents in Puerto Rico.
(e) Such other information as the Commissioner may require.
(3) If, in the opinion of the Commissioner, the purposes of such proposed financing are proper, the financial condition of the issuer of the proposed securities is or will be satisfactory, and other aspects of the offering are fair and reasonable, he may, in his discretion, issue the permit upon such conditions and terms as he deems necessary for the reasonable protection of investors resident in Puerto Rico.
(4) All sales and solicitations under any such permit shall be by individuals licensed therefor pursuant to § 2813 of this title.
(5) Fees for such permit and licenses shall be as provided in § 701 of this title.
(6) Violation of this section shall be punished as provided in § 2806(2) of this title.
History —Ins. Code § 28.190.