P.R. Laws tit. 26, § 2905
Subject to other applicable provisions of this title and of the Constitution of the Commonwealth of Puerto Rico, an incorporated insurer has artificial personality, and has power:
(1) To have succession in its name as an artificial person for the duration of its existence.
(2) To sue and be sued in its own name.
(3) To have and use a seal as an [juridical] person. The insurer shall register its seal in the Commissioner’s office.
(4) To acquire, hold, hypothecate, convey, and otherwise manage, use, and dispose of real and personal property.
(5) To transact insurance.
(6) To conduct its affairs through its directors, officers, employees, and representatives duly thereunto authorized.
(7) To make, modify, and rescind bylaws governing its corporate procedures and the conduct of its affairs.
(8) To exercise, subject to law and the express provisions of the articles of incorporation, all such incidental and subsidiary powers as may be necessary or convenient to the attainment of the objectives set forth in such articles.
History —Ins. Code § 29.050.