P.R. Laws tit. 26, § 2912
(1) Unless otherwise provided in the insurer’s bylaws, each member of a mutual insurer shall have one vote on each matter coming before meetings of members and regardless of the number of policies held by such member.
(2) Such vote may be either in person, or, if absent, by mail or proxy. No mailed vote shall be valid:
(a) Except as to matters of which full information in writing was received by the member before such vote was required to be sent.
(b) Unless signed by the member, and received by the insurer at its home office before convening of the meeting for which intended. No proxy shall be valid unless in writing signed by the member and filed with the insurer at its home office prior to the convening of the meeting for which intended. Every proxy shall be subject to revocation by the member, and shall not be valid after three years from the date it was given.
(3) Such an insurer may, by provision in its bylaws, establish reasonable qualifications for the right of a member to vote based solely upon any one or more of the following:
(a) Amount of insurance in the aggregate held by the member in the insurer.
(b) Type of policy or coverage.
(c) Length of time the member has been a policyholder.
(4) For the purposes of this section, the policyholder named in a group or blanket insurance contract shall be deemed to be the member of the insurer to the exclusion of the individuals insured thereunder.
(5) Every policy issued by a mutual insurer shall contain a concise statement of the voting rights of members.
History —Ins. Code § 29.120.