P.R. Laws tit. 26, § 2921
(1) The insurer’s officers shall consist of a president, vice president, treasurer, secretary, and such other officers as may be necessary and provided for in the bylaws. All officers shall be elected by the board of directors, and shall have such qualifications, such powers and duties, and serve for such terms as may be prescribed in the bylaws.
(2) Unless otherwise required by the bylaws, no officer other than the president need be a stockholder, director, or member of the insurer.
(3) One of such officers shall be corporate secretary, who shall, among his other duties, keep the corporate records on which he shall enter or cause to be entered actions of the board of directors and meetings of members and the voting thereon. The secretary shall take an oath faithfully to perform the duties of his office.
(4) The officials of the insurer cannot be officials or directors of any of the institutions described in § 304-1 of this title. None of the provisions herein shall prevent a person from serving as an official of an insurer if he/she holds office as director of the financial holding company or the depository institution with which said insurer has a direct or indirect relationship as owner, subsidiary or affiliate, provided said relationship complies with the applicable provisions and requirements of the Gramm-Leach-Bliley Act.
[Provided, That every insurer who fails to comply with this subsection on the date it takes effect shall have three years from its effectiveness to comply therewith.]
History —Ins. Code, § 29.210; July 23, 1974, No. 151, Part 1, p. 695, § 12; July 20, 1979, No. 165, p. 420, § 9; Sept. 6, 2000, No. 382, § 12.