P.R. Laws tit. 26, § 2932
(1) A domestic insurer may transact in another state or country such insurance as it may be authorized to transact in Puerto Rico; and for the purpose thereof may issue policies containing such provisions as may be required or permitted by the laws of such state or country, subject, however, to approval of the Commissioner if required pursuant to § 1111(6) of this title.
(2) If the Commissioner finds, after a hearing thereon, that continued operation of such insurer in any such state or country constitutes a threat to or impairment of the solvency of the insurer or the protection of its policyholders in Puerto Rico and elsewhere, the Commissioner shall order the insurer to discontinue assumption of new risks in such state or country within such reasonable time as shall be specified in the order, and the insurer shall not assume any new risks in such state or country after such date and while such order remains in effect.
(3) If such insurer is transacting insurance in any state or country wherein it has not fully qualified as an authorized insurer, the Commissioner may order the discontinuance of such transactions if a similar restraint with respect to transactions in Puerto Rico is imposed by public authority upon insurers domiciled in such state or country.
History —Ins. Code § 29.320.