P.R. Laws tit. 26, § 2935
2019-02-20 00:00:00+00
(1) The directors of a domestic mutual insurer may from time to time apportion and pay or credit to its members as entitled thereto under its policies, dividends only out of that part of its surplus funds which represent net realized savings and net realized earnings from its business.
(2) No dividend shall be paid which reduces the insurer’s surplus below an amount equal to five percent (5%) of all its liabilities.
(3) A dividend otherwise proper, may be payable out of such savings and earnings even though its total surplus may then be less than the aggregate of its contributed surplus.
History —Ins. Code § 29.350.