P.R. Laws tit. 26, § 2938
(1) Each member of a domestic mutual insurer, except as otherwise provided in § 2942 of this title, shall have a contingent liability, pro rata and not one for another, for the discharge of its obligations incurred for the period during which the member was a policyholder. The contingent liability shall be in such maximum amount as is stated in the insurer’s articles of incorporation, but shall be not less than one, nor more than five, additional premiums for the member’s policy at the annual premium rate and for a term of one year.
(2) Every policy issued by the insurer shall contain a concise statement of the contingent liability.
(3) Termination of the policy of any such member shall not relieve the member of liability for his proportion of the obligations of the insurer incurred while the policy was in force.
(4) Such contingent liability shall be in addition to any liability of the member for unpaid premium or his other obligations.
(5) Any such contingent liability of members to assessment which has not been reduced to funds in hand does not constitute an asset of the insurer in any determination of its financial condition.
History —Ins. Code § 29.380.