P.R. Laws tit. 26, § 2939
(1) If the capital stock of a stock insurer, or the assets of a mutual insurer, become impaired, the Commissioner shall at once determine the amount of the deficiency and serve notice upon the insurer to make good the deficiency, either by requiring its stockholders (if a stock insurer) or its members (if a mutual insurer) to make good the deficiency or otherwise, within ninety days after service of such notice.
(2) The deficiency shall be made good in cash, or in assets eligible under this title for the investment of the insurer’s funds, or by reduction of the insurer’s capital stock (if a stock insurer) to an amount not below the minimum required for the kinds of insurance to be thereafter transacted.
(3) If the deficiency is not made good and proof thereof filed with the Commissioner within such ninety-day period, the insurer shall be deemed insolvent and shall be proceeded against as authorized by this title.
(4) If the deficiency is not made good, the insurer shall not issue or deliver any policy after the expiration of such ninety-day period. Any officer or director who violates or knowingly permits the violation of this provision shall be subject to fine of not over one thousand dollars ($1,000) for each violation.
(5) For the purposes of this section, a mutual insurer shall be deemed to have an impairment of assets to the extent that its liabilities exceed its assets, both determined as provided in Chapter V, but including as a liability any surplus required to be maintained for authority to transact the kinds of insurance being transacted.
History —Ins. Code § 29.390.