P.R. Laws tit. 26, § 2941
(1) If an impairment of assets of a mutual insurer is not cured or to be cured from other sources, the insurer’s board of directors may, with the prior written consent of the Commissioner, make an assessment only on its members who, within the two years immediately preceding the date such assessment was authorized by its directors, held policies providing for contingent liability. The Commissioner shall not give such consent unless he deems the assessment and the continued operation of the insurer to be in the best interests of its policyholders.
(2) The assessment shall be for such an amount as is required, in the opinion of the Commissioner, to render the insurer fully solvent, but not to result in surplus in excess of five percent (5%) of the insurer’s liabilities as of the date of the assessment.
(3) A member’s proportionate part of any such assessment shall be computed by applying to the premium earned, during such two-year period, on his contingently liable policy or policies the ratio of the total assessment to the total premium earned during the same period on all contingently liable policies which are subject to the assessment.
(4) No member shall have an offset against any assessment for which he is liable, on account of any claim for unearned premium or loss payable.
(5) The member so assessed shall be liable to the insurer for payment of the assessment. In the case of a mutual life insurer, this liability may, with the consent of the Commissioner, be secured by a lien on behalf of the insurer upon any reserves held by the insurer which are available to the policyholder.
History —Ins. Code § 29.410.