P.R. Laws tit. 26, § 2952
(1) After the liquidation of the insurer has been completed, its obligations discharged, its remaining assets have been distributed to its stockholders, partners, or policyholders, and deposit in trust of undelivered funds, if any, has been made as provided in § 2949(6) of this title, the Commissioner shall make such examination of the insurer’s affairs as he may then deem necessary. When the report of such examination shows that such things have been properly accomplished, the insurer shall be so notified.
(2) Upon receiving such notice as to such examination, a majority of the insurer’s directors and its president and secretary shall execute in triplicate a certificate under oath setting:
(a) That the insurer has been fully liquidated.
(b) That all its obligations have been paid and discharged.
(c) That all its assets remaining after discharge of its other obligations have been distributed to its shareholders, members, partners or policyholders as entitled thereto.
(d) That as to any such shareholders, members, partners or policyholders to whom delivery of their respective portions of such assets could not be made within the ninety-day period provided therefor by law, the funds representing such undelivered assets have been deposited in trust for the benefit of, and to be delivered upon demand of and to, such shareholders, members, partners or policyholders, in a named financial institution, subject to escheat to the Commonwealth of Puerto Rico if not so demanded by the date, stated therein, as required by law.
(e) That such insurer corporation is thereby forever dissolved, such dissolution to be effective as of a date stated, which date shall be not less than ten, or more than thirty, days after date of filing of the certificate as provided in § 2953 of this title.
History —Ins. Code § 29.520; June 25, 1965, No. 86, p. 200, § 21.