P.R. Laws tit. 26, § 235
(1) The Commissioner shall have the authority expressly conferred upon him/her by or reasonably implied from the provisions of this Code.
(2) The Commissioner shall discharge his/her duties and enforce the provisions of this Code. He/she shall likewise oversee for the enforcement of the public policy to be aimed at achieving the highest criteria of excellence and efficiency, properly protecting the public interest and tending to the needs of the times and the changes occurring or expected to occur in the insurance industry and in its regulations.
(3) The Commissioner may resort to any remedies, legal actions or proceedings as necessary or convenient to achieve the purposes of this Code or any law or regulation whose compliance or oversight has been entrusted to him/her, whether represented by the Secretary of Justice or upon his/her previous authorization, by his/her counselors. Furthermore, the Commissioner may designate an official from his/her Office to provide support and advice to the prosecutor of the Department of Justice who is entrusted with initiating a criminal proceeding for violations to the laws, regulations or orders under the administration of the Office.
(4) The Commissioner shall create the necessary structures to efficiently discharge the functions and responsibilities established by this Code.
(5) The Commissioner may appoint and fix the salary of the Deputy Commissioner, who shall have the authority of exercising any power and discharging any duty expressly delegated by the Commissioner or acting on his/her behalf.
(6) The Commissioner may appoint one or more aids and assistant commissioners as he/she may deem necessary to better achieve the purposes of the Office. In addition, he/she may hire or contract examiners, insurance technical staff, and certified public accountants. The Commissioner may contract professional and consulting services, subject to the standards that apply to the public service on this matter.
(7) The Commissioner may hire or contract any competent staff as necessary to carry out all the functions of the Office, including any necessary personnel to conduct investigations or examinations, subject to the provisions of this Code.
(8) Any power, duty or function, whether ministerial or discretionary, conferred to or bestowed upon the Commissioner by law, may be exercised, complied with or carried out by any employee or deputy upon whom the Commissioner has delegated such authority.
(9) The Commissioner may, upon previous notice to the Secretary of State of Puerto Rico, represent the Commonwealth of Puerto Rico and be a member of different regional or international organizations related to the insurance industry.
(10) The Commissioner shall dictate and notify any orders as he/she may deem necessary and adequate to enforce the provisions of this Code and any other law or regulation administered by him/her. The order shall state the grounds and legal provisions on which such order is dictated or action is to be taken, the order shall also state the date in which it shall take effect.
(11) The Commissioner may establish rules and regulations to make any provision of this Code effective and to regulate its own proceedings following the procedures established therefor in §§ 2101 et seq. of Title 3, known as the “Uniform Administrative Procedure Act”.
(12) The Commissioner may conduct investigations and examinations as he/she may deem necessary to ensure compliance with the provisions of the Code, its regulations, and orders so issued, and to obtain any useful information in the administration thereof. For such purposes, the Commissioner may use any mechanism he/she may deem necessary. The investigation or examination may extend to any person or entity that has or has had an insurance business and to any business entities or companies that have a business relationship with the former. The scope of the investigation or examination may extend outside of the jurisdiction of Puerto Rico.
(13) The Commissioner may accept, in his/her discretion, any report on an examination or investigation from any other insurance industry regulating agency in any other jurisdiction, in lieu of an examination or investigation by the Commissioner him/herself.
(14) The Commissioner shall have the authority to settle controversies on violations of the Code or the regulations thereunder, pursuant to the procedure set forth in the Uniform Administrative Procedure Act.
(15) The Commissioner shall have the authority to take oaths and statements, summon witnesses, compel their appearance, receive or gather evidence, and require the presentation of books, papers, mail, notes, agreements, or other documents or records deemed necessary by the Commissioner.
(16) The Commissioner may refer the parties in a controversy under his/her consideration to voluntarily undergo any alternative dispute resolution proceeding.
(17) The Commissioner shall have the authority to impose administrative sanctions and penalties for violations of this Code and the regulations approved thereunder and issue any pertinent remedy authorized in the Code.
History —Ins. Code, added as § 2.030 on Aug. 13, 2008, No. 263, § 7, eff. 3 months after Aug. 13, 2008.