P.R. Laws tit. 26, § 238
(1) The Commissioner, Chief Deputy Commissioner, or any other deputy or employee shall not have, any direct or indirect, financial interest in any insurer or agency, or insurance transaction, except as policy holders or claimants under the policy. The public employees of the Office shall act as provided in §§ 1801 et seq. of Title 3, known as the “Ethics in Government Act of the Commonwealth of Puerto Rico” and any violation of the same shall be subject to its provisions.
(2) The Commissioner may hire or contract any competent insurance personnel inasmuch as there is no conflict of interests, as provided by the Ethics in Government Act of the Commonwealth of Puerto Rico.
(3) The Commissioner, when engaging in repeated conduct, may revoke the certificate of authority of any insurer or the license of any license holder pursuant to this Code, who knowingly, violates the provisions of this section. In any case and according to the particular circumstances, the Commissioner may impose any other applicable sanctions pursuant to the Code. No certificate of authority or license thus revoked may be restored, within one (1) year after such revocation.
History —Ins. Code, added as § 2.060 on Aug. 13, 2008, No. 263, § 7, eff. 3 months after Aug. 13, 2008.