P.R. Laws tit. 26, § 303
(1) No person shall act as an insurer and no insurer shall transact insurance in Puerto Rico except as authorized by a subsisting authority granted to it by the Commissioner, except as to such transactions as are expressly otherwise provided for in this title.
(2) No such authority shall be required for an insurer, formerly so authorized, to enable it to investigate and settle losses under its policies lawfully written in Puerto Rico, or to liquidate such assets and liabilities of the insurer (other than collection of new premiums) as may have resulted from its former authorized operations in Puerto Rico.
(3) An insurer not transacting new insurance business in Puerto Rico, but continuing collection of premiums on and servicing of policies remaining in force as to residents of or risks located in Puerto Rico, is transacting insurance in Puerto Rico for the purpose of premium tax requirements only and is not required to hold a certificate of authority therefor.
(4) As to an insurance coverage on a subject of insurance not resident, located, or expressly to be performed in Puerto Rico at time of insurance, and solicited, written, and delivered outside Puerto Rico, no such authority shall be required of an insurer as to subsequent transactions in Puerto Rico on account thereof.
History —Ins. Code § 3.030, renumbered as § 3.020 on Dec. 21, 2010, No. 210, § 2, eff. 90 days after Dec. 21, 2010.