P.R. Laws tit. 26, § 304
To qualify and hold authority to transact insurance in Puerto Rico as insurer, an insurer must:
(1) Be a stock, mutual, reciprocal, cooperative or Lloyd’s insurer of the same general type as may be formed as a domestic insurer under this title, except, that no foreign insurer formed or transacting insurance upon the assessment plan shall be authorized to transact insurance in Puerto Rico. An insurer organized under special charter provisions shall indicate in its application for certificate of authority and in its policies that manner of operating in Puerto Rico.
(2) Have paid-in capital or surplus as specified and required under this title, based upon the type and domicile of the insurer and the kinds of insurance proposed to be transacted; except, that the amount of such capital or surplus shall not be less than would be required if the insurer proposed to transact in Puerto Rico all those kinds of insurance which it is then transacting elsewhere.
(3) Transact or propose to transact in Puerto Rico only those insurances which are among those authorized by its charter and among those it is authorized to transact in the state where is held its deposit hereinafter required, and only such insurance as meets the standards and requirements of this title.
(4) Be not ineligible for such authority by reason of any provision of its charter or law of the state or country of its domicile.
(5) In the case of a foreign insurer, be organized and continuously active for a term not less than five years immediately preceding the date of the application; Provided, That compliance with such requirement shall not be binding to subsidiaries wholly owned by authorized insured operating in Puerto Rico during the five years prior to the date on which the subsidiary applied for admission.
(6) Fully comply with, and qualify according to, the other provisions of this title. The Commissioner may refuse the authorization to do business in Puerto Rico to a stock insurer if the majority of stocks in circulation of said insurer are owned or controlled directly or indirectly by a single individual; or if one single individual has faculty to dispose freely of the assets of the insurer.
(7) [Repealed. Act Mar. 6, 1995, No. 28, § 1, eff. Mar. 6, 1995].
History —Ins. Code § 3.040; June 26, 1959, No. 84, p. 220, § 2; July 21, 1960, No. 147, p. 571, § 1; June 19, 1969, No. 48, p. 88, § 1; June 5, 1973, No. 98, p. 419, § 1; July 23, 1974, No. 151, Part 1, p. 695, § 1; March 6, 1995, No. 28, § 1; renumbered as § 3.030 on Dec. 21, 2010, No. 210, § 2, eff. 90 days after Dec. 21, 2010.