P.R. Laws tit. 26, § 313
(1) No insurer organized under the laws of a state of the United States may be authorized to transact insurance in Puerto Rico, unless it deposits and maintains on deposit assets worth not less than fifty percent (50%) of the amount of the paid-in capital if a stock insurer, or surplus if a mutual, cooperative, reciprocal or Lloyd’s plan insurer, as required to be maintained for the kind or kinds of insurance to be offered in Puerto Rico notwithstanding the provision contained in § 304(2) of this title. Provided, That in no case shall said deposit be greater than one million dollars ($1,000,000).
(2) The deposit, among other reasonable purposes of protection of policyholders and/or creditors, shall be for the protection of all the insurer’s policyholders, or for all its policyholders and creditors, in Puerto Rico.
(3) The deposit shall be made in trust with the Secretary of the Treasury of the Commonwealth of Puerto Rico, through the Office of the Commissioner; except that the Commissioner, provided that by the laws of the state where the insurer is domiciled is extended a similar privilege to insurers domiciled in Puerto Rico, may accept, in lieu of a deposit, or any part thereof, in Puerto Rico, the certificate of the public official having the supervision over insurance in a state, showing that a deposit by such insurer, or like part thereof, is being maintained in trust in such state for the purpose stated in subsection (2) of this section, if the total deposit in Puerto Rico and that evidenced by such certificate or certificates is an amount not less than that required under subsection (1) of this section.
(4) Assets so deposited in Puerto Rico shall be administered as provided in §§ 801–809 of this title.
History —Ins. Code § 3.130; June 5, 1973, No. 98, p. 419, § 6; July 23, 1974, No. 151, Part 1, p. 695, § 2; July 20, 1979, No. 154, p. 395, § 5; Dec. 16, 2003, No. 303, § 3.