P.R. Laws tit. 26, § 320
The Commissioner shall refuse to renew the authorization of an insurer to transact insurance, or may revoke or suspend said authorization when said insurer, in addition to other reasons prescribed in this Code:
(1) Is a foreign insurer and no longer qualifies or meets the requirements for the authority; or, is a domestic insurer and fails to make good a deficiency of assets as required by the Commissioner.
(2) Has knowingly exceeded its charter powers or its certificate of authority.
(3)
(a) Does not meet the requirements established in § 304-1 of this title.
(b) Said insurer has a relationship with a financial institution other than those defined in § 304-1(4) of this title, and said financial institution does not comply with the provisions of § 304-1(b)(2) of this title.
(c) Has a direct or indirect relationship with a depository institution or a financial holding company, pursuant to § 304-1(6) of this title and Article 9.070(3) of this Code, and said institution or company fails to comply with the applicable provisions and requirements of the Gramm-Leach-Bliley Act to maintain said relationship, in accordance with the final decision made by the federal regulatory agency with jurisdiction over said matter.
History —Ins. Code § 3.200; June 5, 1973, No. 98, p. 419, § 10; July 23, 1974, No. 151, Part 1, p. 695, § 4; Mar. 28, 1995, No. 28, § 4; Sept. 6, 2000, No. 382, § 3.