P.R. Laws tit. 26, § 321
The Commissioner may after a hearing refuse, suspend, or revoke an insurer’s authority to transact insurance, in addition to other grounds therefor in this title, if the insurer:
(1) Fails to comply with or violates any provision of this title, other than those as to which refusal, suspension, or revocation is mandatory for noncompliance or violation.
(2) Fails to comply with lawful rules and regulations under this title, or with any proper order of the Commissioner within the time properly allowed in such order.
(3) Is found by the Commissioner upon examination, or other evidence, to be in unsound condition or in such condition as to render its further proceedings hazardous to the public or to its policyholders.
(4) Usually compels claimants under its policies either to accept less than the amount due them or to bring suit against it to secure full payment thereof.
(5) Is under the same general management or interlocking directorate or ownership as another insurer which transacts direct insurance in Puerto Rico without having a certificate of authority therefor, except as permitted under §§ 1001–1020 of this title (surplus lines).
(6) Refuses to be examined, or if its directors, officers, employees or representatives refuse to submit to examination or give testimony concerning its affairs or to produce its accounts, records, and files for examination by the Commissioner when required, or refuse to perform any legal obligation relative to the examination.
(7) Fails to pay or satisfy any final judgment rendered against it in Puerto Rico upon any policy, bond, contract, or undertaking issued or guaranteed by it, within sixty days after the judgment became final or within sixty days after time for taking an appeal has expired, or within sixty days after dismissal of an appeal before final determination, whichever date is the later.
(8) If a stock insurer and the majority of the stocks in circulation of said insurer are owned or controlled directly or indirectly by one single individual; or if a stock insurer where one single individual has faculty to dispose freely of the assets of said insurer.
(9) With a view to preventing the existence of relations leading or tending to lead to an unreasonable restriction or to a monopoly of the insurance business, the Commissioner may determine after an investigation that there exists a relationship of control directly or indirectly similar to that described in Article 9.080(3) between the insurer and any of the institutions described in § 320(3) of this title.
History —Ins. Code § 3.210; June 19, 1969, No. 48, p. 88, § 2; July 23, 1974, No. 151, Part 1, p. 695, § 5.