P.R. Laws tit. 26, § 335
(1) If by or pursuant to laws of any state or country any premium tax or income tax or other taxes, or any fees, fines, penalties, licenses, deposit requirements or other obligations, prohibitions, or restrictions are imposed upon Puerto Rico domiciled insurers doing business in such state or country, or upon its agents therein, which are in excess of such taxes, fees, fines, penalties, licenses, deposit requirements, or other obligations, prohibitions, or restrictions directly imposed upon insurers of such other state or country doing business in Puerto Rico, so long as such laws continue in force or are so applied, the same obligations, prohibitions, and restrictions of whatever kind may be imposed, at the Commissioner’s discretion, upon insurers of any such state or country doing business in Puerto Rico.
Any tax or obligation imposed by any city, county, or other political subdivision of a state or country on Puerto Rico domiciled insurers shall be deemed to be imposed by such state or country, and the Commissioner may, for the purpose of this section, compute the burden of any such tax or obligation on an aggregate statewide or countrywide basis as an addition to the rate of tax payable by similar Puerto Rico domiciled insurers in such state or country.
This subsection shall not apply to ad valorem taxes on real or personal property or to personal income taxes.
(2) If a state or country refuses to recognize deposits maintained in Puerto Rico pursuant to §§ 313 and 314 of this title by an insurer authorized to transact insurance in Puerto Rico, and to allow credit for such deposit as, or upon, any similar deposit requirement under the laws of such state or country, the Commissioner may refuse or revoke the certificate of authority to transact insurance in Puerto Rico of any insurer domiciled in such state or country.
History —Ins. Code § 3.350.