P.R. Laws tit. 26, § 3307
(1) Twenty-five or more persons domiciled in Puerto Rico may organize a domestic reciprocal insurer and in compliance with this title make application to the Commissioner for a certificate of authority to transact insurance.
(2) When applying for a certificate of authority, the original subscribers and the proposed attorney shall fulfill the requirements of and shall execute and file with the Commissioner a declaration setting forth:
(a) The name of the insurer.
(b) The location of the insurer’s principal office, which shall be the same as that of the attorney and shall be maintained within Puerto Rico.
(c) The kinds of insurance proposed to be transacted.
(d) The names and addresses of the original subscribers.
(e) The designation and appointment of the proposed attorney and a copy of the power of attorney.
(f) The name and addresses of the officers and directors of the attorney, if a corporation, or of its members, if a firm.
(g) The powers of the subscribers’ advisory committee and the names and terms of office of the members thereof.
(h) A copy of the subscribers’ agreement.
(i) A statement that each of the original subscribers has in good faith applied for insurance of the kind proposed to be transacted, and that the insurer has received from each subscriber the full premium or premium deposit required for the policy applied for, for a term of not less than six months at the rate theretofore filed with and approved by the Commissioner.
(j) A statement of the financial condition of the insurer, a schedule of its assets, and a statement that the surplus as required by § 3308 of this title is on hand.
(k) A copy of each policy, endorsement, and application form it then proposes to issue or use.
(3) The declaration required by subsection (2) shall be acknowledged by each such subscriber and by the attorney before a notary public.
History —Ins. Code § 33.070.