P.R. Laws tit. 26, § 3312
(1) Concurrently with the filing of the declaration provided for in § 3307 of this title, the attorney of a domestic reciprocal insurer shall file with the Commissioner a bond running to the Commonwealth of Puerto Rico. The bond shall be executed by the attorney and by an authorized corporate surety, and shall be subject to the Commissioner’s approval.
(2) The bond shall be in the penal sum of twenty-five thousand dollars ($25,000), conditioned upon the attorney’s faithfully accounting for all monies and other property of the insurer coming into his hands, and his not withdrawing or appropriating for his own use from the funds of the insurer any monies or property to which he is not entitled under the power of attorney.
(3) The bond shall provide that it is not subject to cancellation unless thirty days’ advance notice in writing of intent to cancel is given to both the attorney and the Commissioner.
History —Ins. Code § 33.120.