P.R. Laws tit. 26, § 3326
2019-02-20 00:00:00+00
Upon the liquidation of a domestic reciprocal insurer, its assets remaining after discharge of its indebtedness and policy obligations, the return of any contributions to its surplus, and the return of any unused deposits, savings, or credits, shall be distributed to its subscribers who were such within the three full calendar years prior to the last termination of its certificate of authority according to such reasonable formula as is approved by the Commissioner; subject, however, to the right of the Commissioner to require extension of such eligibility period beyond such three years, if deemed by him to be necessary and practicable for an equitable distribution of assets.
History —Ins. Code § 33.260.