P.R. Laws tit. 26, § 3404
An insurance cooperative may organize under this chapter to underwrite insurance with its members and other sponsors:
(1) Eleven or more persons of legal age who are residents of Puerto Rico and who join in their capacity as consumers may incorporate an insurance cooperative. It being understood by “consumers” those persons who are to obtain the insurance services rendered by the cooperative.
(2) The incorporators must sign and certify in triplicate before a notary public the articles of incorporation.
(3) If the articles of incorporation comply with the provisions of this Code, the Commissioner shall endorse his/her approval thereon to that effect. One copy of said articles shall be filed in the Office of the Secretary of State, another in the Office of the Commissioner and the third copy shall be returned to the insurance cooperative. Once these copies are so filed the incorporation shall be deemed made.
(4) The fees for such filing shall be as provided in §§ 701–706 of this title and no additional fee shall be charged therefor by the Secretary of State.
History —Ins. Code, added as § 34.040 on June 26, 1959, No. 84, p. 220, § 1; Nov. 12, 2007, No. 174, § 5, eff. 30 days after Nov. 12, 2007.