P.R. Laws tit. 26, § 3634

2019-02-20 00:00:00+00
§ 3634. Examination of domestic societies

The Commissioner of Insurance, or any person he may appoint, shall have the power of visitation and examination into the affairs of any domestic society and he shall make such examination at least once in every three years. He may employ assistants for the purpose of such examination, and he, or any person he may appoint, shall have free access to all books, papers and documents that relate to the business of the society. The minutes of the proceedings of the supreme legislative or governing body and of the board of directors or corresponding body of a society shall be either in the English or Spanish language. In making any such examination the Commissioner of Insurance may summon as witnesses under oath and examine its officers, agents and employees, and other persons in relation to the affairs, transactions and condition of the society. A summary of the report of the Commissioner of Insurance and such recommendations or statements of the Commissioner of Insurance as may accompany such report, shall be read at the first meeting of the board of directors or corresponding body of the society following the receipt thereof, and if directed so to do by the Commissioner of Insurance, shall also be read at the first meeting of the supreme legislative or governing body of the society following the receipt thereof. A copy of the report, recommendations and statements of the Commissioner of Insurance shall be furnished by the society to each member of such board of directors or other governing bodies. The expense of each examination and of each valuation, including compensation and actual expense of examiners, shall be paid by the society examined or whose certificates are valued, upon pertinent statements of accounts furnished by the Commissioner of Insurance.

History —Ins. Code, added as § 36.340 on June 13, 1964, No. 55, p. 122.