P.R. Laws tit. 26, § 3810
(1) The Commissioner:
(a) Shall notify the Association of the existence of an insolvent insurer not later than three days after receiving notice of the determination of insolvency. The Association shall be entitled to a copy of any action seeking an order of liquidation due to insolvency against a member insurer, at the time such a complaint is filed before a court of competent jurisdiction.
(b) At the request of the Board of Directors, shall provide the Association with a statement of the net direct written premiums subscribed by each member insurer.
(2) The Commissioner may:
(a) Request the Association to notify the insured of the insolvent insurer and any other interested party on the determination of insolvency and their rights under this chapter. The notice shall be served by mail to their last known address, if available, but if there should not be sufficient information available to serve notice by mail, it shall be sufficient to publish a notice once a week, for three consecutive weeks, in two newspapers of general circulation in Puerto Rico.
(b) Suspend or revoke, after notice and hearing, the certificate of authority to transact insurance in Puerto Rico of any member insurer who fails to pay an assessment when due, or fails to comply with the plan of operations. As an alternative, the Commissioner may levy a fine on any member insurer who fails to pay an assessment when due. Said fine shall not exceed five percent (5%) of the unpaid assessment per month, but no fine shall be less than one hundred dollars ($100) a month.
(c) Revoke the designation of a servicing facility if he/she finds that the claims are not being satisfactorily handled.
History —Ins. Code, added as § 38.100 on Aug. 17, 1991, No. 72, § 1.