P.R. Laws tit. 26, § 4032
(1) The liquidator shall be given proof of every claim, in the form required by § 4033 of this title on or before the last day for filing specified in the notice required pursuant to § 4019 of this title, except that it shall not be necessary to present proof of claims for cash surrender values or other investment values in life insurance and annuities unless the liquidator expressly so requires.
(2) The liquidator may permit a claimant making a late claim to share in the distributions, whether past or future, as if the claim were not late, to the extent that the payment does not prejudice the orderly administration of the liquidation, under the following circumstances:
(a) The existence of the claim was not known to the claimant and he/she filed the same ninety (90) days after learning about it;
(b) A transfer to a creditor was voided pursuant to §§ 4023 and 4025 of this title, or was voluntarily surrendered pursuant to § 4026 of this title and the filing of the claim meets the provisions of § 4026 of this title.
(c) The valuation, pursuant to § 4038 of this title, of the security held by a secured creditor shows a deficiency which is claimed within thirty (30) days after the valuation.
(3) The liquidator shall permit late claims to share in the distributions, whether past or future, as if they were not late, if they are claims of a guaranty association or a foreign guaranty association for the reimbursement of paid covered claims, or for expenses incurred, or both, subsequent to the last day for filing and if the payments were made and the expenses incurred as provided by law.
(4) The liquidator may consider any claim filed late, which is not covered by subsection (2) of this section, and may permit it to receive distributions which were subsequently declared for claims of the same or lower priority if the payment does not prejudice the orderly administration of the liquidation. The claimant who files a claim belatedly shall receive at each distribution the same percentage of the amount allowed on his/her claim which is then being paid to claimants with a lower priority. The procedure shall so continue until his/her claim has been paid in full.
History —Ins. Code, added as § 40.320 on Aug. 17, 1991, No. 72, § 1; Dec. 14, 2007, No. 206, § 32.