P.R. Laws tit. 26, § 4046
(1) If a domiciliary liquidator has not been appointed, the Commissioner may request by verified petition that the Court of First Instance issue an order for the Commissioner to act as conservator of the property in Puerto Rico of an alien insurer not domiciled in Puerto Rico or a foreign insurer on one or more of the following grounds:
(a) Any of the grounds established in § 4009 of this title.
(b) That property of the insurer has been sequestered through official action in his/her domiciliary state, or in any other state.
(c) That a considerable portion of his/her property has been sequestered in a foreign country giving reasonable cause to fear that the insurer is or may become insolvent.
(d)
(1) That his/her certificate of authority to do business in Puerto Rico has been revoked, or that none was ever issued, and
(2) that there are residents of Puerto Rico with outstanding claims or policies in force.
(2) When an order is requested pursuant to subsection (1) of this section, the court shall cause the insurer to be given notice and shall grant it ten (10) days to respond.
(3) The court may issue the order in the terms it deems appropriate. The recording of the order with the Clerk of the Court of First Instance in the area where the main office of the insurer is located, or where the main business of the aforesaid is conducted, and in the case of real estate, with the Property Registrar where the same is located, shall have the same effect of notice as a deed, bill of sale or any other evidence of title duly filed and recorded with the Property Registrar would have on third parties.
(4) The conservator may at any time petition the court and the Court may grant an order pursuant to § 4047 of this title to liquidate the assets of a foreign or alien insurer under conservator, or, if appropriate, an order under § 4049 of this title to be appointed ancillary receiver.
(5) The conservator may at any time petition the court for an order terminating the conservation of an insurer. If the court determines that the conservation is no longer necessary, it shall order that possession of property and control of business be restored to the insurer and may order the insurer to reimburse the conservator the expenses incurred by him/her during the proceeding for the conservation of the property of the insurer. The court may also arrive at this conclusion and issue such an order on the motion of any interested party, but if such a motion is denied, the petitioner shall pay all costs that may be imposed.
(6) The conservator may liquidate property of the insurer, if necessary, in order to defray the expenses incurred in the initiation of the proceedings and the administration of the property of the insurer, as provided by this section.
History —Ins. Code, added as § 40.460 on Aug. 17, 1991, No. 72, § 1; Dec. 14, 2007, No. 206, § 44.