P.R. Laws tit. 26, § 4048
(1) The domiciliary liquidator of an insurer domiciled in a reciprocal state shall be vested, except regarding special deposits and security on secured claims pursuant to § 4049(3) of this title, with the title to all the assets, property, contracts, rights of action, balances of authorized representatives and all the books, accounts and other records of the insurer located in Puerto Rico. The date of vesting shall be the date of filing the petition, if that is the date specified in the domiciliary law for the vesting of property title in the domiciliary state. Otherwise, the date of vesting shall be the date of issue of the order to take possession of the property. The domiciliary liquidator shall have the immediate right to recover balances due from authorized representatives and obtain possession of the books, accounts and other records of the insurer located in Puerto Rico. He/she shall also have the right to recover all other assets of the insurer located in Puerto Rico, subject to the provisions of § 4049 of this title.
(2) Full faith and credit shall be given to all statutory provisions of reciprocal states and to orders issued by courts of competent jurisdiction in relation to the appointment of a rehabilitator, liquidator or administrator of an insurer, and any related proceeding.
(3) If a domiciliary liquidator is appointed for an insurer not domiciled in a reciprocal state, the Commissioner of that state shall be vested, by operation of law, with the title to all the property, contracts and rights of action, and over all the books, accounts and other records of the insurer located in Puerto Rico, at the same time that the domiciliary liquidator is vested with the title in the domicile. The Commissioner of Puerto Rico may request a conservation or liquidation order pursuant to § 4046 or 4047 of this title, or for an ancillary administration under § 4049 of this title or may, with the approval of the Court of First Instance, transfer title to the domiciliary liquidator, as the interests of justice and the equitable distribution of the assets require.
(4) Claimants residing in Puerto Rico may file claims with the liquidator or the ancillary administrator, if any, in Puerto Rico, or with the domiciliary liquidator, if allowed under the domiciliary law. The claims shall be filed on or prior to the last date fixed for filing claims in the domiciliary liquidation proceedings.
History —Ins. Code, added as § 40.480 on Aug. 17, 1991, No. 72, § 1; Jan. 19, 2006, No. 10, § 9; Dec. 14, 2007, No. 206, § 46.