P.R. Laws tit. 26, § 4049
(1) If a domiciliary liquidator has been appointed for an insurer not domiciled in Puerto Rico, the Commissioner may request that the Court of First Instance appoint him/her as ancillary administrator in Puerto Rico:
(a) If he finds that there are sufficient assets of the insurer located in Puerto Rico to justify the appointment of an ancillary receiver;
(b) if it is so required for the protection of the creditors or the policyholders in Puerto Rico.
(2) The court may issue an order appointing an ancillary receiver in any terms it may deem appropriate. The filing or recording of the order with the Property Registry in Puerto Rico shall impart the same notice given to third parties by a deed, bill of sales or other evidence of title duly filed or recorded with the Property Registry.
(3) When a domiciliary liquidator has been appointed in a reciprocal state, the ancillary receiver appointed in Puerto Rico may, whenever necessary, aid and assist the domiciliary liquidator to recover the insurer’s assets located in Puerto Rico. The ancillary receiver shall liquidate, as soon as practicable, those special deposit claims and secured claims which are proved and allowed in the ancillary proceedings in Puerto Rico from their respective securities, and shall pay the necessary expenses of the proceeding. He/she shall promptly transfer all the remaining assets, books, accounts and records to the domiciliary liquidator. Pursuant to this section, the ancillary receiver and his/her assistants shall have the same powers and the same obligations with respect to the administration of assets as the liquidator of an insurer domiciled in Puerto Rico.
History —Ins. Code, added as § 40.490 on Aug. 17, 1991, No. 72, § 1; Dec. 14, 2007, No. 206, § 47.