P.R. Laws tit. 26, § 4326
(1) The Division of International Insurers and Reinsurers of the Office of the Commissioner of Insurance is hereby created for purposes of the administration of the provisions [of] this chapter, under the supervision of the Commissioner.
(2) The Commissioner may establish regulations and, from time to time, amend them, as well as issue orders pertaining to international insurers as needed so that the Commissioner may properly supervise compliance with the provisions in this chapter.
(3) The Commissioner may exempt, by means of regulation or order, certain international insurers from the provisions in this chapter that the Commissioner determines as inadequate, given the nature of the risk to be insured.
(4) No business transaction shall be null or annullable for the sole reason that at the pertinent time in the transaction one of the parties fails to comply with a provision of this chapter.
(5) The international insurer shall be subject to the provisions set forth in §§ 201–232 and §§ 117 and 321a of this title, as well as all regulations promulgated thereunder.
(6) The Commissioner may establish one or more regulations, categories, or special designations to classify those international insurers that, in accordance with § 4305 of this title, have obtained an authorization to transact insurance as Class 1 Authority, Class 2 Authority, Class 3 Authority, Class 4 Authority, or Class 5 Authority, or a combination thereof, and that also meet, on a voluntary basis, the requirements or rules established under said regulations for such purposes.
History —Ins. Code, added as § 61.260 on Sept. 22, 2004, No. 399, § 1, eff. 180 days after Sept. 22, 2004; June 20, 2011, No. 98, § 4.