P.R. Laws tit. 26, § 949e
A general agent is the person appointed by an insurer as an independent contractor, or who is totally or partially on commission, with general powers or duties to inspect the execution and operations of the policy services of the insurer, to contract authorized representatives for the insurer, and to perform other functions the latter may confer pursuant to the terms of the contract, such as:
(1) Receive and accept business solicited or negotiated by producers.
(2) Compute rates.
(3) Countersign the policies.
(4) Issue endorsements, countersign and maintain records thereof.
(5) Train producers about the new products available.
(6) Process the loss experience.
(7) Process policy cancellations.
(8) Invoice and collect the corresponding premiums.
(9) Process and carry out the return of premiums.
(10) Process and carry out the payment of commissions to producers.
(11) Select risks according to the established underwriting guidelines.
Any general agent interested in acting as authorized representative shall be bound to meet the requirements established in this chapter to obtain a license as such.
History —Ins. Code, added as § 9.040 on Jan. 19, 2006, No. 10, § 8; Dec. 28, 2010, No. 220, § 1.