P.R. Laws tit. 26, § 949i
(1) No person in Puerto Rico shall act as or pretend to be an insurance producer, authorized representative, general agent, solicitor, adjuster, or consultant unless he/she holds a license therefor, pursuant to this chapter.
(2) No producer or solicitor may transact or accept applications for any kind of insurance for which he/she does not hold a license nor procure or place said application for others.
(3) No producer may act or state that he/she acts as authorized representative of an insurer unless there is a written contract subscribed to those effects between the latter and the insurer.
(4) A person who is not a resident of Puerto Rico who sells, solicits, or negotiates a contract of insurance for commercial property or casualty risks to an insured with risks located in more than one state insured under that contract, does not need to obtain a producer license in Puerto Rico, provided that the person is otherwise licensed as an insurance producer in the state where the insured maintains its principal place of business and the contract of insurance insures risks located in that state.
(5) Violations against subsections (1), (2) or (3) of this section shall be deemed as violations of this Code subject to the sanctions provided in this chapter. Furthermore, said violations shall be deemed misdemeanors punishable with a fine of not less than five hundred dollars ($500) nor more than fifteen thousand dollars ($15,000).
(6) No person shall be issued a license in more than one of the following classifications: producer, authorized representative, general agent, solicitor, adjuster, or consultant; except that a person holding an authorized representative license may obtain a license as a general agent and proxy, and a producer may obtain a license of consultant. Provided, That a person who holds both a producer and consultant license at the same time, shall not receive commissions or other valuable consideration for both under the same insurance or insurable object.
(7) The Commissioner shall supply the forms required in relation to the application, issue or termination of any license required by this chapter.
History —Ins. Code, added as § 9.060 on Jan. 19, 2006, No. 10, § 8; Dec. 28, 2010, No. 220, § 2.