P.R. Laws tit. 26, § 949j
(1) No insurer, general agent, manager or authorized representative of the insurer shall accept insurance applications transacted through a person who does not hold a license issued according to this Code for the kind of insurance transacted.
(2) No insurer, general agent, manager or producer shall pay any commission or compensation whatsoever for transacting insurance unless by the date the same is due the person entitled to the same holds a license issued pursuant to this Code for the kind of insurance transacted.
(3) No person shall accept any payment whatsoever as commission or compensation for transacting insurance, including commissions whose payment has been deferred or commissions payable for renewals, unless by the date the same is due said person holds a license issued pursuant to this Code for the kind of insurance transacted.
(4) An insurer or producer may pay or assign commissions or other valuable consideration, to a manager or persons who are engaged in the insurance industry outside of the jurisdiction of Puerto Rico and who do not sell, contract, negotiate, transact, or solicit insurance in Puerto Rico, provided, that said person is authorized to carry out insurance transactions or negotiations within their jurisdiction of domicile and that the payment does not violate the provisions regarding unlawful rebates and incentives established in § 2710 of this title.
History
—Ins. Code, added as § 9.061 on Jan. 19, 2006, No. 10, § 8; Dec. 28, 2010, No. 220, § 3; July 24, 2013, No. 81, § 1.