P.R. Laws tit. 26, § 949l
(1) No producer may act as authorized representative of an insurer, unless he/she subscribes a contract with the insurer through which the insurer authorizes the producer to negotiate insurance on behalf and in representation of the insurer.
(2) The appointment of a producer as authorized representative of an insurer shall be notified to the Commissioner in the manner prescribed by the latter within the fifteen (15) days following the date on which the contract is subscribed for such a purpose. The insurer shall keep the contract subscribed between the insurer and the producer accessible for the inspection of the Commissioner.
(3) The cancellation of the contract subscribed between the insurer and the producer for the negotiation of insurance shall be notified to the Commissioner in the manner prescribed by the latter within the fifteen (15) days following the date on which the contract was cancelled.
History —Ins. Code, added as § 9.063 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.