P.R. Laws tit. 26, § 950g
(1) A partnership or corporation shall only be licensed as producer, general agent, adjuster, or consultant, subject to the following requirements:
(a) In the case of a partnership, every partner or member shall appear on said license and meet its requirements as if they were holders of individual licenses. A license in the name of a partnership may only be issued when it is proven, to the satisfaction of the Commissioner, that the company name has been registered in the Mercantile Registry.
(b) In the case of a corporation, at least one (1) of its directors must appear on the license and meet its requirements as if he/she were the holder of an individual license. Likewise, every person designated to act on behalf of the corporation in one or more of the kinds authorized pursuant to the license, must appear on the license and meet its requirements regarding said kinds as if he/she were the holder of an individual license. Such persons designated to act on behalf of the corporation with regards to one or more kinds of insurance in particular, may only transact or contract, on behalf of the corporation, said kind or kinds of insurance. Thus, none of the persons designated to act on behalf of the corporation may contract more kinds of insurance than those for which they have been authorized under the license of the corporation. A license may be issued only to a corporation organized pursuant to the laws of Puerto Rico with its main place of business in Puerto Rico. All other directors, officials, and those stockholders who have substantial financial interest in the corporation, either directly or indirectly, must meet the requirements listed in § 949m of this title.
(c) When the entity to be licensed is a savings and credit cooperative, organized pursuant to the laws of Puerto Rico, at least one (1) executive officer must appear on the license and meet its requirements as if he/she were the holder of an individual license. Likewise, every person to be designated to act on behalf and in representation of the cooperative in the transaction of one or more of the kinds of insurance authorized pursuant to the license must appear on the license and meet its requirements regarding said kind or kinds of insurance as if he/she were the holder of an individual license. Such persons may only transact on behalf of the cooperative, the kind or kinds of insurance for which they were authorized. Provided, That only a license as producer may be issued to the cooperative as provided by § 949m of this title and only with respect to cooperative insurers authorized pursuant to this Code.
(d) Any corporation subsidiary of a savings and credit cooperative that applies for a license shall be subject to the provisions of clause (b) of this subsection.
(2) A license may not be issued to a partnership or corporation unless it is proven, to the satisfaction of the Commissioner that the business it intends to conduct is legally within the scope of the partnership contract or the articles of incorporation.
(3) Except for the exceptions contained in § 951m of this title, only those persons who reside in Puerto Rico may be designated in the license of the partnership or the corporation. A person designated to act as the person authorized on the license of a partnership or a corporation may not, at the same time, represent another partnership or corporation or obtain a license of any kind whatsoever in his/her individual capacity until his/her capacity as such ceases.
(4) The Commissioner shall charge for every person in excess of three (3), who is designated on the license as producer or general agent of the partnership or corporation, the fees provided in § 701 of this title for the individual license as producer or general agent, as the case may be. In the case of a license as adjuster or consultant, the Commissioner shall charge for every person in excess of one (1) who is designated on the partnership or corporation license, the fees provided in § 701 of this title for licenses as adjuster or consultant, as the case may be.
(5) The partnership or corporation holding a license must notify the Commissioner about any application for bankruptcy, voluntary dissolution and merger or consolidation and about any change in its members, directors and officers, as well as in any of the persons designated in its license not later than fifteen (15) days as of the date of the application, transaction or change. The notice shall be accompanied by all the documentation that credits the transaction executed. The information herein required shall remain confidential and not be subject to public inspection.
(6) The Commissioner may, through rule or regulation, establish requirements in addition to those herein contained.
History —Ins. Code, added as § 9.160 on Jan. 19, 2006, No. 10, § 8; Dec. 28, 2010, No. 220, § 7.