P.R. Laws tit. 26, § 950h
(1) A corporation may obtain a license as producer for the sale of variable products provided it complies with the provisions of § 950g of this title, with all applicable provisions of the Puerto Rico Uniform Securities Act and its Regulations and with those other requirements that the Commissioner, the Commissioner of Financial Institutions, or both acting jointly, may establish through rule, regulation, order or administrative determination.
(2) A natural person interested in obtaining a license of an individual nature for the sale of variable products must comply with the provisions of §§ 949m and 950i of this title, with all applicable provisions of the Puerto Rico Uniform Securities Act and its Regulations and with those requirements that the Commissioner, the Commissioner of Financial Institutions, or both acting jointly, may establish through rule, regulation, order or administrative determination.
(3) The Commissioner shall suspend the license of any authorized producer to whom the Office of the Commissioner of Financial Institutions, the National Association of Securities Dealers or the Securities Exchange Commission has suspended its authorization for the sale of securities. In the case of corporations, the Commissioner shall remove from the license of the corporation the person suspended or expelled and shall allow the license of the corporation to exist while it complies with all provisions of this chapter.
History —Ins. Code, added as § 9.161 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.