P.R. Laws tit. 26, § 950i
The insurance producer license may only be issued and exist in connection with a natural person who meets the following requirements:
(1) To have attained eighteen (18) years of age and completed his/her high school education or its equivalent.
(2) To reside de facto in Puerto Rico and to have been a bona fide resident of Puerto Rico for at least one (1) years immediately prior to the date on which he/she solicits the license, except for non-resident producers authorized pursuant to § 951m of this title and except for general agents as provided in subsection (2) of § 951a of this title. Neither shall those individuals who transfer their residence from any state or jurisdiction of the United States and establish the same in a bona fide manner in Puerto Rico, be bound to comply with the residential requirement of one (1) year prior to soliciting a license, provided that at the time the license is solicited they meet the conditions established in subsection (1)(c) of § 950a of this title and that the state or jurisdiction from where they proceed has adopted the provisions of the Model Act for licensing producers approved by the National Association of Insurance Commissioners and provided that a similar privilege has been granted to a person residing in Puerto Rico.
(3) Be trustworthy and competent and be able to comply in other respects with § 949m of this title.
(4) Comply with the provisions of § 949n of this title about a controlled business.
(5) Pass any examination required pursuant to § 950a of this title.
(6) Shall not be a stockholder, member, partner, director, official, representative or employee of any other producer authorized to conduct business or who is conducting business in Puerto Rico nor to have an economic or financial interest or a contractual relationship in the field of insurance with a producer authorized to conduct business or who is conducting business in Puerto Rico.
(7) Provide satisfactory evidence of having complied with those continuing education requirements established by the Commissioner through rule or regulation.
(8) Have and maintain a place of business, as required by § 952c of this title.
(9) Present proof of financial responsibility required pursuant to § 951 of this title.
History —Ins. Code, added as § 9.170 on Jan. 19, 2006, No. 10, § 8; Dec. 28, 2010, No. 220, § 8; July 19, 2013, No. 63, § 1.