P.R. Laws tit. 26, § 951a
(1) A producer is not a representative of an insurer and does not have the power through his own acts to bind the insurer regarding a risk or in reference to any insurance transaction, unless the producer has subscribed a contract with the insurer through which he/she is conferred the authority to act as his/her authorized representative in the transaction of one or more kinds of insurance subscribed by the insurer. Said appointment shall be notified to the Commissioner pursuant to the provisions of § 949 l of this title.
(2) In those cases whereby the an insurer wishes to appoint a producer as his/her authorized representative for transacting insurance, the latter shall subscribe a contract with said producer through which shall be established, among other things, the payment of commissions, the collection of premiums, the termination of the contractual relationship and whether said representation shall be of an exclusive nature.
History —Ins. Code, added as § 9.210 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.