P.R. Laws tit. 26, § 951i
2019-02-20 00:00:00+00
For an insurance consultant contract to be binding it shall be executed in writing and submitted in duplicate by the contracting person or his/her legal representative and the consultant. The contract shall specify the services to be rendered and the fees to be paid.
Once his/her advice as insurance consultant is offered, the consultant shall submit to the person who received his/her services a written report specifying the advice, counsel, recommendations and information provided.
Violation of this provision shall entail an administrative fine of not less than five hundred dollars ($500) or of more than five thousand dollars ($5,000).
History —Ins. Code, added as § 9.243 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.