P.R. Laws tit. 26, § 951j
No license as insurance consultant shall be issued or allowed to exist unless the applicant presents to the Commissioner and thereafter maintains in effect a bond in favor of the Commonwealth of Puerto Rico to answer for the damages that may be suffered by any party as a result of negligence in the fulfillment of his/her duties as consultant. The bond of the insurance consultant shall be effective at the date of effectiveness of the license. Said bond may be substituted by a professional liability policy for an amount equal to or greater than the bond required, subject to the approval of the Commissioner.
The bond shall be for an amount of not less than twenty-five thousand dollars ($25,000) and issued by a surety insurer authorized to conduct business in Puerto Rico. Said bond shall not be subject to cancellation except through a written notice to the Commissioner and to the licensee at least sixty (60) days prior to its cancellation date.
History —Ins. Code, added as § 9.244 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.