P.R. Laws tit. 26, § 951m
(1) The Commissioner may grant a license as nonresident producer to any person who comes from a state or jurisdiction of the United States that has adopted the provisions of the Model Act for Licensing Producers approved by the National Association of Insurance Commissioners and that grants to a resident producer in Puerto Rico a similar privilege, provided the person:
(a) Holds a license as producer duly issued by the Insurance Commissioner of the state or jurisdiction from whence he/she comes, subject to having that state or jurisdiction issue a certificate of good standing which would also indicate that the applicant does not have any matter pending in that state or jurisdiction that could result in the suspension or revocation of the license; and
(b) submits or makes available to the Commissioner a copy of the license application he/she presented in the state or jurisdiction from whence he/she comes, and
(c) fills out and submits the application for the license as nonresident producer in the form prescribed by the Commissioner and pays the corresponding fees pursuant to what the Code provides.
(2) The Commissioner may grant a license as nonresident producer to a juridical person who meets the following requirements:
(a) To be organized under the laws of a state or jurisdiction of the United States and to hold a license as producer according to the provisions of subsection (1) of this section.
(b) To provide evidence about being duly registered and authorized according to the laws of Puerto Rico to engage in business in Puerto Rico.
(c) To designate the person residing in Puerto Rico to be in charge of those matters that involve insurance transactions in Puerto Rico.
(3) The nonresident producer shall be subject to the same obligations and limitations and to the supervision of the Commissioner as though residing or domiciled in Puerto Rico and to keeping the usual and customary books corresponding to insurance transactions in Puerto Rico.
(4) No license as nonresident producer shall be issued to any person who has a direct or indirect economic or financial interest in a general agent or resident producer or in the business of a solicitor authorized as resident in Puerto Rico.
(5) The Commissioner shall issue a license as nonresident producer to a person who comes from a jurisdiction other than the United States provided he/she complies with the provisions of this section and provides evidence to the satisfaction of the Commissioner that under the laws of said jurisdiction a similar privilege is granted to the residents of Puerto Rico.
(6) No license as nonresident producer shall be issued to any person unless he/she presents the proxy prescribed in § 951o of this title.
History —Ins. Code, added as § 9.260 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.