P.R. Laws tit. 26, § 953a
In the case of a transaction for the assignment or sale of an insurance policies portfolio, the new producer shall immediately notify each insured through a written communication to the last address appearing in the record about the transaction executed, granting the insured a term of not less than ten (10) days to choose to appoint him/her as his/her producer or appoint another producer.
On his/her part, the originating producer shall promptly notify the Commissioner about the transaction executed and submit a copy of the assignment or sales contract, including all its riders. The information herein required shall be kept confidential and not be available for public inspection.
History —Ins. Code, added as § 9.401 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.