P.R. Laws tit. 26, § 953f
(1) The Commissioner may deny, suspend, revoke or refuse to renew any license issued pursuant to this chapter, any license as surplus line broker or as general agent, for any cause specified in any provision of this Code or for any of the following causes:
(a) For any cause for which issuing the license could have been refused had it then existed and been known to the Commissioner.
(b) For willful violation of or noncompliance with or knowingly participating in the violation of any provision of this Code or of any rule, regulation or order of the Commissioner.
(c) If the licensee has obtained or attempted to obtain a license through misrepresentation or fraud, or failed to pass any examination required under this chapter.
(d) For embezzlement or misappropriation for personal use or unlawful withholding of monies belonging to insurers or other persons, received in the course of business under the license.
(e) If convicted of felony or crime involving fraud or moral turpitude by final judgment.
(f) If in the conduct of his/her business under the license, the licensee has shown to be and is so deemed by the Commissioner, incompetent, untrustworthy or a source of damages and loss to the public.
(g) If the licensee has dealt in or attempted to deal in insurance or to exercise his/her powers relative to insurance beyond the scope of his/her license.
(h) If the licensee has procured an insurance transaction in violation of the requirements for insurable interest as defined in §§ 1104 and 1105 of this title.
(i) For providing incorrect, deceitful, incomplete or false information on any report required by the Commissioner.
(j) For altering the license or any other authorizing document issued by the Commissioner.
(k) For distorting the terms of a contract or of an insurance application.
(l) For having been the object of a denial, suspension or revocation of a license or its equivalent in a state or territory of the United States or his country of origin.
(m) For providing or including incorrect, deceitful, incomplete or false information in an insurance application or in any other document related to an insurance transaction.
(n) For using notes or other reference material while taking an examination for an insurance license.
(o) For accepting an insurance transaction from an unlicensed individual.
(p) For noncompliance with an administrative or judicial order which imposes the obligation of paying child support.
(q) For noncompliance with his/her tax responsibility or with an administrative or judicial order which order compliance with said responsibility.
(2) The license of any partnership or corporation may also be suspended, revoked or denied for any cause related to any of the directors or persons designated in the license to exercise its powers. Likewise, the license of any partnership or corporation may be suspended, revoked or denied for noncompliance with its tax responsibility or for failing to submit any report required pursuant to the Code or to the law under which it was organized.
(3) The holder of a license which was revoked or suspended must surrender the same to the Commissioner. The mere retention of a revoked or suspended license by the holder thereof shall be sufficient grounds to declare said person as untrustworthy or incompetent to have an insurance license in any capacity, leaving said person exposed to the sanctions herein provided and to any other sanction provided under the Code.
History —Ins. Code, added as § 9.460 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.