P.R. Laws tit. 26, § 4006
(1) Any officer, manager, director, trustee, owner, employee or authorized representative of an insurer and any other person with authority over, or in charge of any segment of the insurer’s affairs, shall cooperate with the Commissioner in any proceeding under this chapter or in any investigation preliminary to the proceeding. The term “person” as used in this section, shall include any person who exercises control directly or indirectly over the activities of the insurer through any holding company or other affiliate of the insurer. “To cooperate” shall include, but shall not be limited to the following:
(a) To reply promptly in writing to any inquiry from the Commissioner requesting such a reply, and
(b) to make available to the Commissioner any books, accounts, documents or other records or information or property of, or pertaining to the insurer which are in his/her possession, custody or control.
(2) No person shall obstruct or interfere with the Commissioner in the course of a receivership proceeding or an investigation preliminary or incidental thereto.
(3) This section shall not be construed to abridge otherwise existing legal rights, including the right to contest a petition for liquidation or other receivership proceedings or other orders.
(4) Any person included in subsection (1) of this section who fails to cooperate with the Commissioner or any person who obstructs or interferes with the Commissioner in the course of a receivership proceeding or any investigation preliminary or incidental thereto, or who violates any order the Commissioner has issued validly under this chapter may:
(a) Be sanctioned with imprisonment for a fixed term of one (1) year; if there were aggravating circumstances, the fixed penalty may be increased to a maximum of two (2) years; if there were extenuating circumstances, it may be reduced to a minimum of six (6) months and one (1) day.
The court, in its discretion, may impose the established fixed penalty of imprisonment, a penalty of a fine not greater than fifty thousand dollars ($50,000) or both, or
(b) after a hearing, be subject to the imposition by the Commissioner of a fine which shall not exceed fifty thousand dollars ($50,000) and furthermore be subject to the revocation or suspension of any insurance licenses issued by the Commissioner.
History —Ins. Code, added as § 40.060 on Aug. 17, 1991, No. 72, § 1; Dec. 14, 2007, No. 206, § 6.