P.R. Laws tit. 26, § 4010
(1) An order to rehabilitate the business of a domestic insurer or a foreign insurer domiciled in Puerto Rico, shall appoint the Commissioner and his/her successors in office as the rehabilitator, and shall direct the rehabilitator forthwith to take possession of the assets of the insurer and to administer them under the exclusive general supervision of the court. The filing or recording of the order with the Clerk of the Court of First Instance where the main office of the insurer is located or its main business is conducted, and in the case of real estate, with the property registrar where said assets are located, and in the case of personal property, with the registry where they may be recorded or any other registry of personal property, shall have the same effect of public notice as a deed, a bill of sale or any other evidence of title duly filed and recorded with the Property Registry would have upon third parties. The order to rehabilitate the insurer shall vest title in the rehabilitator over all the insurer’s assets.
(2) Any order issued under this section shall require the rehabilitator to be accountable solely to the Receivership Court. These reports shall be rendered as frequently as specified by the court in the order; Provided, however, That said reports must be filed at least every six (6) months.
(3) The entry of a rehabilitation order shall not constitute an anticipatory breach of any of the insurer’s contracts.
History —Ins. Code, added as § 40.100 on Aug. 17, 1991, No. 72, § 1; Dec. 14, 2007, No. 206, § 10.