P.R. Laws tit. 26, § 4022
(1) As soon as feasible, after a liquidation order, but not later than one hundred and eighty (180) days thereafter, the liquidator shall prepare in duplicate a financial report of the insurer which includes at least a balance sheet and an income and expense report. This report shall be continually submitted to the Receivership Court at intervals specified by the Receivership Court in the liquidation order; Provided, That this report shall be submitted at least every six (6) months. The Receivership Court may request any other information it deems appropriate.
(2) The guaranty association shall submit a report to the liquidator within one hundred and twenty (120) days after the liquidation order is issued and subsequently every four (4) months. The report shall be submitted using the format provided therefor by the National Association of Insurance Commissioners. Said report shall also be submitted to the Receivership Court.
(3) The liquidator shall reduce the assets, with the authorization of the Receivership Court, to a degree of liquidity consistent with the effective execution of the liquidation, except as provided in § 4015(1) of this title.
(4) A petition to the court for the distribution of assets under § 4031 of this title meets the requirements of subsection (1) of this section.
History —Ins. Code, added as § 40.220 on Aug. 17, 1991, No. 72, § 1; Dec. 14, 2007, No. 206, § 22.