P.R. Laws tit. 26, § 4030
(1)
(a) Every general agent, authorized representative, producer, proxy, premium financing company or any other person other than the insured party responsible for the payment of a premium, shall be obligated to pay to the liquidator any amount due to the insurer on account of the portion of the premiums earned at the time of the liquidation declaration, as shown on the records of the insurer. Regarding any part of the unearned premium that has been collected, the general agent, authorized representative, producer or proxy shall be governed by the provisions of § 952h of this title. Neither credits, nor setoffs, or both, shall be allowed to a general agent, authorized representative, producer, proxy or premium financing company for any amounts that the general agent, authorized representative, producer, proxy or premium financing company has advanced to the insurer on behalf of, but in the absence of payment by, the insured party.
(b) The general agent, authorized representative, producer or proxy shall be obligated to return to the liquidator the unearned commissions of the premiums remitted to the insurer.
(c) An insured shall be bound to pay any unpaid earned premiums due the insurer at the time of the declaration of liquidation, as shown on the records of the insurer.
(2) Upon satisfactory evidence of a violation of the provisions of this section, the Commissioner may pursue either one or both of the following courses of action:
(a) Suspend or revoke, or refuse to renew the licenses of such infringer or infringers.
(b) Impose an administrative penalty of not more than one thousand dollars ($1,000) for each violation of this section by said party or parties. For the purpose of the imposition of this fine, the placement or issuance of each insurance policy shall be considered as a separate violation.
History —Ins. Code, added as § 40.300 on Aug. 17, 1991, No. 72, § 1; Jan. 19, 2006, No. 10, § 9; Dec. 14, 2007, No. 206, § 30.