P.R. Laws tit. 26, § 4042
(1) Unclaimed funds subject to distribution remaining in possession of the liquidator after the final distribution, shall be deposited in an unclaimed fund account under the custody of the Commissioner. If the person entitled to said funds presents satisfactory proof of ownership of said right within two years after the liquidation, the Commissioner shall remit the funds to him/her. The interest earned on unclaimed funds may be used to pay administrative expenses related to the handling of the return of said funds.
(2) The Commissioner may file a motion requesting that the Receivership Court issue an order to dispose of the withheld funds that remain unclaimed after two years, as set forth in subsection (1) of this section. Any costs incurred in carrying out said disposal shall be paid from the unclaimed funds. The motion shall specify the name of the insurer, the names and last known addresses of the persons entitled to the unclaimed funds, if known, and the amount of the funds. Notice of said motion shall be given as provided by the court. Upon a finding by the court that the funds have not been claimed within two years after the liquidation proceeding has been completed, the court shall rule that any claim for unclaimed funds and any interest earned thereon have been abandoned, and shall provide for the distribution of the funds under any of the following methods:
(a) To be deposited in the general liquidation expense account as provided by subsection (3) of this section;
(b) to be transferred to the Secretary of the Treasury, or
(c) to be used to reopen the liquidation proceeding and conduct a new distribution among the known claimants as provided in § 4043a of this title.
(3) The Commissioner may open a bank account to deposit the unclaimed funds and use said funds:
(a) To pay general expenses related to the administration of liquidations, and
(b) to advance funds to any other liquidation that does not have sufficient funds to pay for its operating expenses.
(4) Any advance to an insurer in liquidation, as allowed under subsection (3)(b) of this section, may be deemed to be a Class 1 claim within the distribution order established in § 4039 of this title.
[(5)] If the Commissioner determines that the funds in the account exceed the amount needed for the purposes specified in subsection (3) of this section, the Commissioner may transfer said funds to the Secretary of the Treasury, chargeable to the General Fund.
History —Ins. Code, added as § 40.420 on Aug. 17, 1991, No. 72, § 1; Dec. 14, 2007, No. 206, § 39.