P.R. Laws tit. 26, § 4047
(1) If no domiciliary administrator has been appointed, the Commissioner may petition to the Court of First Instance, by verified petition, to issue an order directing him/her to liquidate the assets located in Puerto Rico of a foreign insurer or an alien insurer not domiciled in Puerto Rico, on any of the following grounds:
(a) Any of the grounds established in § 4009 or 4014 of this title, or
(b) any of the grounds established in § 4046(1)(b)–(d) of this title.
(2) When an order is requested under subsection (1) of this section, the court may order that the insurer be given notice and grant the same a term of ten (10) days to respond.
(3) If the court should determine that the best interests of the policyholders, creditors and the public so require, it may issue a liquidation order under the terms it shall deem appropriate. The filing or recording of the order with the Clerk of the Court of First Instance, or in the case of real estate, with the Property Registry of the area where such property is located, shall have the same effect of notice as a deed, bill of sale or other evidence of title duly filed and recorded with the Property Registry would have on third parties.
(4) If a domiciliary liquidator is appointed in a reciprocal state while a liquidation is proceeding pursuant to this section, the liquidator shall thereafter act as an ancillary receiver under § 4049 of this title.
(5) On the same grounds established in subsection (1) of this title the Commissioner may petition any court with jurisdiction to be appointed receiver to liquidate that portion of the assets and business of the insurer over which the court has jurisdiction or any lesser portion thereof that the Commissioner may deem desirable for the protection of the policyholders and creditors in Puerto Rico.
(6) The court shall order the Commissioner, when he/she has liquidated the assets of a foreign or alien insurer under this section, to pay the claims of the residents of Puerto Rico against the insurer under those rules established in this chapter for the liquidation of insurers and that are otherwise compatible with the provisions of this section.
History —Ins. Code, added as § 40.470 on Aug. 17, 1991, No. 72, § 1; Dec. 14, 2007, No. 206, § 45.