P.R. Laws tit. 26, § 1221
(1) No rating organization shall do business in Puerto Rico or make filings with the Commissioner unless it holds a license from the Commissioner as a rating organization.
(2) A corporation, or a board, bureau, or other unincorporated association, a partnership, or an individual, shall be eligible to qualify as a rating organization.
(3) To apply for a license as a rating organization the applicant shall file with the Commissioner a statement setting forth:
(a) Name, address, and type of organization, if any, of applicant.
(b) The kinds of insurance or subdivisions thereof, class of risks or a part or combination thereof, with respect to which it proposes to act as a rating organization.
(c) Copy of its articles of incorporation, or of association, or agreement, or other constituent document.
(d) Copy of its bylaws and rules and regulations proposed to be used to govern conduct of its business.
(e) List of its members and subscribers.
(f) Name and address of a resident of Puerto Rico designated by it upon whom notices or orders of the Commissioner or process affecting the rating organization may be served.
(g) A statement of its qualifications as a rating organization.
(h) Such other information as the Commissioner may require.
(4) If the Commissioner finds that the applicant has complied with the provisions of law, that it has a sufficient number of members or subscribers, and is competent, trustworthy and otherwise qualified to function as a rating organization, he may issue a license to such rating organization authorizing it to make rates for the kinds of insurance or subdivisions or classes thereof specified in such license.
The Commissioner shall grant or deny in whole or in part every such application for a license within sixty days after date of filing with him.
(5) The license of the fee setting organism shall expire at midnight on the date of expiration, subject to the payment to the Commissioner of the annual fee set forth in § 701 of this title.
History —Ins. Code § 12.210; Mar. 27, 2003, No. 96, § 6, retroactive to Jan. 1, 2003.