P.R. Laws tit. 26, § 1373
All pertinent provisions of this Code shall apply to the separate accounts and to the related contracts, except for §§ 1351, 1355, 1356 and 1359 of this title in the case of a variable annuity contract, and §§ 1340, 1346–1348 and 1366 of this title in the case of a variable life insurance policy. The Commissioner may, by regulations, require that an individual variable annuity contract underwritten or issued for delivery in Puerto Rico shall include appropriate provisions with regard to grace periods and reinstatement. Any individual variable life insurance contract underwritten or issued for delivery in Puerto Rico shall include appropriate provisions with regard to grace periods, reinstatement, and appropriate provisions in such contract regarding nonforfeiture. The liability reserve for variable contracts shall be established in accordance with actuarial procedures that recognize the variable nature of the benefits provided and any mortality warranty.
History —Ins. Code, added as § 13.390 on Nov. 9, 2007, No. 165, § 1, eff. 90 days after Nov. 9, 2007.