P.R. Laws tit. 26, § 2936
2019-02-20 00:00:00+00
(1) Any director of a cooperative or mutual stock insurer who votes for or concurs in declaration or payment of dividend prohibited by this title shall be guilty of a misdemeanor, punishable by a fine of up to five hundred dollars ($500) or imprisonment for not more than three (3) months, or by both penalties.
(2) The stockholders, partners, or members receiving such an illegal dividend shall be liable in the amount thereof to the insurer.
(3) The Commissioner may revoke or suspend the certificate of authority of an insurer which has declared or paid such an illegal dividend.
History —Ins. Code § 29.360; June 25, 1965, No. 86, p. 200, § 17.