P.R. Laws tit. 26, § 314
(1) A foreign insurer not organized under the laws of a state of the United States, but which is authorized to transact insurance in one or more such states, shall be subject to the provisions of § 313 of this title.
(2) An insurer not organized under the laws of a state of the United States nor authorized to transact insurance in any of such states may not be authorized to transact insurance in Puerto Rico, unless it deposits and maintains on deposit in Puerto Rico assets worth not less than fifty percent (50%) of the required capital if a stock insurer, or surplus if a mutual, cooperative, reciprocal or Lloyd’s plan insurer, as shown under § 309 of this title for the kind or kinds of insurance to be so offered in Puerto Rico. Provided, That in no case shall said deposit be greater than one million dollars ($1,000,000). In addition to such deposit, the Commissioner may, in his discretion, require such an insurer to maintain in Puerto Rico such of its assets representing reserves, or part thereof, of its insurance business operating in Puerto Rico as the Commissioner deems advisable for the protection of policyholders in Puerto Rico.
(3) The deposit and assets referred to in subsection (2) shall be for the exclusive protection of the insurer’s policyholders and creditors in Puerto Rico; except, that if the insurer subsequently becomes authorized to transact insurance in one or more of the states of the United States, such deposit shall, upon written request of the insurer, be only for the protection of all the insurer’s policyholders, or all its policyholders and creditors, in the United States and Puerto Rico.
(4) The deposit shall be made in trust with the Secretary of the Treasury of the Commonwealth of Puerto Rico, through the office of the Commissioner.
(5) Assets so deposited shall be administered as provided in §§ 801–809 of this title.
History —Ins. Code § 3.140; June 5, 1973, No. 98, p. 419, § 7; July 23, 1974, No. 150, Part 1, p. 685, § 3; July 20, 1979, No. 154, p. 395, § 6; Dec. 16, 2003, No. 303, § 4.