P.R. Laws tit. 26, § 315
Every insurer authorized to transact insurance in Puerto Rico with capital or surplus funds or with a deposit and/or investment in Puerto Rican securities, smaller than that otherwise required under this Code, may continue to be so authorized without immediately increasing its capital or surplus funds or its deposit and/or investment in Puerto Rican securities, if within each one (1) of the five (5) years immediately following the effective date of any increase in said requirement, the insurer increases its capital or surplus funds, deposit and/or investment in Puerto Rican securities, in such amounts as may be proportionally needed, within such five (5)-year period, up to the amounts otherwise required.
If the authorized insurer is not doing business in Puerto Rico at the date of any increase in such requirement, it shall not be necessary for it to immediately increase its capital or surplus funds, deposit and/or investment in Puerto Rican securities, if within said five (5)-year period, or at that date if later, on which it commences or resumes its insurance business activity in Puerto Rico, it increases its capital or surplus funds, deposit and/or investment in Puerto Rican securities in the amounts as may be proportionally needed within such five (5)-year period, up to the amounts otherwise required.
History —Ins. Code § 3.150; June 5, 1973, No. 98, p. 419, § 8; July 20, 1979, No. 154, p. 395, § 7; Dec. 16, 2003, No. 303, § 5.