P.R. Laws tit. 26, § 3324
(1) If a reciprocal insurer has a surplus of assets over all liabilities at least equal to the minimum paid-in capital stock required of a domestic stock insurer authorized to transact like kinds of insurance, upon application of the attorney and as approved by the subscribers’ advisory committee the Commissioner may authorize the insurer to extinguish the contingent liability of subscribers under its policies then in force, and to omit provisions imposing contingent liability in all policies thereafter issued for so long as all such surplus remains unimpaired.
(2) Upon impairment of such surplus, the Commissioner shall forthwith revoke the authority to issue nonassessable policies, and no policy shall thereafter be issued or renewed without providing for the contingent assessment liability of subscribers.
History —Ins. Code § 33.240.