P.R. Laws tit. 26, § 3627
When the Commissioner of Insurance upon investigation finds that a foreign or alien society transacting or applying to transact business in Puerto Rico:
(a) Has exceeded its powers;
(b) has failed to comply with any of the provisions of this chapter;
(c) is not fulfilling its contracts in good faith, or
(d) is conducting its business fraudulently or in a manner hazardous to its members or creditors or the public, he shall notify the society of such deficiency or deficiencies and state in writing the reasons for his dissatisfaction. He shall at once issue a written notice to the society requiring that the deficiency or deficiencies which exist are corrected. After such notice the society shall have a thirty-day period in which to comply with the Commissioner’s request, and if the society fails to comply the Commissioner shall notify the society of his findings of noncompliance and require the society to show cause on a date named why its license should not be suspended, revoked or refused. If on such date the society does not present good and sufficient reason why its certificate of authority to do business in Puerto Rico should not be suspended, revoked or refused, he may suspend or refuse the license of the society to do business in Puerto Rico until satisfactory evidence is furnished to him that such suspension or refusal should be withdrawn, or he may revoke the authority of the society to do business in Puerto Rico.
Nothing contained in this section shall be taken or construed as preventing any such society from continuing in good faith all contracts made in Puerto Rico during the time such society was legally authorized to transact business herein.
History —Ins. Code, added as § 36.270 on June 13, 1964, No. 55, p. 122.