P.R. Laws tit. 26, § 3703
(1)
(a) Every person who has an insurable interest in an insurable property, who shall have diligently made an effort, in the regular insurance market to obtain fire and allied lines insurance from more than one authorized insurer, shall have the right, on or after the date the plan of operation becomes effective, to request such coverage from the Association. The application can be made directly by the applicant or through a producer authorized by him.
(b) If the Association may determine that:
(A) The property is insurable, and
(B) that no premiums are owed, except those that have been objected to in writing within thirty (30) days after the invoice has been presented for collection the Association, once it has received the payment of the premiums for the policy or that part which may be required by the plan of operations, shall issue an insurance policy for fire and allied lines for the term of one year.
(2) Each member of the Association may cede to the Association fire and allied lines insurance covering insurable properties, in accordance with the terms and conditions established in the plan of operations.
(3)
(a) The rates, rating plans and rating rules applicable to the insurance written by the Association, and the statistical records related with same, shall be subject to §§ 1201–1240 of this title, except when otherwise provided for in this chapter.
(b) The rates, rating plans and rating rules applicable to insurance written by the Association, shall be in accordance with the rates periodically filed with and approved by the Commissioner of Insurance, for the risks rated by the rating organization for the hazards of fire and allied lines in Puerto Rico and applicable to such insurance.
The filed rules and rating plans, in regard to the plan of operation, may provide rules for the application of surcharges for risks which have unsafe and dangerous conditions. Such rules and rating plans shall provide for the prompt elimination of the surcharges upon the elimination of the unsafe and dangerous conditions.
History —Ins. Code, added as § 37.030 on June 14, 1968, No. 85, p. 152; Jan. 19, 2006, No. 10, § 9, eff. 120 days after Jan. 19, 2006.