P.R. Laws tit. 26, § 3910
(1) The Association shall submit to the Commissioner a plan of operations and any amendments to [the] same which may be necessary and adequate to attain the fair, reasonable and equitable administration of the Association. The plan of operations and any amendments thereto, shall become effective when approved by the Commissioner in writing, or within thirty (30) days if the Commissioner has not rejected it before then.
(2) All member insurers shall comply with the plan of operations.
(3) The plan of operations, in addition to the other requirements listed elsewhere in this chapter, shall establish:
(a) Procedures for the administration of the assets of the Association.
(b) The amounts and methods of reimbursement for the members of the Board of Directors as provided in § 3907 of this title.
(c) Places and dates for the regular meetings of the Board, including telephone conference calls of the Directors.
(d) Procedures for keeping records of all the financial transactions of the Association, its agent and the Board of Directors.
(e) Procedures for the designation of members of the Board of Directors and notice thereof to the Commissioner.
(f) Any additional procedures for the imposition of assessments under § 3909 of this title.
(g) Those additional provisions which may be necessary and proper for the execution of the powers and duties of the Association.
(4) The plan of operations may establish that any of the powers and duties of the Association, or all of them, except those provided for in §§ 3908(m)(3) and 3909 of this title, be delegated to a corporation, association or other organization which performs, or may perform functions analogous to those of this Association, or their equivalent, in two or more states. Said corporation, association or organization shall be reimbursed for the payments made on behalf of the Association and it shall be compensated for performing any of the functions of the Association. A delegation under this section shall be made solely with the approval of the Board of Directors as well as of the Commissioner and shall only be made to a corporation, association or organization which does not extend a substantially less favorable and effective protection than the one this chapter provides.
History —Ins. Code, added as § 39.100 on Aug. 17, 1991, No. 72, § 1.