P.R. Laws tit. 26, § 4201
Any corporation or organization that is constituted pursuant to the laws of Puerto Rico, or a corporation or organization that is constituted pursuant to the laws of any state of the union or a foreign country that is duly authorized to do business in Puerto Rico, without capital shares, created as non-profitable, and actively managed for a term of at least five (5) years, prior to applying for a special license to subscribe life annuity contracts exclusively for religious, charitable, scientific, literary or educational purposes, or for the prevention of cruelty to children or animals, and tax exempted under Section 1101(4) of the Puerto Rico Internal Revenue Code of 1994.
History —Ins. Code, added as § 42.010 on Aug. 12, 1999, No. 230, § 2.