P.R. Laws tit. 26, § 4223
(a) The Commissioner may refuse to issue, suspend, revoke or refuse to renew the license of a viatical settlement provider, or viatical settlement broker if the Commissioner finds that the authorized person or entity:
(1) Made any material misrepresentation of an essential fact in the application for the license;
(2) the authorized person or entity or any officer, partner, member or key management personnel has been convicted of fraudulent or dishonest practices, is subject to a final administrative action or is otherwise shown to be untrustworthy or incompetent;
(3) the viatical settlement provider demonstrates a pattern of unreasonable payments to viators;
(4) the authorized person or entity, or its officer, partner, member or key management personnel has been found guilty of, or has pleaded guilty or nolo contendere to, any felony, or to a misdemeanor involving fraud or moral turpitude, regardless of whether a judgment of conviction be final and unappealable;
(5) the viatical settlement provider has entered into any viatical settlement that has not been approved pursuant to this chapter;
(6) the viatical settlement provider has failed to honor contractual obligations set forth in a viatical settlement.
(7) the broker or the provider no longer meet the requirements for initial licensure or its authorization;
(8) the viatical settlement provider has assigned, transferred or pledged a policy subject to a viatical settlement contract to a person other than a viatical settlement provider licensed in this state, viatical settlement purchaser, an accredited investor or qualified institutional buyer as defined respectively in the Federal Securities Act of 1933, as amended, its Regulations and the Uniform Securities Act of Puerto Rico, §§ 851 et seq. of Title 10, a financing entity, special purpose entity, or viatical settlement trust, or
(9) the authorized person or entity, its officer, partner, member or key management personnel have violated any provision of this chapter.
(b) If the Commissioner denies a license application or suspends, revokes or refuses to renew the license of a viatical settlement provider or a viatical settlement broker, the Commissioner shall conduct a hearing in accordance with the provisions of the Insurance Code of Puerto Rico, its Regulations and §§ 2101 et seq. of Title 3.
History —Ins. Code, added as § 43.030, on Dec. 28, 2005, No. 164, § 2; Aug. 4, 2006, No. 147, § 23.