P.R. Laws tit. 26, § 524
The accounting practices and procedures adopted in the National Association of Insurance Commissioners Accounting Practices and Procedures Manual, as well as the amendments that from time to time shall be promulgated by said entity, are hereby adopted as the statutory accounting standards that govern local insurers.
The Commissioner, through regulations, may modify said standards regarding the determination of the assets and liabilities of a local insurer to the extent that the same are contrary to the public interest, unreasonably impact the financial situation of local insurers, or are in conflict with any of the provisions of this Code.
History —Ins. Code, added as § 5.080 [bis] on Mar. 22, 2003, No. 90, § 1; renumbered as § 5.110 and amended on Apr. 2, 2008, No. 34, § 5.