P.R. Laws tit. 26, § 704
(1) Any insurer that fails to file its tax statement and pay the specified tax on premiums after it is due shall be subject to an administrative fine of twenty-five dollars ($25) for each day of delinquency, subject to the Commissioner’s right to grant a reasonable extension of time for the filing and payment thereof. Provided, That said extension shall not exceed thirty (30) days counting from the date the insurer should have paid the taxes on premiums.
(2) At his discretion the Commissioner may revoke the certificate of authority of any such delinquent insurer, such certificate of authority not to be reissued until all taxes and penalties incurred by the insurer have been fully paid and the insurer has otherwise qualified therefor.
History —Ins. Code § 7.040; Apr. 15, 1987, No. 13, p. 29, § 2.