No life insurer shall hereafter issue for delivery, or deliver in Puerto Rico, any life insurance policy:\n(1) Issued under any plan other than a legal reserve plan based on a mortality table approved by the Commissioner.\n(2) Issued under any plan for the segregation of policyholders into mathematical groups and providing benefits for a surviving policyholder of a group arising out of the death of another policyholder of such group, or under any other similar plan.\n(3) Providing benefits or values for surviving or continuing policyholders contingent upon the lapse or termination of the policies of other policyholders, whether by death or otherwise.\nHistory —Ins. Code, added as § 13.310 on Nov. 9, 2007, No. 165, § 1, eff. 90 days after Nov. 9, 2007.
Puerto Rico Legal Code