A variable contract delivered or issued for delivery in Puerto Rico shall include a statement of the essential characteristics of the procedure to be followed by the insurer when determining the sum of the variable benefit provided under the contract. Any contract of this kind under which the benefits vary to show the investment experience, including a group contract and certificates evidencing the variable benefits issued under a group contract shall specify that said sum shall vary in accordance with the investment experience and shall include in its first page a statement to the effect that the benefits of the same are variable.\nHistory —Ins. Code, added as § 13.340 on Nov. 9, 2007, No. 165, § 1, eff. 90 days after Nov. 9, 2007.
Puerto Rico Legal Code